Company Registration No. 10931468 (England and Wales)
NSF PROPERTY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
NSF PROPERTY LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
NSF PROPERTY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
425,000
410,000
Current assets
Debtors
4
1,034
-
0
Cash at bank and in hand
17,437
14,835
18,471
14,835
Creditors: amounts falling due within one year
5
(341,698)
(342,528)
Net current liabilities
(323,227)
(327,693)
Total assets less current liabilities
101,773
82,307
Provisions for liabilities
(17,986)
(15,136)
Net assets
83,787
67,171
Capital and reserves
Called up share capital
2
2
Revaluation reserve
76,679
64,529
Profit and loss reserves
7,106
2,640
Total equity
83,787
67,171

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

NSF PROPERTY LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
R Smart
Director
Company Registration No. 10931468
NSF PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

NSF Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Octagon Suite E2, 2nd Floor Middleborough, Colchester, Essex, CO1 1TG.

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.The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

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.

NSF PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Investment property
2023
£
Fair value
At 1 September 2022
410,000
Revaluations
15,000
At 31 August 2023
425,000

Investment property comprises £425,000. The fair value of the investment property has been arrived at on the basis of a valuation carried out by a local estate agent. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

NSF PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,034
-
0
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
944
2,320
Taxation and social security
1,069
795
Other creditors
339,685
339,413
341,698
342,528
2023-08-312022-09-01false15 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityF SmartR Smartfalsefalse109314682022-09-012023-08-31109314682023-08-31109314682022-08-3110931468core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3110931468core:CurrentFinancialInstrumentscore:WithinOneYear2022-08-3110931468core:CurrentFinancialInstruments2023-08-3110931468core:CurrentFinancialInstruments2022-08-3110931468core:ShareCapital2023-08-3110931468core:ShareCapital2022-08-3110931468core:OtherMiscellaneousReserve2023-08-3110931468core:OtherMiscellaneousReserve2022-08-3110931468core:RetainedEarningsAccumulatedLosses2023-08-3110931468core:RetainedEarningsAccumulatedLosses2022-08-3110931468bus:Director22022-09-012023-08-31109314682021-09-012022-08-31109314682022-08-3110931468core:WithinOneYear2023-08-3110931468core:WithinOneYear2022-08-3110931468bus:PrivateLimitedCompanyLtd2022-09-012023-08-3110931468bus:SmallCompaniesRegimeForAccounts2022-09-012023-08-3110931468bus:FRS1022022-09-012023-08-3110931468bus:AuditExemptWithAccountantsReport2022-09-012023-08-3110931468bus:Director12022-09-012023-08-3110931468bus:FullAccounts2022-09-012023-08-31xbrli:purexbrli:sharesiso4217:GBP