COMPANY REGISTRATION NUMBER:
10576538
NB Property Renovations Ltd |
|
Filleted Unaudited Financial Statements |
|
NB Property Renovations Ltd |
|
Statement of Financial Position |
|
31 January 2024
Fixed assets
Investments |
4 |
175,000 |
145,266 |
|
|
|
|
Current assets
Debtors |
5 |
501,695 |
304,926 |
Cash at bank and in hand |
4,415 |
8,504 |
|
--------- |
--------- |
|
506,110 |
313,430 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
443,704 |
261,526 |
|
--------- |
--------- |
Net current assets |
62,406 |
51,904 |
|
--------- |
--------- |
Total assets less current liabilities |
237,406 |
197,170 |
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
29,881 |
35,185 |
|
|
|
|
Provisions |
7,434 |
– |
|
--------- |
--------- |
Net assets |
200,091 |
161,985 |
|
--------- |
--------- |
|
|
|
Capital and reserves
Called up share capital |
200 |
200 |
Profit and loss account |
199,891 |
161,785 |
|
--------- |
--------- |
Shareholders funds |
200,091 |
161,985 |
|
--------- |
--------- |
|
|
|
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 31 January 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 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
NB Property Renovations Ltd |
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Statement of Financial Position (continued) |
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31 January 2024
These financial statements were approved by the
board of directors
and authorised for issue on
29 October 2024
, and are signed on behalf of the board by:
Company registration number:
10576538
NB Property Renovations Ltd |
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Notes to the Financial Statements |
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Year ended 31 January 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 73 High Street, Newport Pagnell, MK16 8AB.
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. In the view of the directors in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from or to related parties, and investments in ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
4.
Investments
|
Other investments other than loans |
|
£ |
Cost |
|
At 1 February 2023 |
145,266 |
Revaluations |
29,734 |
|
--------- |
At 31 January 2024 |
175,000 |
|
--------- |
Impairment |
|
At 1 February 2023 and 31 January 2024 |
– |
|
--------- |
|
|
Carrying amount |
|
At 31 January 2024 |
175,000 |
|
--------- |
At 31 January 2023 |
145,266 |
|
--------- |
|
|
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
501,695 |
304,926 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
5,600 |
5,556 |
Trade creditors |
33,761 |
– |
Social security and other taxes |
29,450 |
42,128 |
Other creditors |
374,893 |
213,842 |
|
--------- |
--------- |
|
443,704 |
261,526 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
29,881 |
35,185 |
|
-------- |
-------- |
|
|
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