Company registration number SC684941 (Scotland)
NCP PROJECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
NCP PROJECTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
NCP PROJECTS LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF NCP PROJECTS LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NCP Projects Limited for the year ended 31 January 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the board of directors of NCP Projects Limited, as a body, in accordance with the terms of our engagement letter dated 12 October 2023. Our work has been undertaken solely to prepare for your approval the financial statements of NCP Projects Limited and state those matters that we have agreed to state to the board of directors of NCP Projects Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NCP Projects Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that NCP Projects Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of NCP Projects Limited. You consider that NCP Projects Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of NCP Projects Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

A.J.B. Scholes Ltd
18 October 2024
Chartered Accountants
10 Albyn Place
Aberdeen
AB10 1YH
NCP PROJECTS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,862
10,460
Investment property
5
274,620
238,860
282,482
249,320
Current assets
Cash at bank
8,889
7,124
Creditors: amounts falling due within one year
6
(272,099)
(231,688)
Net current liabilities
(263,210)
(224,564)
Total assets less current liabilities
19,272
24,756
Provisions for liabilities
7
(3,784)
(4,826)
Net assets
15,488
19,930
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
15,388
19,830
Total equity
15,488
19,930

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 and signed by the director and authorised for issue on 18 October 2024
Mr N Porter
Director
Company registration number SC684941 (Scotland)
NCP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

NCP Projects Limited is a private company limited by shares incorporated in Scotland. The registered office is 10 Albyn Place, Aberdeen, AB10 1YH. The trading address is 33 Kirkhill Road, AB23 8ZA.

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, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements are prepared on a going concern basis which is appropriate as the company is supported by the director.true

1.3
Turnover

Turnover comprises rent receivable and is credited to the profit and loss account on an accruals basis.

1.4
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:

Equipment
25% straight line
Motor vehicles
20% reducing balance

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.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Financial instruments

The following assets and liabilities are classified as financial instruments, bank and loans from related parties. Cash at bank in the balance sheet is held on demand. Loans from related parties are measured at the undiscounted amounts payable.

NCP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.8
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.

Deferred tax

Deferred tax is recognised in respect of timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
NCP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
4
Tangible fixed assets
Equipment
Motor vehicles
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
3,439
13,575
17,014
Depreciation and impairment
At 1 February 2023
1,667
4,887
6,554
Depreciation charged in the year
860
1,738
2,598
At 31 January 2024
2,527
6,625
9,152
Carrying amount
At 31 January 2024
912
6,950
7,862
At 31 January 2023
1,772
8,688
10,460
5
Investment property
2024
£
Fair value
At 1 February 2023
238,860
Additions
35,760
At 31 January 2024
274,620

The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 January 2024 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
272,099
231,688
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
3,784
4,826
NCP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
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