Company Registration No. 04647014 (England and Wales)
Neptune Property Developments (99 Queens Road) Limited
Unaudited accounts
for the year ended 31 December 2023
Neptune Property Developments (99 Queens Road) Limited
Statement of financial position
as at 31 December 2023
Investment property
736,500
711,500
Cash at bank and in hand
1,779
4,079
Creditors: amounts falling due within one year
(7,338)
(103,354)
Net current assets/(liabilities)
227,579
(94,380)
Total assets less current liabilities
964,079
617,120
Creditors: amounts falling due after more than one year
(355,250)
-
Net assets
608,829
617,120
Called up share capital
100
100
Profit and loss account
608,729
617,020
Shareholders' funds
608,829
617,120
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by
Creighton Boyd
Director
Company Registration No. 04647014
Neptune Property Developments (99 Queens Road) Limited
Notes to the Accounts
for the year ended 31 December 2023
Neptune Property Developments (99 Queens Road) Limited is a private company, limited by shares, registered in England and Wales, registration number 04647014. The registered office is 14 Holywell Row, London, EC2A 4JB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Having reviewed the resources available, the directors believe that Neptune Property Developments (99 Queens Road) Limited has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least a period of 12 months from the date of approval of the financial statements. Accordingly, the company continues to adopt the going concern basis in preparation of its financial statements.
Revenue from a rental contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.
Investment property is measured at fair value with changes in fair value recognised in the Profit and Loss Account. Revalued investment properties are not depreciated or amortised.
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Trade and Other Creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Neptune Property Developments (99 Queens Road) Limited
Notes to the Accounts
for the year ended 31 December 2023
Taxation and Deferred Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
Fair value at 1 January 2023
711,500
Net gain from fair value adjustments
25,000
At 31 December 2023
736,500
Investment properties were revalued on 31 December 2023 on the basis of open market value.
The profit and loss account includes £428,204 of accumulated non-distributable reserves relating to fair value uplifts recognised on investment properties (2022: £403,204).
Amounts falling due within one year
Amounts due from group undertakings etc.
226,053
-
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
3,310
1,187
Amounts owed to group undertakings and other participating interests
-
101,087
7
Creditors: amounts falling due after more than one year
2023
2022
Aggregate of amounts that fall due for payment after five years
355,250
-
Bank loans are secured by way of a fixed charge over specific property held by the company.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Neptune Property Developments (99 Queens Road) Limited
Notes to the Accounts
for the year ended 31 December 2023
9
Transactions with related parties
Included within debtors are amounts due from connected companies amounting to £226,053 (2022: £Nil).
Included within creditors are amounts due to connected companies amounting to £Nil (2022: £101,087).
All amounts due are unsecured, interest-free and repayable on demand.
10
Average number of employees
During the year the average number of employees was 0 (2022: 0).