Registered number
00519720
Nascot Properties Ltd
Filleted Accounts
31 May 2023
Nascot Properties Ltd
Registered number: 00519720
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,032,961 1,033,890
Current assets
Debtors 4 163,739 163,739
Investments held as current assets 5 2,765 3,393
Cash at bank and in hand 98,996 129,591
265,500 296,723
Creditors: amounts falling due within one year 6 (28,174) (49,644)
Net current assets 237,326 247,079
Net assets 1,270,287 1,280,969
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,270,187 1,280,869
Shareholder's funds 1,270,287 1,280,969
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.
Iain Jefferis
Director
Approved by the board on 12 February 2024
Nascot Properties Ltd
Notes to the Accounts
for the year ended 31 May 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 3 to 4 years
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Furniture and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 1,021,092 23,672 16,582 1,061,346
Additions - 3,805 - 3,805
At 31 May 2023 1,021,092 27,477 16,582 1,065,151
Depreciation
At 1 June 2022 - 17,869 9,587 27,456
Charge for the year - 2,402 2,332 4,734
At 31 May 2023 - 20,271 11,919 32,190
Net book value
At 31 May 2023 1,021,092 7,206 4,663 1,032,961
At 31 May 2022 1,021,092 5,803 6,995 1,033,890
4 Debtors 2023 2022
£ £
Rent debtors - -
Other debtors 163,739 163,739
163,739 163,739
5 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 2,765 3,393
6 Creditors: amounts falling due within one year 2023 2022
£ £
Directors' current accounts 6,628 7,608
Taxation and social security costs 9,547 21,363
Rent debtors 109 7,985
Other creditors 11,890 12,688
28,174 49,644
7 Other information
Nascot Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 7, Hilfield Park
Hilfield Lane
Watford
Herts
WD25 8DB
Nascot Properties Ltd 00519720 false 2022-06-01 2023-05-31 2023-05-31 VT Final Accounts April 2022 Iain Jefferis No description of principal activity 00519720 2021-06-01 2022-05-31 00519720 core:WithinOneYear 2022-05-31 00519720 core:ShareCapital 2022-05-31 00519720 core:RetainedEarningsAccumulatedLosses 2022-05-31 00519720 2022-06-01 2023-05-31 00519720 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 00519720 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 00519720 bus:Director40 2022-06-01 2023-05-31 00519720 1 2022-06-01 2023-05-31 00519720 2 2022-06-01 2023-05-31 00519720 core:LandBuildings 2022-06-01 2023-05-31 00519720 core:PlantMachinery 2022-06-01 2023-05-31 00519720 core:Vehicles 2022-06-01 2023-05-31 00519720 countries:England 2022-06-01 2023-05-31 00519720 bus:FRS102 2022-06-01 2023-05-31 00519720 bus:FullAccounts 2022-06-01 2023-05-31 00519720 2023-05-31 00519720 core:WithinOneYear 2023-05-31 00519720 core:ShareCapital 2023-05-31 00519720 core:RetainedEarningsAccumulatedLosses 2023-05-31 00519720 core:LandBuildings 2023-05-31 00519720 core:PlantMachinery 2023-05-31 00519720 core:Vehicles 2023-05-31 00519720 2022-05-31 00519720 core:LandBuildings 2022-05-31 00519720 core:PlantMachinery 2022-05-31 00519720 core:Vehicles 2022-05-31 iso4217:GBP xbrli:pure