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REGISTERED NUMBER: 05163102 (England and Wales)






















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

NITECREST PROPERTIES LIMITED

NITECREST PROPERTIES LIMITED (REGISTERED NUMBER: 05163102)






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


NITECREST PROPERTIES LIMITED

COMPANY INFORMATION
for the Year Ended 30 November 2023







DIRECTORS: R M Hart
Mrs K M Jeffers
Mrs H A Bradley
Mrs W Slater





SECRETARY: Mrs W Slater





REGISTERED OFFICE: Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB





REGISTERED NUMBER: 05163102 (England and Wales)





AUDITORS: Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

NITECREST PROPERTIES LIMITED (REGISTERED NUMBER: 05163102)

STATEMENT OF FINANCIAL POSITION
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,337 2,921
Investments 5 1,224,322 1,232,944
Investment property 6 6,210,001 6,210,001
7,436,660 7,445,866

CURRENT ASSETS
Debtors 7 2,865,051 2,425,277
Cash at bank 106,491 362,539
2,971,542 2,787,816
CREDITORS
Amounts falling due within one year 8 211,397 63,549
NET CURRENT ASSETS 2,760,145 2,724,267
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,196,805

10,170,133

PROVISIONS FOR LIABILITIES 9 587,584 585,850
NET ASSETS 9,609,221 9,584,283

CAPITAL AND RESERVES
Called up share capital 2,088 2,088
Share premium 10 3,321,599 3,321,599
Fair value reserve 10 1,784,128 1,784,128
Retained earnings 10 4,501,406 4,476,468
SHAREHOLDERS' FUNDS 9,609,221 9,584,283

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 22 August 2024 and were signed on its behalf by:





R M Hart - Director


NITECREST PROPERTIES LIMITED (REGISTERED NUMBER: 05163102)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Nitecrest Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Tangible fixed assets
Tangible fixed assets are stated cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc. 20% on reducing balance.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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, directors' loan accounts, other debtors, trade creditors, other creditors and accruals

Financial instruments that are payable or receivable within one year, typically bank accounts, trade debtors, directors' loan accounts, trade creditors, accruals and trade debtors, are measured initially and subsequently at the undiscounted amount of the cash or other 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.


NITECREST PROPERTIES LIMITED (REGISTERED NUMBER: 05163102)

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Other income
Rents receivable represent the value of rents and storage charges 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.

Other investments
Other investments consisting of investment bonds are stated at fair value. Any surplus or deficit arising from changes in fair value are recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022
and 30 November 2023 3,370
DEPRECIATION
At 1 December 2022 449
Charge for year 584
At 30 November 2023 1,033
NET BOOK VALUE
At 30 November 2023 2,337
At 30 November 2022 2,921

NITECREST PROPERTIES LIMITED (REGISTERED NUMBER: 05163102)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 December 2022 1 1,232,943 1,232,944
Revaluations - (8,622 ) (8,622 )
At 30 November 2023 1 1,224,321 1,224,322
NET BOOK VALUE
At 30 November 2023 1 1,224,321 1,224,322
At 30 November 2022 1 1,232,943 1,232,944

Cost or valuation at 30 November 2023 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2018 - 30,448 30,448
Valuation in 2019 - 40,181 40,181
Valuation in 2020 - (17,519 ) (17,519 )
Valuation in 2021 - 146,897 146,897
Valuation in 2022 - 52,936 52,936
Valuation in 2023 - (8,622 ) (8,622 )
Cost 1 980,000 980,001
1 1,224,321 1,224,322

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 6,210,001
NET BOOK VALUE
At 30 November 2023 6,210,001
At 30 November 2022 6,210,001

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2010 (930,069 )
Valuation in 2018 125,000
Valuation in 2022 2,223,000
Cost 4,792,070
6,210,001

NITECREST PROPERTIES LIMITED (REGISTERED NUMBER: 05163102)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

6. INVESTMENT PROPERTY - continued

Investment property was valued on an open market basis in May 2023 by Hackney & Leigh and Robert Pinkus & Co.

The directors have relied upon these valuations at arriving at the fair value of investment property at 30 November 2023.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 20,206 17,613
Amounts owed by group undertakings 2,297,448 2,297,448
Other debtors 547,397 110,216
2,865,051 2,425,277

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4,180 7,055
Taxation and social security 128,555 38,488
Other creditors 78,662 18,006
211,397 63,549

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 587,584 585,850

Deferred
tax
£   
Balance at 1 December 2022 585,850
Charge to Income Statement during year 1,734
Balance at 30 November 2023 587,584

10. RESERVES
Fair
Retained Share value
earnings premium reserve Totals
£    £    £    £   

At 1 December 2022 4,476,468 3,321,599 1,784,128 9,582,195
Profit for the year 24,938 24,938
At 30 November 2023 4,501,406 3,321,599 1,784,128 9,607,133

Fair value reserve is a non distributable reserve representing all current and prior period adjustments to the fair value of the company's investment property.

NITECREST PROPERTIES LIMITED (REGISTERED NUMBER: 05163102)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gary Edgerton FCA Cert PFS (Senior Statutory Auditor)
for and on behalf of Fairhurst

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year advances were made to directors as follows;

Monies advanced during the year - £352,638 (2022: £40,318)
Amounts repaid to the company during the year - £7,638 (2022: £60,708)
Balance due to the company at the reporting date - £357,580 (2022: £12,581)

The amounts advanced are unsecured, there are no fixed repayment terms and interest has been charged at the official rate.

13. RELATED PARTY DISCLOSURES

NPL2016 Limited
Wholly owned subsidiary registered in England & Wales

At the reporting date £2,297,448 (2022: £2,297,448) was due from NPL2016 Limited. The amount owed is unsecured and repayable on demand. No interest has been charged during the year.