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Company registration number: 11509331

71 Nile Street Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

71 Nile Street Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

71 Nile Street Limited

(Registration number: 11509331)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

4,355,487

4,355,487

Current assets

 

Debtors

5

26,910

21,460

Cash at bank and in hand

 

50,365

32,247

 

77,275

53,707

Creditors: Amounts falling due within one year

6

(5,018,049)

(4,839,385)

Net current liabilities

 

(4,940,774)

(4,785,678)

Net liabilities

 

(585,287)

(430,191)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(585,288)

(430,192)

Total equity

 

(585,287)

(430,191)

For the financial 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.

Director's 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 Director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the director on 9 September 2024 .
 


M J Penkethman
Director

   
 

71 Nile Street Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 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:
Morley House
36 Acreman Street
Sherborne
Dorset
DT9 3NX

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.

These financial statements are presented in Sterling (£).

Going concern

The Company reports a loss for the year and a net liabilities position at 31 December 2023. The shareholder has expressed their commitment in providing continuing financial support to the Company and confirmed that they do not intend to withdraw any funding already committed to within twelve months of the date of signing these accounts. For this reason the Director considers that the preparation of the accounts on a going concern basis is appropriate.

Turnover recognition

Turnover represents rents receivable and expenses recharged to tenants in the ordinary course of the Company's activities. Turnover is recognised on an accruals basis based on the period of occupation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers where the Director considers this appropriate. 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.

 

71 Nile Street Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less and impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently 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.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year was 1 (2022 - 1).

4

Investment properties

2023
 £

At 1 January 2023

4,355,487

At 31 December 2023

4,355,487

The 2023 valuation is based on an open market value for existing use basis.

 

71 Nile Street Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

16,183

10,833

Other debtors

10,727

10,627

 

26,910

21,460

6

Creditors

2023
£

2022
£

Due within one year

 

Trade creditors

 

13,603

15,819

Amounts owed to group undertakings

4,929,771

4,782,010

Other taxation and social security

 

1,831

-

Other creditors

 

72,844

41,556

 

5,018,049

4,839,385