REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
NPL2016 LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
NPL2016 LIMITED |
NPL2016 LIMITED (REGISTERED NUMBER: 10477283) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
NPL2016 LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
NPL2016 LIMITED (REGISTERED NUMBER: 10477283) |
STATEMENT OF FINANCIAL POSITION |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
NPL2016 LIMITED (REGISTERED NUMBER: 10477283) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
NPL2016 Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 principal accounting policies adopted in the preparation of the financial statements are set out below. |
The directors continue to prepare the accounts on a going concern basis. The company is reliant upon the support of its parent company. At the reporting date £2,297,448 was due to the parent company and is repayable upon demand. There is no indication that the parent company is unable or unwilling to provide ongoing support. On this basis the directors feel it is appropriate to continue to prepare the accounts on a going concern basis. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
Financial instruments |
The company has elected to apply the provisions of FRS 102 Section 11 'Basic Financial Instruments' to all of its financial instruments. |
The following assets and liabilities are classified as financial instruments; bank accounts, trade debtors, trade creditors and accruals. |
Financial assets and liabilities that are payable or receivable within one year, typically bank accounts, trade debtors, trade creditors and accruals are measured initially and subsequently at the undiscounted amount of the cash consideration that is expected to be paid or received. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
NPL2016 LIMITED (REGISTERED NUMBER: 10477283) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Other income |
Rents receivable represent the value of rents receivable, excluding value added tax. |
Rents are recognised in the period to which it relates. Rents are measured at the fair value of the consideration received. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Investment property was valued on a fair value basis on 5 March 2023 by Robert Pinkus & Co, an independent RICS registered valuer. The directors have relied upon this valuation to establish the fair value of investment property at 30 November 2023.. |
5. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
NPL2016 LIMITED (REGISTERED NUMBER: 10477283) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 216,028 | 214,058 |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Provided during year |
Balance at 30 November 2023 |
8. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 December 2022 |
and 30 November 2023 |
Fair value reserve is a non distributable reserve representing cumulative investment property revaluation gains and losses. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the year: |
Monies advanced during the year £175,624 (2022: £nil) |
Amounts repaid to the company during the year £nil (2022: £21,000) |
Balance due to the company at the reporting date £175,624 (2022: £nil) |
The amounts advanced are unsecured, interest has been charged at the official rate and £173,500 of the amount advanced has been repaid to the company within nine months of the reporting date. |
NPL2016 LIMITED (REGISTERED NUMBER: 10477283) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
11. | RELATED PARTY DISCLOSURES |
Nitecrest Properties Limited |
Parent company |
At the reporting date £2,297,448 (2022: £2,297,448) is due to Nitecrest Properties Limited. This amount is unsecured and is repayable upon demand. |
12. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of Nitecrest Properties Limited, a company registered in England and Wales, under common directorship and in which the directors have full and equal shareholdings. |