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Registration number: 11294208

Nexo Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2022

 

Nexo Properties Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Nexo Properties Ltd

Company Information

Director

David Catling

Company secretary

Company Creations & Control Limited

Registered office

5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR

Accountants

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR

 

Nexo Properties Ltd

(Registration number: 11294208)
Balance Sheet as at 30 April 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

114,709

95,504

Current assets

 

Debtors

5

58,135

58,347

Cash at bank and in hand

 

8,911

27,735

 

67,046

86,082

Creditors: Amounts falling due within one year

6

(233,409)

(174,402)

Net current liabilities

 

(166,363)

(88,320)

Total assets less current liabilities

 

(51,654)

7,184

Creditors: Amounts falling due after more than one year

6

(38,265)

(66,989)

Net liabilities

 

(89,919)

(59,805)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(89,920)

(59,806)

Shareholders' deficit

 

(89,919)

(59,805)

For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 August 2024
 

.........................................
David Catling
Director

 

Nexo Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR

These financial statements were authorised for issue by the director on 21 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Nexo Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Nexo Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2021 - 2).

 

Nexo Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

4

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2021

73,385

75,381

148,766

Additions

6,395

39,873

46,268

At 30 April 2022

79,780

115,254

195,034

Depreciation

At 1 May 2021

14,353

38,909

53,262

Charge for the year

7,976

19,087

27,063

At 30 April 2022

22,329

57,996

80,325

Carrying amount

At 30 April 2022

57,451

57,258

114,709

At 30 April 2021

59,032

36,472

95,504

Included within the net book value of land and buildings above is £57,451 (2021 - £59,032) in respect of long leasehold land and buildings.
 

5

Debtors

Current

2022
£

2021
£

Prepayments

21,000

21,000

Other debtors

37,135

37,347

 

58,135

58,347

 

Nexo Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

33,277

10,500

Trade creditors

 

31,320

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

46,846

9,227

Taxation and social security

 

12,581

1,723

Accruals and deferred income

 

4,800

3,600

Other creditors

 

104,585

149,352

 

233,409

174,402

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

38,265

66,989

7

Share capital

Allotted, called up and fully paid shares

2022

2021

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

8

Loans and borrowings

Non-current loans and borrowings

2022
£

2021
£

Hire purchase contracts

38,265

66,989

Current loans and borrowings

2022
£

2021
£

Hire purchase contracts

33,277

10,500