Company registration number 10161121 (England and Wales)
NIKLASSON THOMAS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NIKLASSON THOMAS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
NIKLASSON THOMAS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
398,656
398,656
Current assets
Debtors
4
100
100
Cash at bank and in hand
1,155
1,314
1,255
1,414
Creditors: amounts falling due within one year
5
(237,019)
(220,771)
Net current liabilities
(235,764)
(219,357)
Total assets less current liabilities
162,892
179,299
Creditors: amounts falling due after more than one year
6
(145,205)
(162,490)
Net assets
17,687
16,809
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
17,587
16,709
Total equity
17,687
16,809
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 July 2024 and are signed on its behalf by:
E Thomas
Director
Company registration number 10161121 (England and Wales)
NIKLASSON THOMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Niklasson Thomas Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US and the principal place of business is 37 Temple Street London E2 6QQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis even though at the Balance Sheet date the Company's current liabilities exceeded its current assets by £235,764.
The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding to enable it to pay its debts as they fall due. If the company were unable to obtain this funding, it would be unable to continue trading and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise.
1.3
Turnover
Turnover represents rent receivable from the letting of an investment property. Rent receivable from tenants is measured at fair value. Rental income is recognised in the period to which it arises on an accrual basis in accordance with the terms of the lease.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost of effort, investment property is accounted for as tangible fixed assets.
The fair value model is determined by the directors with the benefit of professional external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
NIKLASSON THOMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Joint control in property investments are accounted for in accordance with the requirements of FRS 102 sections 15.6 and 15.7 whereby the company has accounted for its own share of assets, liabilities, turnover and expenditure relating to its joint arrangement with third parties.
NIKLASSON THOMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
398,656
Niklasson Thomas Limited share in an investment property was valued at £398,179 at the period end by the directors with their knowledge of the industry. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location, together with a review of property rental yields. The directors are of the opinion that at the balance sheet date the value of the investment properties is similar to their carrying value.
On an historical cost basis the freehold investment property would have been included at an original cost £398,179.
The investment property is secured by charges in favour of the company's bankers as detailed in note 6.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
100
100
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
27,757
43,543
Taxation and social security
220
1,108
Other creditors
209,042
176,120
237,019
220,771
NIKLASSON THOMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
145,205
162,490
The loan is secured by a fixed and floating charge over the assets of the company and all monies due or to become due from the company.
The bank loan is repayable by 9 September 2031. The interest on the bank loan is payable at a rate of 3.1% per annum above the base rate.
7
Financial commitments, guarantees and contingent liabilities
The company has given a legal charge over its investment property to Barclays to secure loan advances to both Niklasson Thomas Limited and the APFEL Trust, a pension scheme which has a joint control in the investment property.
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rent
2024
2023
£
£
Other related parties
18,334
18,084