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REGISTERED NUMBER: 10640253 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

NQY PROPERTY LIMITED

NQY PROPERTY LIMITED (REGISTERED NUMBER: 10640253)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NQY PROPERTY LIMITED

COMPANY INFORMATION
For The Year Ended 29 February 2024







DIRECTORS: S J Norman
Mrs C A Norman





REGISTERED OFFICE: 1 Rushmills
Northampton
Northamptonshire
NN4 7YB





REGISTERED NUMBER: 10640253 (England and Wales)





ACCOUNTANTS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

NQY PROPERTY LIMITED (REGISTERED NUMBER: 10640253)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,648 8,863
Investment property 5 1,074,000 1,045,000
1,080,648 1,053,863

CURRENT ASSETS
Debtors 6 3,268 3,439
Cash at bank 16,893 9,413
20,161 12,852
CREDITORS
Amounts falling due within one year 7 413,053 435,987
NET CURRENT LIABILITIES (392,892 ) (423,135 )
TOTAL ASSETS LESS CURRENT LIABILITIES 687,756 630,728

CREDITORS
Amounts falling due after more than one
year

8

(154,707

)

(133,885

)

PROVISIONS FOR LIABILITIES (68,363 ) (63,274 )
NET ASSETS 464,686 433,569

CAPITAL AND RESERVES
Called up share capital 10 87,732 87,732
Fair value reserve 11 297,268 273,778
Retained earnings 79,686 72,059
SHAREHOLDERS' FUNDS 464,686 433,569

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

NQY PROPERTY LIMITED (REGISTERED NUMBER: 10640253)

BALANCE SHEET - continued
29 February 2024


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 2 November 2024 and were signed on its behalf by:





Mrs C A Norman - Director


NQY PROPERTY LIMITED (REGISTERED NUMBER: 10640253)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 29 February 2024


1. STATUTORY INFORMATION

NQY Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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
Motor vehicles - 25% on reducing balance

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

NQY PROPERTY LIMITED (REGISTERED NUMBER: 10640253)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 February 2024


4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2023
and 29 February 2024 5,811 14,635 319 20,765
DEPRECIATION
At 1 March 2023 3,122 8,461 319 11,902
Charge for year 672 1,543 - 2,215
At 29 February 2024 3,794 10,004 319 14,117
NET BOOK VALUE
At 29 February 2024 2,017 4,631 - 6,648
At 28 February 2023 2,689 6,174 - 8,863

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 1,045,000
Revaluations 29,000
At 29 February 2024 1,074,000
NET BOOK VALUE
At 29 February 2024 1,074,000
At 28 February 2023 1,045,000

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2019 27,000
Valuation in 2020 29,000
Valuation in 2021 125,337
Valuation in 2022 83,821
Valuation in 2023 59,000
Valuation in 2024 29,000
Cost 720,842
1,074,000

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 720,842 720,842

Investment property was valued on an open market basis on 29 February 2024 by the Directors .

NQY PROPERTY LIMITED (REGISTERED NUMBER: 10640253)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 February 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2,875 3,073
Prepayments 393 366
3,268 3,439

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 16,002 8,101
Corporation tax 2,712 4,006
Other creditors 2,875 2,190
Directors' current accounts 390,556 420,566
Accrued expenses 908 1,124
413,053 435,987

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 16,002 8,101
Bank loans - 2-5 years 48,005 24,303
Bank loans more 5 yr by instal 90,700 101,481
154,707 133,885

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 90,700 101,481

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 170,709 141,986

Bank loans are secured on the freehold of four of the investment properties.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 87,732 87,732

NQY PROPERTY LIMITED (REGISTERED NUMBER: 10640253)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 February 2024


11. RESERVES
Fair
value
reserve
£   
At 1 March 2023 273,778
Fair value movement 23,490

At 29 February 2024 297,268