Registered number: 04283234
NBV PROPERTY MANAGEMENT LIMITED
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 March 2023
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NBV PROPERTY MANAGEMENT LIMITED
Registered number: 04283234
Balance sheet
As at 31 March 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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L M Connellan
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The notes on pages 2 to 5 form part of these financial statements.
Page 1
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NBV PROPERTY MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2023
NBV Property Management Limited is a private company limited by shares and incorporated in the United Kingdom. The address of the registered office is given in the company information of these financial statements and this is also the place of business. The company's registration number is 04283234. NBV Property Management Limited and its 100% parent are owned and managed as an informal 'Group' (the Quasi-Group) with Norfolk and Waveney Enterprise Services (company registration number 01633258) and its 100% subsidiary NWES Property Services Limited (company registration number 05361073). The two parent companies in the Quasi-Group are both Limited by Guarantee and share the same Members. The Board of directors for all four companies in the Quasi-Group is identical.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared on a going concern basis under the historical cost convention modified to include items at fair value and in accordance with Financial Reporting Standard 102 Section 1A small entities, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the company and have been rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The Directors believe the company's financial statements should be prepared on a going concern basis and have considered a period of twelve months from the date of approval of these financial statements.
The company is dependent upon the financial support of its parent company, NBV Enterprise Solutions Limited and the group’s bankers, to support working capital requirements. The financial situation of the parent company is described in its financial statements.
Having prepared detailed cash flow forecasts, the Directors are confident that the company can trade as a going concern as long as it continues to receive the financial support of its parent company.
Turnover represents amounts chargeable in respect of the provision of management services to tenants and is recognised on an accruals basis so as to match the revenue earned to the period in which the services were provided.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
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Short term debtors and creditors
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Debtors and creditors with no stated interest rate or that are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss account in the administrative expenses.
Page 2
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NBV PROPERTY MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash and cash equivalents in the balance sheet comprise cash in hand and short term deposits with an original maturity date of three months or less.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit or loss account in the period that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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The average monthly number of employees, including directors, during the year was 5 (2022 - 4).
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Amounts owed by joint ventures and associated undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Page 3
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NBV PROPERTY MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2023
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Allotted, called up and fully paid
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2 (2022 - 2) Ordinary shares of £1.00 each
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Commitments under operating leases
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At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Rent receviable under operating leases
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At 31 March 2023 the Company had future minimum lease receipts due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Page 4
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NBV PROPERTY MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2023
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Related party transactions
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During the year, NBV Property Management Limited had a number of related party transactions. However, as all transactions were immaterial and/or conducted under normal market conditions with related undertakings and constitute recharged costs, NBV Property Management Limited has decided not to disclose the related party transactions, in accordance with FRS 102 Section 1A Small Entities.
Included within amounts owed by associated undertakings is £94,831 (2022: £88,823) due from a company in which the directors have significant influence or control and is a fellow Quasi-Group member. Recharges in the year to this entity totalled £302,545 (2022: £404,202).
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The immediate and ultimate parent undertaking is NBV Enterprise Solutions Limited, a company limited by guarantee and incorporated in the United Kingdom.
Page 5
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