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Company No: 11788643 (England and Wales)

NEVERN PLACE RENTALS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

NEVERN PLACE RENTALS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

NEVERN PLACE RENTALS LIMITED

BALANCE SHEET

As at 31 March 2024
NEVERN PLACE RENTALS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Investment property 3 500,000 500,000
Investments 4 100 100
500,100 500,100
Current assets
Debtors 5 14,317 10,504
Cash at bank and in hand 4,101 11,734
18,418 22,238
Creditors: amounts falling due within one year 6 ( 2,801) ( 12,722)
Net current assets 15,617 9,516
Total assets less current liabilities 515,717 509,616
Creditors: amounts falling due after more than one year 7 ( 418,403) ( 418,471)
Provision for liabilities ( 5,765) ( 5,765)
Net assets 91,549 85,380
Capital and reserves
Called-up share capital 8 200 200
Other reserves 24,575 24,575
Profit and loss account 66,774 60,605
Total shareholders' funds 91,549 85,380

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 financial statements of Nevern Place Rentals Limited (registered number: 11788643) were approved and authorised for issue by the Board of Directors on 23 September 2024. They were signed on its behalf by:

T C Brown
Director
C J Coronna
Director
NEVERN PLACE RENTALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
NEVERN PLACE RENTALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Nevern Place Rentals Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 8 Hogarth Place, London, SW5 0QT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover represents rent receivable from investment properties net of VAT. Rent receivable from tenants are measured at fair value. Rental income is recognised in the period to which it arises on an accrual basis and in accordance with the terms of the lease.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

Year ended
31.03.2024
Period from
01.02.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 500,000
As at 31 March 2024 500,000

4. Fixed asset investments

31.03.2024 31.03.2023
£ £
Subsidiary undertakings 100 100

5. Debtors

31.03.2024 31.03.2023
£ £
Amounts owed by Group undertakings 12,680 9,900
Other debtors 1,637 604
14,317 10,504

6. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Taxation and social security 1,545 630
Other creditors 1,256 12,092
2,801 12,722

Bank loans and overdrafts are secured by a fixed and floating charge over all assets of the company.

The aggregate secured liability is £Nil (2023: £Nil ).

7. Creditors: amounts falling due after more than one year

31.03.2024 31.03.2023
£ £
Bank loans 333,703 333,771
Other creditors 84,700 84,700
418,403 418,471

Bank loans and overdrafts are secured by a fixed and floating charge over all assets of the company.

The aggregate secured liability is £333,703 (2023: £333,771 ).

Amounts repayable after more than 5 years are included in creditors falling due over one year:

31.03.2024 31.03.2023
£ £
Bank loans 333,703 333,771

8. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
50 Ordinary C shares of £ 1.00 each 50 50
50 Ordinary D shares of £ 1.00 each 50 50
200 200

9. Related party transactions

Transactions with the entity's directors

31.03.2024 31.03.2023
£ £
Key management personnel 84,700 84,700