3 false false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 760,331 53,358 129,523 2,463 686,629 686,629 760,331 xbrli:pure xbrli:shares iso4217:GBP 04949410 2022-11-01 2023-10-31 04949410 2023-10-31 04949410 2022-10-31 04949410 2021-11-01 2022-10-31 04949410 2022-10-31 04949410 2021-10-31 04949410 core:FurnitureFittings 2022-11-01 2023-10-31 04949410 core:MotorVehicles 2022-11-01 2023-10-31 04949410 bus:Director2 2022-11-01 2023-10-31 04949410 core:LandBuildings 2022-10-31 04949410 core:FurnitureFittings 2022-10-31 04949410 core:MotorVehicles 2022-10-31 04949410 core:LandBuildings 2023-10-31 04949410 core:FurnitureFittings 2023-10-31 04949410 core:MotorVehicles 2023-10-31 04949410 core:WithinOneYear 2023-10-31 04949410 core:WithinOneYear 2022-10-31 04949410 core:ShareCapital 2023-10-31 04949410 core:ShareCapital 2022-10-31 04949410 core:RevaluationReserve 2023-10-31 04949410 core:RevaluationReserve 2022-10-31 04949410 core:RetainedEarningsAccumulatedLosses 2023-10-31 04949410 core:RetainedEarningsAccumulatedLosses 2022-10-31 04949410 core:CostValuation core:Non-currentFinancialInstruments 2022-10-31 04949410 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-10-31 04949410 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-10-31 04949410 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-10-31 04949410 core:CostValuation core:Non-currentFinancialInstruments 2023-10-31 04949410 core:Non-currentFinancialInstruments 2023-10-31 04949410 core:Non-currentFinancialInstruments 2022-10-31 04949410 core:LandBuildings 2022-10-31 04949410 core:FurnitureFittings 2022-10-31 04949410 core:MotorVehicles 2022-10-31 04949410 bus:SmallEntities 2022-11-01 2023-10-31 04949410 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 04949410 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 04949410 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 04949410 bus:FullAccounts 2022-11-01 2023-10-31
COMPANY REGISTRATION NUMBER: 04949410
Nelson Street Properties Limited
Unaudited financial statements
31 October 2023
Nelson Street Properties Limited
Statement of financial position
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
5,188,105
5,189,289
Investments
6
686,629
760,331
-----------
-----------
5,874,734
5,949,620
Current assets
Debtors
7
246,526
238,660
Cash at bank and in hand
75,714
75,497
---------
---------
322,240
314,157
Prepayments and accrued income
18,627
15,905
Creditors: Amounts falling due within one year
8
( 3,193,639)
( 3,347,493)
-----------
-----------
Net current liabilities
( 2,852,772)
( 3,017,431)
-----------
-----------
Total assets less current liabilities
3,021,962
2,932,189
Provisions
Taxation including deferred tax
1,727
( 304)
Accruals and deferred income
( 14,420)
( 12,150)
-----------
-----------
Net assets
3,009,269
2,919,735
-----------
-----------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,882,978
1,882,978
Profit and loss account
1,126,191
1,036,657
-----------
-----------
Shareholders funds
3,009,269
2,919,735
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Nelson Street Properties Limited
Statement of financial position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr M Cooke
Director
Company registration number: 04949410
Nelson Street Properties Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Woodland Drive, Thorpe End, Norwich, NR13 5BH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
25% reducing balance
Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This is in accordance with FRS 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties.
Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Employee numbers
The average number of employees during the year was 3 (2022: 3 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
5,180,099
25,779
39,310
5,245,188
Additions
1,272
1,272
-----------
-------
-------
-----------
At 31 October 2023
5,180,099
27,051
39,310
5,246,460
-----------
-------
-------
-----------
Depreciation
At 1 November 2022
25,765
30,134
55,899
Charge for the year
162
2,294
2,456
-----------
-------
-------
-----------
At 31 October 2023
25,927
32,428
58,355
-----------
-------
-------
-----------
Carrying amount
At 31 October 2023
5,180,099
1,124
6,882
5,188,105
-----------
-------
-------
-----------
At 31 October 2022
5,180,099
14
9,176
5,189,289
-----------
-------
-------
-----------
Tangible assets held at valuation
At 31 October 2023 the directors considered the value of the freehold investment property to be £5,180,099.
6. Investments
Other investments other than loans
£
Cost
At 1 November 2022
760,331
Additions
53,358
Disposals
( 129,523)
Revaluations
2,463
---------
At 31 October 2023
686,629
---------
Impairment
At 1 November 2022 and 31 October 2023
---------
Carrying amount
At 31 October 2023
686,629
---------
At 31 October 2022
760,331
---------
7. Debtors
2023
2022
£
£
Other debtors
246,526
238,660
---------
---------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Social security and other taxes
19,620
25,531
Other creditors
3,174,019
3,321,962
-----------
-----------
3,193,639
3,347,493
-----------
-----------