3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,219,585 1,500 52,708 1,168,377 1,168,377 1,219,585 xbrli:pure xbrli:shares iso4217:GBP 04168865 2023-03-01 2024-02-29 04168865 2024-02-29 04168865 2023-02-28 04168865 2022-03-01 2023-02-28 04168865 2023-02-28 04168865 2022-02-28 04168865 core:PlantMachinery 2023-03-01 2024-02-29 04168865 bus:RegisteredOffice 2023-03-01 2024-02-29 04168865 bus:LeadAgentIfApplicable 2023-03-01 2024-02-29 04168865 bus:Director1 2023-03-01 2024-02-29 04168865 bus:Director2 2023-03-01 2024-02-29 04168865 bus:Director3 2023-03-01 2024-02-29 04168865 bus:CompanySecretary1 2023-03-01 2024-02-29 04168865 core:PlantMachinery 2023-02-28 04168865 core:PlantMachinery 2024-02-29 04168865 core:WithinOneYear 2024-02-29 04168865 core:WithinOneYear 2023-02-28 04168865 core:AfterOneYear 2024-02-29 04168865 core:AfterOneYear 2023-02-28 04168865 core:ShareCapital 2024-02-29 04168865 core:ShareCapital 2023-02-28 04168865 core:SharePremium 2024-02-29 04168865 core:SharePremium 2023-02-28 04168865 core:RetainedEarningsAccumulatedLosses 2024-02-29 04168865 core:RetainedEarningsAccumulatedLosses 2023-02-28 04168865 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 04168865 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-02-29 04168865 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-02-29 04168865 core:CostValuation core:Non-currentFinancialInstruments 2024-02-29 04168865 core:Non-currentFinancialInstruments 2024-02-29 04168865 core:Non-currentFinancialInstruments 2023-02-28 04168865 core:PlantMachinery 2023-02-28 04168865 bus:SmallEntities 2023-03-01 2024-02-29 04168865 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 04168865 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 04168865 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04168865 bus:FullAccounts 2023-03-01 2024-02-29 04168865 core:LandBuildings 2023-02-28 04168865 core:LandBuildings 2023-03-01 2024-02-29 04168865 core:LandBuildings 2024-02-29 04168865 core:AfterOneYear 2023-03-01 2024-02-29 04168865 1 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 04168865
NPP PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 February 2024
NPP PROPERTIES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
NPP PROPERTIES LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
M Wall
D Jiao
J R Yeardley
Company secretary
E Wall
Registered office
St Vincent House
Normanby Road
Scunthorpe
England
DN15 8QT
Accountants
Streets LLP
Chartered Accountants
Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
NPP PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
3,227,504
3,168,545
Investments
6
1,168,377
1,219,585
-------------
-------------
4,395,881
4,388,130
Current assets
Stocks
491,300
521,678
Debtors
7
16,113
152,796
Cash at bank and in hand
8,649
78,722
----------
----------
516,062
753,196
Creditors: amounts falling due within one year
8
3,590,485
3,869,640
-------------
-------------
Net current liabilities
3,074,423
3,116,444
-------------
-------------
Total assets less current liabilities
1,321,458
1,271,686
Creditors: amounts falling due after more than one year
9
169,306
186,100
Provisions
Taxation including deferred tax
287,373
234,030
-------------
-------------
Net assets
864,779
851,556
-------------
-------------
NPP PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
335
335
Share premium account
307,058
307,058
Profit and loss account
557,386
544,163
----------
----------
Shareholders funds
864,779
851,556
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 October 2024 , and are signed on behalf of the board by:
J R Yeardley
Director
Company registration number: 04168865
NPP PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Vincent House, Normanby Road, Scunthorpe, DN15 8QT, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Depreciation charges The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These are reviewed periodically by the Directors to ensure that they reflect both external and internal factors.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
25% reducing balance
Land and Buildings
-
2%/10% Straight line
Land is not depreciated.
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued by the directors to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. Investment property is not depreciated.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Plant and Machinery
Land and Buildings
Total
£
£
£
Cost
At 1 March 2023
26,429
3,382,721
3,409,150
Additions
139,505
139,505
---------
-------------
-------------
At 29 February 2024
26,429
3,522,226
3,548,655
---------
-------------
-------------
Depreciation
At 1 March 2023
19,694
220,911
240,605
Charge for the year
1,684
78,862
80,546
---------
-------------
-------------
At 29 February 2024
21,378
299,773
321,151
---------
-------------
-------------
Carrying amount
At 29 February 2024
5,051
3,222,453
3,227,504
---------
-------------
-------------
At 28 February 2023
6,735
3,161,810
3,168,545
---------
-------------
-------------
6. Investments
Investment Property
£
Cost
At 1 March 2023
1,219,585
Additions
1,500
Disposals
( 52,708)
-------------
At 29 February 2024
1,168,377
-------------
Impairment
At 1 March 2023 and 29 February 2024
-------------
Carrying amount
At 29 February 2024
1,168,377
-------------
At 28 February 2023
1,219,585
-------------
7. Debtors
2024
2023
£
£
Trade debtors
9,370
45,731
Other debtors
6,743
107,065
---------
----------
16,113
152,796
---------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
16,317
15,840
Trade creditors
18,938
26,382
Corporation tax
63,533
70,685
Social security and other taxes
28,441
97,381
Other creditors
3,463,256
3,659,352
-------------
-------------
3,590,485
3,869,640
-------------
-------------
Included within bank loans and overdrafts due within one year are bank loans totalling £16,317. These are secured against the land and buildings to which they relate.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
169,306
186,100
----------
----------
Included within bank loans and overdrafts due over one year are bank loans totalling £169,306. These are secured against the land and buildings to which they relate.
10. Related party transactions
The directors are also directors and shareholders in Talasey Limited. The company is registered in England and Wales, number 05158665. As at 29 February 2024 an amount of £3,413,431 (2023 - £3,614,525) was owed to Talasey Limited. During the year, the company charged Talasey Limited a total of £534,996 for premises rental. No balance was outstanding at the year end. No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
11. Controlling party
The company was under the control of the directors throughout the current and previous year.