Company registration number 07095302 (England and Wales)
NMP PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NMP PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NMP PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
7,855,760
9,447,260
Investments
4
580
580
7,856,340
9,447,840
Current assets
Debtors
2,106,815
2,185,862
Cash at bank and in hand
212,804
154,712
2,319,619
2,340,574
Creditors: amounts falling due within one year
(146,333)
303,665
Net current assets
2,173,286
2,644,239
Total assets less current liabilities
10,029,626
12,092,079
Creditors: amounts falling due after more than one year
(2,227,137)
(2,462,721)
Provisions for liabilities
(57,950)
(65,835)
Net assets
7,744,539
9,563,523
Capital and reserves
Called up share capital
5
7,210,000
9,010,000
Non distributable reserves
7
312,885
346,500
Distributable profit and loss reserves
221,654
207,023
Total equity
7,744,539
9,563,523
NMP PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
N Matoorian Pour
Director
Company Registration No. 07095302
NMP PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
NMP Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Little Dene, Mount Road, Woking, Surrey, United Kingdom, GU22 0PY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Investment properties
Investment properties are initially measured at cost and subsequently measured at fair value whilst a reliable measure of fair value is available without undue cost or effort. Changes in fair value are recognised in profit or
loss.
1.4
Fixed asset investments
Investments in subsidiary undertakings are recognised at cost.
Fixed asset investments are stated at cost less any provision for impairment.
1.5
Stocks
Inventories represent properties acquired for development and properties currently being developed. All costs associated with the development work are included and a provision is made if the carrying value of the inventories are deemed to be greater than fair value. Such provision is expensed through profit and loss.
NMP PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
NMP PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 April 2023
9,447,260
Disposals
(1,591,500)
At 31 March 2024
7,855,760
NMP PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
580
580
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £100 each
20
20
2,000
2,000
Ordinary B of £100 each
80
80
8,000
8,000
100
100
10,000
10,000
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
9,000,000
9,000,000
9,000,000
9,000,000
Preference shares classified as equity
7,200,000
9,000,000
Preference shares classified as liabilities
1,800,000
-
9,000,000
9,000,000
Total equity share capital
7,210,000
9,010,000
6
SECURED DEBTS
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans and overdrafts
2,462,721
2,462,721
NMP PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Non distributable reserves
2024
2023
£
£
At the beginning of the year
346,500
-
Non distributable reserves
(33,615)
346,500
At the end of the year
312,885
346,500
8
Related party transactions
During the period the company was repaid funds totalling £175,000 (2023 - £Nil) by Matoorian Limited, a company under common control and of which Mr N Matoorian Pour is also a Director. Interest is being charged at 3.59% above the base rate, £149,712 (2023 - £123,123). Total interest now accrued is £664,772 (2023 -£515,060). The amount outstanding at the balance sheet date was £1,668,281 (2023 - £1,693,569).
During the period no further amount loaned (2023 - £500) to Waldemar Gardens Properties Limited, a company under common control. The balance outstanding at 31 March 2024 was £352,539 (2023 -£352,539). No interest is being charged.
During the period the company was repaid funds totalling £30,000 (2023 - £Nil) to Homes Around Limited (Formerly My Direct Home Limited), a company under common control. The balance outstanding at 31 March 2024 was £39,095 (2022 - £69,095). No interest is being charged.
At 31 March 2024 the company was received funds totalling £72,908 from Samira Matoorian Pour, a connected party. Interest has been charged at a rate of 3.75% plus base rate, £2,248 (2023 - £3,373). The loan was fully repaid with-in the year.
During the period the company was loaned by the director £451,577, resulting in a balance due to the director of £111,637 (2023: £339,940 due to company) at the year end.