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Registered number: 12369651
Nostromo Property Group Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Nasa Consulting Ltd
5th Floor Castlemead
Lower Castle Street
Bristol
BS1 3AG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12369651
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 610,000 360,000
610,000 360,000
CURRENT ASSETS
Cash at bank and in hand 4,324 36,016
4,324 36,016
Creditors: Amounts Falling Due Within One Year 5 (1,651 ) (1,379 )
NET CURRENT ASSETS (LIABILITIES) 2,673 34,637
TOTAL ASSETS LESS CURRENT LIABILITIES 612,673 394,637
Creditors: Amounts Falling Due After More Than One Year 6 (525,195 ) (352,239 )
NET ASSETS 87,478 42,398
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 87,477 42,397
SHAREHOLDERS' FUNDS 87,478 42,398
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Poole
Director
13/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Nostromo Property Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12369651 . The registered office is 111 New Union Street, Coventry, CV1 2NT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the fair value convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
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4. Investment Property
2023
£
Fair Value
As at 1 January 2023 360,000
Additions 198,284
Revaluations 51,716
As at 31 December 2023 610,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 517,459 319,174
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 62 50
Corporation tax 810 1,269
Accruals and deferred income 719 -
Director's loan account 60 60
1,651 1,379
6. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 252,520
Other loans - 55,000
Corporation tax 17,545 7,719
Mortgage 390,650 -
Long Term Loan - Director Account 37,000 37,000
Amounts owed to other participating interests 80,000 -
525,195 352,239
7. Deferred Taxation
The provision for deferred tax is made up as follows:
Gain/Loss on revaluation of Investment properties: £92,341.02
Related Corporation tax rate: 19%
Deferred corporation tax: £17,544.79
Deferred tax will be payable on the sale of investment properties when revaluation profits are realised.
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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9. Directors Advances, Credits and Guarantees
Included within creditors are the following loans from directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr John Poole 37,000 - - - 37,000
The above loan is unsecured, interest free and repayable on demand.
10. Related Party Transactions
Nostromo Property Group Ltd received additional unsecured loans under normal market conditions totalling £25,000 from Nostromo IT Services Ltd, a company with common directorship. This was used to assist in the purchase of the investment property and remains unpaid. The total outstanding to Nostromo IT Services Ltd at the reporting date is £80,000
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