REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
NITECREST PROPERTIES LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
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 |
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 |
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 |
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. |
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. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
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 | 1,232,944 |
Revaluations | ( |
) | (8,622 | ) |
At 30 November 2023 | 1,224,322 |
NET BOOK VALUE |
At 30 November 2023 | 1,224,322 |
At 30 November 2022 | 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 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 587,584 | 585,850 |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Charge to Income Statement during year |
Balance at 30 November 2023 |
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 |
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. |
for and on behalf of |
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. |