Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-302023-07-01false3Property development6truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14219774 2023-07-01 2024-06-30 14219774 2022-07-07 2023-06-30 14219774 2024-06-30 14219774 2023-06-30 14219774 c:Director4 2023-07-01 2024-06-30 14219774 c:Director4 2024-06-30 14219774 c:Director5 2023-07-01 2024-06-30 14219774 c:Director5 2024-06-30 14219774 c:Director6 2023-07-01 2024-06-30 14219774 c:Director6 2024-06-30 14219774 c:Director7 2023-07-01 2024-06-30 14219774 c:Director7 2024-06-30 14219774 c:Director8 2023-07-01 2024-06-30 14219774 c:Director8 2024-06-30 14219774 c:Director9 2023-07-01 2024-06-30 14219774 c:Director9 2024-06-30 14219774 c:RegisteredOffice 2023-07-01 2024-06-30 14219774 d:CurrentFinancialInstruments 2024-06-30 14219774 d:CurrentFinancialInstruments 2023-06-30 14219774 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 14219774 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 14219774 d:ShareCapital 2024-06-30 14219774 d:ShareCapital 2023-06-30 14219774 d:RetainedEarningsAccumulatedLosses 2024-06-30 14219774 d:RetainedEarningsAccumulatedLosses 2023-06-30 14219774 c:FRS102 2023-07-01 2024-06-30 14219774 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 14219774 c:FullAccounts 2023-07-01 2024-06-30 14219774 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 14219774 2 2023-07-01 2024-06-30 14219774 4 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure
Registered number: 14219774














NEG BARNET MARKET LIMITED
(FORMERLY BYM BARNET MARKET 1 LIMITED)
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2024

 
NEG BARNET MARKET LIMITED (FORMERLY BYM BARNET MARKET 1 LIMITED)
 
 
COMPANY INFORMATION


Directors
I Hanokh (appointed 29 March 2024)
D Liberman (appointed 29 March 2024)
R B Michael (appointed 29 March 2024)
I I Perl (appointed 29 March 2024)
U Segal (appointed 29 March 2024)
I Zacharovitch (appointed 29 March 2024)




Registered number
14219774



Registered office
385-389 Oxford Street

London

England

W1C 2NB




Accountants
Sopher + Co LLP
Chartered Accountants

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
NEG BARNET MARKET LIMITED (FORMERLY BYM BARNET MARKET 1 LIMITED)
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 6


 
NEG BARNET MARKET LIMITED (FORMERLY BYM BARNET MARKET 1 LIMITED)
REGISTERED NUMBER:14219774

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
4,113,471
4,005,227

Debtors: amounts falling due within one year
 5 
504
25,904

Cash at bank and in hand
  
2,461
1,282

  
4,116,436
4,032,413

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(4,128,812)
(4,038,080)

Net current liabilities
  
 
 
(12,376)
 
 
(5,667)

Total assets less current liabilities
  
(12,376)
(5,667)

  

Net liabilities
  
(12,376)
(5,667)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(12,476)
(5,767)

  
(12,376)
(5,667)


Page 1

 
NEG BARNET MARKET LIMITED (FORMERLY BYM BARNET MARKET 1 LIMITED)
REGISTERED NUMBER:14219774
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

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 comprehensive income 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: 




U Segal
Director

Date: 22 July 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
NEG BARNET MARKET LIMITED (FORMERLY BYM BARNET MARKET 1 LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

NEG Barnet Market Limited is a private company limited by shares incorporated in England and Wales. The registered office is 385-389 Oxford Street, London, England, W1C 2NB.
The principal activity of the company continued to be that of property development.
The company's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company will have the continued support from its lenders and has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. 

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.5

Stocks

Stock comprises of properties and are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials, loan finance fees, loan interest and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

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.

Page 3

 
NEG BARNET MARKET LIMITED (FORMERLY BYM BARNET MARKET 1 LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

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.

 
2.9

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 3).

Page 4

 
NEG BARNET MARKET LIMITED (FORMERLY BYM BARNET MARKET 1 LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Stocks

2024
2023
£
£

Finished goods and goods for resale
4,113,471
4,005,227

4,113,471
4,005,227



5.


Debtors

2024
2023
£
£


Other debtors
504
811

Prepayments and accrued income
-
25,093

504
25,904



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
3,407,213
3,462,106

Trade creditors
6,030
-

Amounts owed to group undertakings
571,274
571,274

Other creditors
135,565
-

Accruals and deferred income
8,730
4,700

4,128,812
4,038,080


The other loans are secured by way of a fixed and floating charge over the property of the company.

Page 5

 
NEG BARNET MARKET LIMITED (FORMERLY BYM BARNET MARKET 1 LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK, not to disclose related party transactions with wholly owned subsidiaries within the group.
Included within other creditors is an amount of £135,565 owed to the directors. This amount is interest free and repayable on demand.


8.


Controlling party

The controlling party is NEG The Spires Holdings Limited.

 
Page 6