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REGISTERED NUMBER: 11107450 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 DECEMBER 2023

FOR

NEAP DEVELOPMENTS LIMITED

NEAP DEVELOPMENTS LIMITED (REGISTERED NUMBER: 11107450)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NEAP DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 26 DECEMBER 2023







DIRECTORS: S A Murie
Mrs E L Murie





REGISTERED OFFICE: Parsonage House
Church Street
Henfield
BN5 9NU





REGISTERED NUMBER: 11107450 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

NEAP DEVELOPMENTS LIMITED (REGISTERED NUMBER: 11107450)

BALANCE SHEET
26 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 3,401 4,858
Investment property 4 575,000 575,000
578,401 579,858

CURRENT ASSETS
Debtors 5 135,203 284,393
Cash at bank 113 2,105
135,316 286,498
CREDITORS
Amounts falling due within one year 6 144,954 298,591
NET CURRENT LIABILITIES (9,638 ) (12,093 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

568,763

567,765

CREDITORS
Amounts falling due after more than one
year

7

437,719

437,719
NET ASSETS 131,044 130,046

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 8 80,469 80,469
Retained earnings 50,475 49,477
131,044 130,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 26 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 26 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

NEAP DEVELOPMENTS LIMITED (REGISTERED NUMBER: 11107450)

BALANCE SHEET - continued
26 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:




Mrs E L Murie - Director



S A Murie - Director


NEAP DEVELOPMENTS LIMITED (REGISTERED NUMBER: 11107450)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

3. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 27 December 2022
and 26 December 2023 14,809 1,249 16,058
DEPRECIATION
At 27 December 2022 10,641 559 11,200
Charge for year 1,041 416 1,457
At 26 December 2023 11,682 975 12,657
NET BOOK VALUE
At 26 December 2023 3,127 274 3,401
At 26 December 2022 4,168 690 4,858

NEAP DEVELOPMENTS LIMITED (REGISTERED NUMBER: 11107450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 DECEMBER 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 27 December 2022
and 26 December 2023 575,000
NET BOOK VALUE
At 26 December 2023 575,000
At 26 December 2022 575,000

Fair value at 26 December 2023 is represented by:
£   
Valuation in 2019 969,531
Valuation in 2021 80,469
Valuation in 2022 (475,000 )
575,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,170 -
Amounts owed by associates 133,033 133,893
Other debtors - 150,500
135,203 284,393

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,286 -
Tax 16,835 15,280
Directors' loan accounts 123,433 279,315
Accrued expenses 2,400 3,996
144,954 298,591

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Mortgage 437,719 437,719

Amounts falling due in more than five years:

Repayable by instalments
Mortgage 437,719 437,719

8. RESERVES
Revaluation
reserve
£   
At 27 December 2022
and 26 December 2023 80,469

NEAP DEVELOPMENTS LIMITED (REGISTERED NUMBER: 11107450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 DECEMBER 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period, S Murie decreased his loan to the company. As at 26 December 2023, the company owed him £40,565 (2022: £119,706) This balance represented the maximum amount outstanding during the period and the loan is interest free and repayable on demand.

Also, during the period, Mrs E Murie decreased her loan to the company. As at 26 December 2023, the company owed her £82,868 (2022: £159,608) This balance represented the maximum amount outstanding during the period and the loan is interest free and repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr & Mrs S Murie.

This was by virtue of their 100% holding of the issued share capital.