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REGISTERED NUMBER: SC327576 (Scotland)












Financial Statements

for the Year Ended 31 August 2023

for

Nero Property Ltd

Nero Property Ltd (Registered number: SC327576)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Nero Property Ltd

Company Information
for the Year Ended 31 August 2023







DIRECTOR: Mr M Khanna





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC327576 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Nero Property Ltd (Registered number: SC327576)

Statement of Financial Position
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 210,000 60,000

CREDITORS
Amounts falling due within one year 5 191,512 64,845
NET CURRENT LIABILITIES (191,512 ) (64,845 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,488

(4,845

)

CREDITORS
Amounts falling due after more than one year 6 (152 ) (5,566 )

PROVISIONS FOR LIABILITIES (6,633 ) -
NET ASSETS/(LIABILITIES) 11,703 (10,411 )

CAPITAL AND RESERVES
Called up share capital 100 100
Investment property
revaluation reserve 6,900 (13,000 )
Retained earnings 4,703 2,489
SHAREHOLDERS' FUNDS 11,703 (10,411 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Nero Property Ltd (Registered number: SC327576)

Statement of Financial Position - continued
31 August 2023


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 director and authorised for issue on 16 December 2023 and were signed by:





Mr M Khanna - Director


Nero Property Ltd (Registered number: SC327576)

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

1. STATUTORY INFORMATION

Nero Property Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Nero Property Ltd (Registered number: SC327576)

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

2. ACCOUNTING POLICIES - continued

Turnover
Revenue represents the amount received from the rental of a housing property, excluding value added tax.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 60,000
Additions 123,467
Revaluations 26,533
At 31 August 2023 210,000
NET BOOK VALUE
At 31 August 2023 210,000
At 31 August 2022 60,000

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2018 (11,540 )
Valuation in 2022 (1,460 )
Valuation in 2023 150,000
Cost 73,000
210,000

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,160 4,906
Taxation and social security 1,047 1,039
Other creditors 185,305 58,900
191,512 64,845

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 152 5,566

Nero Property Ltd (Registered number: SC327576)

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

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 5,312 10,472

The Clydesdale bank holds standard security over 187 Marmion Road, Cumbernauld, Glasgow.

The Shawbrook bank holds standard security over 187 Marmion Road, Cumbernauld, Glasgow, 33 Mid Barrwood Road, Kilsyth, Glasgow and 187 Marmion Road, Cumbernauld, Glasgow.

8. RELATED PARTY DISCLOSURES

There is a balance owed to the director of £182,612 (2022 - £55,527) as at 31st August 2023. No interest was charged on this balance and there are no formal repayment terms.