Registered number
08182544
Ngoppa Development Ltd
Filleted Accounts
31 August 2023
Ngoppa Development Ltd
Registered number: 08182544
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,050,000 1,250,000
Current assets
Debtors 4 652 652
Cash at bank and in hand 1,588 9,588
2,240 10,240
Creditors: amounts falling due within one year 5 (468,276) (494,261)
Net current liabilities (466,036) (484,021)
Total assets less current liabilities 583,964 765,979
Provisions for liabilities (Notes 6) (75,139) (125,139)
Net assets 508,825 640,840
Capital and reserves
Called up share capital 1 1
Fair value reserve 6 225,418 375,418
Profit and loss account 283,406 265,421
Shareholder's funds 508,825 640,840
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gianna Saccomani
Director
Approved by the board on 11 April 2024
Ngoppa Development Ltd
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 September 2022 1,250,000
Fair value revaluation (200,000)
At 31 August 2023 1,050,000
Depreciation
At 31 August 2023 -
Net book value
At 31 August 2023 1,050,000
At 31 August 2022 1,250,000
4 Debtors 2023 2022
£ £
Other debtors 652 652
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 4,275 4,048
Directors loan account 462,920 489,133
Other creditors 1,081 1,080
468,276 494,261
6 Fair value reserve 2023 2022
The provision for liability of £75,139.35 relates to deferred corporation tax in relation to the fair value revaluation of investment property.
£ £
At 1 September 2022 375,418 281,668
(Loss)/gain on revaluation of land and buildings (200,000) 125,000
Deferred taxation arising on the revaluation of land and buildings 50,000 (31,250)
At 31 August 2023 225,418 375,418
7 Other information
Ngoppa Development Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bank Chambers
1-3 Woodford Avenue
Gants Hill, Ilford
Essex
IG2 6UF
Ngoppa Development Ltd 08182544 false 2022-09-01 2023-08-31 2023-08-31 VT Final Accounts April 2024 Gianna Saccomani No description of principal activity 08182544 2021-09-01 2022-08-31 08182544 core:RevaluationReserve core:LandBuildings 2021-09-01 2022-08-31 08182544 core:RevaluationReserve 2021-09-01 2022-08-31 08182544 core:WithinOneYear 2022-08-31 08182544 core:ShareCapital 2022-08-31 08182544 core:OtherReservesSubtotal 2022-08-31 08182544 core:RetainedEarningsAccumulatedLosses 2022-08-31 08182544 core:RevaluationReserve 2021-08-31 08182544 2022-09-01 2023-08-31 08182544 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 08182544 bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 08182544 bus:Director40 2022-09-01 2023-08-31 08182544 core:LandBuildings 2022-09-01 2023-08-31 08182544 core:RevaluationReserve core:LandBuildings 2022-09-01 2023-08-31 08182544 core:RevaluationReserve 2022-09-01 2023-08-31 08182544 countries:England 2022-09-01 2023-08-31 08182544 bus:FRS102 2022-09-01 2023-08-31 08182544 bus:FilletedAccounts 2022-09-01 2023-08-31 08182544 2023-08-31 08182544 core:WithinOneYear 2023-08-31 08182544 core:ShareCapital 2023-08-31 08182544 core:OtherReservesSubtotal 2023-08-31 08182544 core:RetainedEarningsAccumulatedLosses 2023-08-31 08182544 core:LandBuildings 2023-08-31 08182544 core:RevaluationReserve 2023-08-31 08182544 2022-08-31 08182544 core:LandBuildings 2022-08-31 08182544 core:RevaluationReserve 2022-08-31 iso4217:GBP xbrli:pure