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COMPANY REGISTRATION NUMBER: SC262501
N.A.P Properties Limited
Filleted Unaudited Financial Statements
31 December 2023
N.A.P Properties Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
555,001
276,801
Current assets
Debtors
6
801
915
Cash at bank and in hand
25,309
22,640
--------
--------
26,110
23,555
Creditors: amounts falling due within one year
7
478,115
195,215
---------
---------
Net current liabilities
452,005
171,660
---------
---------
Total assets less current liabilities
102,996
105,141
Provisions
Taxation including deferred tax
19,445
19,445
---------
---------
Net assets
83,551
85,696
---------
---------
Capital and reserves
Called up share capital
9
100
100
Fair value reserve
10
91,528
91,528
Profit and loss account
10
( 8,077)
( 5,932)
--------
--------
Shareholders funds
83,551
85,696
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
N.A.P Properties Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 10 April 2024 , and are signed on behalf of the board by:
Mr N Palmigiani
Director
Company registration number: SC262501
N.A.P Properties Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. This is in accordance with the FRS 102 1A which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Companies Act 2006 is required in order to give a true and fair view.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
4. Tax on (loss)/profit
Major components of tax expense
2023
2022
£
£
Deferred tax:
Origination and reversal of timing differences
18,721
----
--------
Tax on (loss)/profit
18,721
----
--------
5. Tangible assets
Investment Property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 January 2023
276,796
5,181
281,977
Additions
278,200
278,200
---------
-------
---------
At 31 December 2023
554,996
5,181
560,177
---------
-------
---------
Depreciation
At 1 January 2023 and 31 December 2023
5,176
5,176
---------
-------
---------
Carrying amount
At 31 December 2023
554,996
5
555,001
---------
-------
---------
At 31 December 2022
276,796
5
276,801
---------
-------
---------
During the year, the directors revalued the company's investment property on the open market basis.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment Property
£
At 31 December 2023
Aggregate cost
444,023
Aggregate depreciation
---------
Carrying value
444,023
---------
At 31 December 2022
Aggregate cost
165,823
Aggregate depreciation
---------
Carrying value
165,823
---------
6. Debtors
2023
2022
£
£
Other debtors
801
915
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
478,115
195,215
---------
---------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
19,445
19,445
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Fair value adjustment of investment property
19,445
19,445
--------
--------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Reserves
The revaluation reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. This reserve is non distributable.
11. Transactions with directors
The company was under the control of Mr N. Palmigiani throughout the current period. Mr Palmigiani is the managing director and majority shareholder. At the balance sheet date the amount of £476,970 (2022 - £194,140) was owed to Mr N. Palmigiani. This loan is interest free and is repayable on demand.