2022-04-012023-03-312023-03-31false01333551NLBP DEVELOPMENTS 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NLBP DEVELOPMENTS LIMITED

Registered Number
01333551
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

NLBP DEVELOPMENTS LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

HARRISON, Cleone Sarah
HARRISON, Norman John
HARRISON, Tatiana Elizabeth
MEEK, Katinka Jane

Registered Address

Flusco House
Flusco
Penrith
CA11 0JA

Registered Number

01333551 (England and Wales)
NLBP DEVELOPMENTS LIMITED
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Current assets
Stocks8196,151191,895
Debtors916,11632,148
Cash at bank and on hand5,2096,530
217,476230,573
Creditors amounts falling due within one year10(14,289)(19,422)
Net current assets (liabilities)203,187211,151
Total assets less current liabilities203,187211,151
Provisions for liabilities11(45,803)(45,803)
Net assets157,384165,348
Capital and reserves
Called up share capital22,39522,395
Revaluation reserve18,50918,509
Other reserves126,650126,650
Profit and loss account(10,170)(2,206)
Shareholders' funds6157,384165,348
The financial statements were approved and authorised for issue by the Board of Directors on 20 October 2023, and are signed on its behalf by:
HARRISON, Norman John
Director
Registered Company No. 01333551
NLBP DEVELOPMENTS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Smallest group in which results are consolidated
As part of a small group, this company is exempt from producing group accounts. These accounts are for this company alone. This company's parent undertaking is Inglewood Properties Limited, a company registered in England and Wales, company number 12526415.
3.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks policy
Stocks are valued at market value as at the date transferred from freehold property and investment property. Work in progress is stated at cost. At each date of Statement of Financial Position, stocks and work in progress are assessed for impairment. If impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Valuation of financial instruments policy
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
5.Employee information

20232022
Average number of employees during the year44
6.Fair value reserve
Other reserves comprise the revaluation of investment land and are stated net of deferred tax. The investment land was transferred into stock at 31 March 2021 at its market value. Other reserves also include a capital redemption reserve of £7,750 created when the company redeemed its own shares.

£
Fair value reserve at 01 April 22126,650
At 31 March 23126,650
7.Movements in revaluation reserve
The revaluation reserve represents the amount of unrealised surplus created when the freehold property was revalued, less any deferred tax provision. The reserve represents non-distributable funds. The freehold property was transferred into stock at 31 March 2021 at its market value.

£
Reserve at 01 April 2218,509
At 31 March 2318,509
8.Stocks
Other stocks comprise land at its current market value at 31 March 2023.

2023

2022

££
Work in progress11,1516,895
Other stocks185,000185,000
Total196,151191,895
9.Debtors

2023

2022

££
Trade debtors / trade receivables7,36931,312
Other debtors1,266836
Prepayments and accrued income7,481-
Total16,11632,148
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors within one year

2023

2022

££
Trade creditors / trade payables2521,254
Other creditors6,02816,168
Accrued liabilities and deferred income8,0092,000
Total14,28919,422
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
11.Provisions for liabilities
The deferred tax provision relates to the revaluations of freehold property and investment property prior to their transfer to stock at market value on 31 March 2021.

2023

2022

££
Net deferred tax liability (asset)45,80345,803
Total45,80345,803