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Registered number: 10518484










N S & V HOMES LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
N S & V HOMES LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF N S & V HOMES LTD
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of N S & V Homes Ltd for the year ended 31 March 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of N S & V Homes Ltd, as a body, in accordance with the terms of our engagement letter dated 28 July 2021Our work has been undertaken solely to prepare for your approval the financial statements of N S & V Homes Ltd and state those matters that we have agreed to state to the Board of directors of N S & V Homes Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than N S & V Homes Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that N S & V Homes Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of N S & V Homes Ltd. You consider that N S & V Homes Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of N S & V Homes Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
12 August 2024
Page 1

 
N S & V HOMES LTD
REGISTERED NUMBER: 10518484

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
5,080,000
5,080,000

Current assets
  

Debtors: amounts falling due within one year
 5 
173,155
233,019

Cash at bank and in hand
  
525
103,115

  
173,680
336,134

Creditors: amounts falling due within one year
 6 
(14,753)
(7,626)

Net current assets
  
 
 
158,927
 
 
328,508

Total assets less current liabilities
  
5,238,927
5,408,508

Creditors: amounts falling due after more than one year
 7 
(3,206,533)
(3,213,924)

Provisions for liabilities
  

Deferred tax
  
(273,785)
(273,785)

Net assets
  
1,758,609
1,920,799


Capital and reserves
  

Called up share capital 
  
100
100

Share premium account
 8 
-
766,100

Investment property reserve
 8 
1,203,215
1,203,215

Profit and loss account
 8 
555,294
(48,616)

  
1,758,609
1,920,799


Page 2

 
N S & V HOMES LTD
REGISTERED NUMBER: 10518484
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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 profit and loss account 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 on 9 August 2024.




Mrs V Sutton
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
N S & V HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

N S & V Homes Ltd is a United Kingdom company limited by shares. It is incorporated and domiciled in England and Wales. The registered office address is Lodge Farm, Watton Road, Ashill, IP25 7AQ.
The Company's principal activity is that of property letting in England.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Interest income

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

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
N S & V HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Investment property

Investment property is carried at fair value determined annually by the directors 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. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 5

 
N S & V HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
5,080,000



At 31 March 2024
5,080,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.




Page 6

 
N S & V HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
5,408
4,798

Other debtors
134,555
226,095

Prepayments and accrued income
2,236
2,126

Tax recoverable
30,956
-

173,155
233,019



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
5,986
728

Bank loans
5,737
3,928

Accruals and deferred income
3,030
2,970

14,753
7,626



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,206,533
3,213,924

3,206,533
3,213,924


The bank loans totalling £3,174,015 are secured on the company's investment properties.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
8,216
21,634

Repayable other than by instalments
3,174,015
3,174,015

3,182,231
3,195,649



Page 7

 
N S & V HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Reserves

Investment property revaluation reserve

The investment property reserve represents the cumulative value of revaluations of the Company's investment properties to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.


9.


Transactions with directors

As at 1 April 2023 the balance owed to the company by the directors was £226,095. During the year the company paid personal expenses of £45,200 on behalf of the directors who reimbursed the company with £140,752. Interest was charges at a rate of 2.25% per annum on the overdrawn balance and amounted to £4,012 for the year.
As a result the balance owed by the directors to the company was 
£134,555. The loan is repayable on demand.

 
Page 8