Company registration number 11089436 (England and Wales)
NEUHAUS PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NEUHAUS PROPERTY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NEUHAUS PROPERTY LTD (REGISTERED NUMBER: 11089436)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,028
4,037
Investment property
4
1,055,950
1,180,950
1,058,978
1,184,987
Current assets
Debtors
5
127,006
123,114
Cash at bank and in hand
5,440
31,923
132,446
155,037
Creditors: amounts falling due within one year
6
(826,111)
(834,045)
Net current liabilities
(693,665)
(679,008)
Total assets less current liabilities
365,313
505,979
Creditors: amounts falling due after more than one year
7
(60,799)
(211,243)
Provisions for liabilities
(50,274)
(55,425)
Net assets
254,240
239,311
Capital and reserves
Called up share capital
8
100
100
Non-distributable profits reserve
9
211,873
232,737
Distributable profit and loss reserves
42,267
6,474
Total equity
254,240
239,311
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 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.
NEUHAUS PROPERTY LTD (REGISTERED NUMBER: 11089436)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
Mr A Maggoutas
Ms Y A Maggoutas
Director
Director
P Siddiqui
Director
NEUHAUS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Neuhaus Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, Kent, ME19 6JU.
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 £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future, on the basis the company has the continued support of its directors.
1.3
Turnover
Turnover represents rental income received and management services provided during the year.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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.
Investment property has not been depreciated for the year.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
NEUHAUS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 profit and loss account, 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
3
2
NEUHAUS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
3,749
4,456
8,205
Depreciation and impairment
At 1 January 2023
2,562
1,606
4,168
Depreciation charged in the year
297
712
1,009
At 31 December 2023
2,859
2,318
5,177
Carrying amount
At 31 December 2023
890
2,138
3,028
At 31 December 2022
1,187
2,850
4,037
4
Investment property
2023
£
Fair value
At 1 January 2023
1,180,950
Disposals
(125,000)
At 31 December 2023
1,055,950
Investment property comprises property at fair value of £1,055,950. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors best estimate. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,074
3,115
Other debtors
59,932
85,999
62,006
89,114
NEUHAUS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Debtors
(Continued)
- 6 -
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
65,000
34,000
Total debtors
127,006
123,114
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
1,777
Taxation and social security
8,208
2,026
Other creditors
816,126
832,019
826,111
834,045
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
60,799
211,243
The bank loans are secured against the properties in the company's name by way of a fixed and floating charge.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
53,690
-
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
50
50
50
50
Ordinary B Shares of £1 each
50
50
50
50
100
100
100
100
NEUHAUS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
232,737
232,737
Non distributable profits in the year
(20,864)
-
At the end of the year
211,873
232,737
10
Directors' transactions
Included within other creditors is an amount owed to the directors of the company of £805,492 (2022: £829,907).