N & J White Properties Ltd 12665202 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is the buying and selling of own real estate. Digita Accounts Production Advanced 6.30.9574.0 true 12665202 2022-07-01 2023-06-30 12665202 2023-06-30 12665202 core:CurrentFinancialInstruments 2023-06-30 12665202 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 12665202 core:Non-currentFinancialInstruments 2023-06-30 12665202 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 12665202 bus:SmallEntities 2022-07-01 2023-06-30 12665202 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 12665202 bus:FullAccounts 2022-07-01 2023-06-30 12665202 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 12665202 bus:RegisteredOffice 2022-07-01 2023-06-30 12665202 bus:CompanySecretaryDirector1 2022-07-01 2023-06-30 12665202 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 12665202 core:OtherRelatedParties 2022-07-01 2023-06-30 12665202 countries:EnglandWales 2022-07-01 2023-06-30 12665202 2022-06-30 12665202 2021-07-01 2022-06-30 12665202 2022-06-30 12665202 core:CurrentFinancialInstruments 2022-06-30 12665202 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 12665202 core:Non-currentFinancialInstruments 2022-06-30 12665202 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 12665202

Prepared for the registrar

N & J White Properties Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

N & J White Properties Ltd

(Registration number: 12665202)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

911,242

909,266

Current assets

 

Debtors

5

3,508

5,007

Cash at bank and in hand

 

385

-

 

3,893

5,007

Creditors: Amounts falling due within one year

6

(422,542)

(421,883)

Net current liabilities

 

(418,649)

(416,876)

Total assets less current liabilities

 

492,593

492,390

Creditors: Amounts falling due after more than one year

6

(474,430)

(481,479)

Net assets

 

18,163

10,911

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

18,063

10,811

Shareholders' funds

 

18,163

10,911

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 February 2024 and signed on its behalf by:
 


J E White
Company secretary and director

 

N & J White Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
41 Brunswick Road
Gloucester
Gloucestershire
GL1 1JS

 

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 United Kingdom 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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the rents received or receivable in respect of the investment property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for the company's activities.

Tax

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

The current corporation 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

N & J White Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

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

 

4

Investment properties

£

At 1 July 2022 and at 30 June 2022

909,266

Additions

1,976

At 30 June 2023

911,242

At 30 June 2023 the investment properties were valued by the directors on an open market basis.

There has been no valuation of investment property by an independent valuer.

 

5

Debtors

2023
 £

2022
 £

Prepayments

3,508

5,007

 

3,508

5,007

 

N & J White Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

7

417,976

416,290

Accrued expenses

 

2,140

2,400

Corporation tax liability

1,701

2,540

Deferred income

 

725

653

 

422,542

421,883

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

474,430

481,479

 

7

Loans and borrowings

Note

2023
£

2022
£

Current loans and borrowings

Bank borrowings

 

7,120

7,190

Other borrowings

8

410,856

409,100

 

417,976

416,290

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

474,430

481,479

 

8

Related party transactions

Summary of transactions with other related parties

At 30 June 2023 the company owed £410,856 (2022: £409,100) to its directors in the form of a directors' loan account. No interest was charged on this balance and there are no fixed repayments terms.