Ned Let Limited 05388466 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is a rental property business. Digita Accounts Production Advanced 6.30.9574.0 true 05388466 2022-12-01 2023-11-30 05388466 2023-11-30 05388466 core:CurrentFinancialInstruments 2023-11-30 05388466 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 05388466 core:Non-currentFinancialInstruments 2023-11-30 05388466 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 05388466 bus:SmallEntities 2022-12-01 2023-11-30 05388466 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 05388466 bus:FullAccounts 2022-12-01 2023-11-30 05388466 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 05388466 bus:RegisteredOffice 2022-12-01 2023-11-30 05388466 bus:Director1 2022-12-01 2023-11-30 05388466 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 05388466 core:RevaluationReserve core:LandBuildings 2022-12-01 2023-11-30 05388466 core:LandBuildings 2022-12-01 2023-11-30 05388466 countries:EnglandWales 2022-12-01 2023-11-30 05388466 2022-11-30 05388466 2021-12-01 2022-11-30 05388466 2022-11-30 05388466 core:CurrentFinancialInstruments 2022-11-30 05388466 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 05388466 core:Non-currentFinancialInstruments 2022-11-30 05388466 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 iso4217:GBP xbrli:pure

Registration number: 05388466

Ned Let Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Ned Let Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Ned Let Limited

(Registration number: 05388466)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

417,571

370,000

Current assets

 

Debtors

5

6,132

14,863

Cash at bank and in hand

 

1,400

211

 

7,532

15,074

Creditors: Amounts falling due within one year

6

(230,110)

(229,887)

Net current liabilities

 

(222,578)

(214,813)

Total assets less current liabilities

 

194,993

155,187

Creditors: Amounts falling due after more than one year

6

(4,522)

(24,923)

Net assets

 

190,471

130,264

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

57,537

9,966

Retained earnings

132,932

120,296

Shareholders' funds

 

190,471

130,264

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

 

Ned Let Limited

(Registration number: 05388466)
Balance Sheet as at 30 November 2023

Mr MP Bentley
Director

   
     
 

Ned Let Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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:
Bradwood Works
Dunnockshaw
Burnley
Lancashire
BB11 5PW
United Kingdom

These financial statements were authorised for issue by the Board on 15 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).

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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Ned Let Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

 

Ned Let Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 December

370,000

Fair value adjustments

47,571

At 30 November

417,571

The valuations of investment properties were made on 30 November 2023 by the directors, on an open market basis.
No depreciation is provided in respect of these properties.

On an historical basis these would have been included at an original cost of £80,200.

5

Debtors

Current

2023
£

2022
£

Other debtors

6,132

14,863

 

6,132

14,863

 

Ned Let Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

19,953

24,219

Trade creditors

 

3,496

904

Amounts owed to group undertakings

193,919

184,070

Taxation and social security

 

5,166

2,473

Accruals and deferred income

 

4,530

18,221

Other creditors

 

3,046

-

 

230,110

229,887

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

4,522

24,923

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

47,571

47,571

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

4,522

24,923

 

Ned Let Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

19,953

24,219


 

The company's bankers hold a mortgage over the freehold investment properties against which the bank loan is secured.