Silverfin false false 31/03/2024 01/04/2023 31/03/2024 S Kaye 20/09/2021 23 October 2024 The principal activity of the Company during the financial year was that of property investment. 13631429 2024-03-31 13631429 bus:Director1 2024-03-31 13631429 2023-03-31 13631429 core:CurrentFinancialInstruments 2024-03-31 13631429 core:CurrentFinancialInstruments 2023-03-31 13631429 core:ShareCapital 2024-03-31 13631429 core:ShareCapital 2023-03-31 13631429 core:RetainedEarningsAccumulatedLosses 2024-03-31 13631429 core:RetainedEarningsAccumulatedLosses 2023-03-31 13631429 bus:OrdinaryShareClass1 2024-03-31 13631429 2023-04-01 2024-03-31 13631429 bus:FilletedAccounts 2023-04-01 2024-03-31 13631429 bus:SmallEntities 2023-04-01 2024-03-31 13631429 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13631429 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13631429 bus:Director1 2023-04-01 2024-03-31 13631429 2022-04-01 2023-03-31 13631429 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 13631429 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13631429 (England and Wales)

NKAYE PROPERTIES LTD

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

NKAYE PROPERTIES LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

NKAYE PROPERTIES LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
NKAYE PROPERTIES LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 2,855,632 2,855,632
2,855,632 2,855,632
Current assets
Debtors 4 10,910 10,159
Cash at bank and in hand 6,852 52,452
17,762 62,611
Creditors: amounts falling due within one year 5 ( 2,749,569) ( 2,838,934)
Net current liabilities (2,731,807) (2,776,323)
Total assets less current liabilities 123,825 79,309
Net assets 123,825 79,309
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 123,725 79,209
Total shareholder's funds 123,825 79,309

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.

Director's responsibilities:

The financial statements of NKaye Properties Ltd (registered number: 13631429) were approved and authorised for issue by the Director. They were signed on its behalf by:

S Kaye
Director

23 October 2024

NKAYE PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
NKAYE PROPERTIES LTD

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 year, unless otherwise stated.

General information and basis of accounting

NKaye Properties Ltd (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 1a Downshire Hill, London, NW3 1NR, 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 £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover comprises rent receivable on investment properties.

Revenue is recognised in the period to which the rental income relates.

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 Statement of Financial Position date.

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.

The fair value is determined annually by the director, on an open market value for existing use basis.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 2,855,632
As at 31 March 2024 2,855,632

4. Debtors

2024 2023
£ £
Other debtors 10,910 10,159

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 540
Taxation and social security 21,538 14,167
Other creditors 2,728,031 2,824,227
2,749,569 2,838,934

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Included within other creditors is a balance due to the director of the company 964,601 1,061,401

Other related party transactions

2024 2023
£ £
Included within other creditors are amounts owed to other related parties 1,690,127 1,690,127
Included within other creditors are amounts owed from other related parties 126 0