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Registration number: 10788197

Naples Street Properties Limited

Financial Statements

for the Year Ended 31 March 2023

 

Naples Street Properties Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Naples Street Properties Limited

(Registration number: 10788197)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

2

2

Current assets

 

Stocks

5

-

277,998

Debtors

6

2,512,701

2,835,986

Cash at bank and in hand

 

594,585

377,182

 

3,107,286

3,491,166

Creditors: Amounts falling due within one year

7

(357,215)

(1,041,228)

Net current assets

 

2,750,071

2,449,938

Net assets

 

2,750,073

2,449,940

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2,749,973

2,449,840

Shareholders' funds

 

2,750,073

2,449,940

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 September 2023 and signed on its behalf by:
 

.........................................
Mr SA Ismail
Director

 

Naples Street Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3 Birchwood One Business Park
Dewhurst Road
Birchwood
Warrington
Cheshire
WA3 7GB

These financial statements were authorised for issue by the Board on 27 September 2023

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through funds provided by the parent company. The directors consider that these facilities will continue to be made available to the company. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result if the going concern basis were not appropriate.

Audit report
The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 September 2023 was Matthew Geoffrey Price, who signed for and on behalf of Alextra Audit Limited.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that the company is included within the consolidated financial statements of their ultimate parent company, Salboy Limited.

 

Naples Street Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs, borrowing costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Naples Street Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Investments

2023
£

2022
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 April 2022

2

Carrying amount

At 31 March 2023

2

At 31 March 2022

2

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Proportion of voting rights and shares held

Subsidiary undertaking

Holding

2023

2022

Principal Activity

Naples Street Properties 1 Limited

Ordinary

100%

0%

Sale of real estate

Naples Street Properties 2 Limited

Ordinary

100%

0%

Sale of real estate

All companies listed above hold the registered office of:
Unit 3
Birchwood One Business Park
Dewhurst Road
Birchwood
Warrington
England
WA3 7GB
England and Wales

5

Stocks

2023
£

2022
£

Work in progress

-

277,998

 

Naples Street Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Trade debtors

 

250

-

Owed by group undertakings

2,464,972

2,824,264

Prepayments

 

10,285

-

Other debtors

 

37,194

11,722

 

2,512,701

2,835,986

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

10,285

5,322

Accruals

4,250

519,416

Other creditors

69,432

243,242

Owed to related parties

273,248

273,248

357,215

1,041,228

A charge was created on 2 November 2018 by Salboy Limited. The charge created a fixed charge over 23 Mount Street Manchester as well as a fixed and floating charge over the property or undertakings of the company.

8

Parent and ultimate parent undertaking

The immediate parent company is Homezzz Limited, a company incorporated in England and Wales, company number 11243066, registered office Northgate, 118 North Street, Leeds, England, LS2 7PN.

The ultimate parent company is Salboy Limited, a company incorporated in England and Wales, company number 09123542, registered office Unit 3 Birchwood One Business Park, Dewhurst Road, Birchwood, Warrington, England, WA3 7GB.

These financial statements are consolidated within the group financial statements of Salboy Limited. Copies of the consolidated financial statements are available on request from Unit 3 Birchwood One Business Park, Dewhurst Road, Birchwood, Warrington, England, WA3 7GB.

The directors of Salboy Limited are considered to be the controlling party.

The company has taken advantage of the exemption from disclosure of intra group transactions in accordance with FRS102 paragraph 33.1A.