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Registration number: 13332955

Prepared for the registrar

Neptune Apartments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Neptune Apartments Limited

(Registration number: 13332955)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,993

6,478

Current assets

 

Debtors

5

11,923

4,509

Cash at bank and in hand

 

70,987

18,985

 

82,910

23,494

Creditors: Amounts falling due within one year

6

(173,300)

(148,024)

Net current liabilities

 

(90,390)

(124,530)

Net liabilities

 

(86,397)

(118,052)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(86,497)

(118,152)

Shareholders' deficit

 

(86,397)

(118,052)

For the financial year ending 31 March 2024 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 


A L Herbert
Director

 

Neptune Apartments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

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:
Brandon House
62 Painswick Road
Cheltenham
Gloucestershire
GL50 2EU
United Kingdom

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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 and after eliminating sales within the company.

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 statement of financial position 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.

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:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Fixtures and fittings

25% straight line

Website

25% straight line

 

Neptune Apartments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Neptune Apartments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

4

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost

At 1 April 2023

6,597

3,340

9,937

At 31 March 2024

6,597

3,340

9,937

Depreciation

At 1 April 2023

2,137

1,322

3,459

Charge for the year

1,650

835

2,485

At 31 March 2024

3,787

2,157

5,944

Carrying amount

At 31 March 2024

2,810

1,183

3,993

At 31 March 2023

4,460

2,018

6,478

 

5

Debtors

2024
 £

2023
 £

Prepayments

11,923

4,509

 

Neptune Apartments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

6

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

11,655

2,903

Amounts due to related parties

7

146,525

133,265

Social security and other taxes

 

141

14

Outstanding defined contribution pension costs

 

157

127

Accrued expenses

 

3,465

3,000

Deferred income

 

11,357

8,715

 

173,300

148,024

 

7

Related party transactions

Summary of transactions with other related parties

At 31 March 2024 the company owed £146,525 (2023: £133,265) to Cavendish Homes Limited, a company under common control. No interest was charged on this balance and there are no fixed repayment terms.