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REGISTERED NUMBER: 00800550 (England and Wales)















Financial Statements for the Year Ended 31 March 2023

for

Naitparts Developments Limited

Naitparts Developments Limited (Registered number: 00800550)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Naitparts Developments Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs A D Patterson
Mrs L J Bloor
Ms C G Patterson
B M G Patterson





REGISTERED OFFICE: 67 Westow Street
Upper Norwood
London
SE19 3RW





REGISTERED NUMBER: 00800550 (England and Wales)





AUDITORS: Thornton Springer LLP
Chartered Accountants
Statutory Auditor
67 Westow Street
London
United Kingdom
SE19 3RW

Naitparts Developments Limited (Registered number: 00800550)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Investments 5 663,281 719,380
Investment property 6 4,875,000 5,705,000
5,538,281 6,424,380

CURRENT ASSETS
Debtors 7 44,014 161,064
Cash at bank 75,454 56,044
119,468 217,108
CREDITORS
Amounts falling due within one year 8 (29,062 ) (108,794 )
NET CURRENT ASSETS 90,406 108,314
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,628,687

6,532,694

PROVISIONS FOR LIABILITIES (939,705 ) (905,853 )
NET ASSETS 4,688,982 5,626,841

CAPITAL AND RESERVES
Called up share capital 9 6,000 6,000
Fair value reserves 10 3,429,386 4,389,533
Retained earnings 10 1,253,596 1,231,308
SHAREHOLDERS' FUNDS 4,688,982 5,626,841

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2023 and were signed on its behalf by:




Mrs A D Patterson - Director



B M G Patterson - Director


Naitparts Developments Limited (Registered number: 00800550)

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

1. STATUTORY INFORMATION

Naitparts Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is in Pound Sterling (£). Monetary amounts are rounded to the nearest £.

Turnover
Turnover represents rental income and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Fixed asset investments
Fixed asset investments represent listed investments, valued at current market value basis. Any aggregate surplus or deficit arising from changes in market value is recognised in profit or loss.

Repairs and renewals
Repairs and renewal costs are charged to revenue as they are incurred. Any costs incurred considered to improve properties are capitalised.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

Naitparts Developments Limited (Registered number: 00800550)

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

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2022 719,380
Additions 76,593
Disposals (60,986 )
Revaluations (63,295 )
Impairments (8,411 )
At 31 March 2023 663,281
NET BOOK VALUE
At 31 March 2023 663,281
At 31 March 2022 719,380

Cost or valuation at 31 March 2023 is represented by:

Other
investments
£   
Valuation in 2023 34,641
Cost 628,640
663,281

If fixed asset investments had not been revalued they would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 628,640 621,444

Fixed asset investments were valued on a current market value basis on 31 March 2023 by J M Finn & Co Ltd .

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 5,705,000
Additions 33,000
Revaluations (863,000 )
At 31 March 2023 4,875,000
NET BOOK VALUE
At 31 March 2023 4,875,000
At 31 March 2022 5,705,000

Naitparts Developments Limited (Registered number: 00800550)

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

6. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 4,408,948
Cost 466,052
4,875,000

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 466,052 433,052

Investment properties were valued on a fair value basis on 31 March 2023 by Mr Ken Jones FNAEA, independent valuer .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 36,514 53,252
Other debtors 7,500 107,812
44,014 161,064

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 13,775 50,205
Taxation and social security - 32,453
Other creditors 15,287 26,136
29,062 108,794

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
6,000 Ordinary shares £1 6,000 6,000

Naitparts Developments Limited (Registered number: 00800550)

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

10. RESERVES
Fair
Retained value
earnings reserves Totals
£    £    £   

At 1 April 2022 1,231,308 4,389,533 5,620,841
Deficit for the year (937,859 ) (937,859 )
Revaluation of property 926,295 (926,295 ) -
Deferred tax provision 33,852 (33,852 ) -
At 31 March 2023 1,253,596 3,429,386 4,682,982

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Zahid Saleem FCCA, ACA (Senior Statutory Auditor)
for and on behalf of Thornton Springer LLP

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
Mrs A D Patterson
Balance outstanding at start of year 100,000 100,000
Amounts repaid (100,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 100,000

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the board of directors.