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Registration number: 11157220

Nicken Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Nicken Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Nicken Properties Limited

Company Information

Director

N Nicholas

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Limited
590 Green Lanes
Palmers Green
London
N13 5RY

 

Nicken Properties Limited

(Registration number: 11157220)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,575

3,150

Investment property

5

265,821

265,821

 

267,396

268,971

Current assets

 

Debtors

6

854

2,385

Cash at bank and in hand

 

15,048

27,255

 

15,902

29,640

Creditors: Amounts falling due within one year

7

(254,338)

(284,379)

Net current liabilities

 

(238,436)

(254,739)

Net assets

 

28,960

14,232

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

28,860

14,132

Shareholders' funds

 

28,960

14,232

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 October 2024
 

.........................................
N Nicholas
Director

 

Nicken Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

These financial statements were authorised for issue by the director on 25 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts derived from rents charged to tenants during the period and is recognised at the date the rental period occured. This is stated after trade discounts and other sales taxes.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% Straight line basis

 

Nicken Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors represent amounts due from tenants in respect of rents for the occupation of land and property.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Nicken Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

6,300

6,300

At 31 March 2024

6,300

6,300

Depreciation

At 1 April 2023

3,150

3,150

Charge for the year

1,575

1,575

At 31 March 2024

4,725

4,725

Carrying amount

At 31 March 2024

1,575

1,575

At 31 March 2023

3,150

3,150

5

Investment properties

2024
£

At 1 April

265,821

At 31 March

265,821

The investment property has been recorded in the financial statements at historic cost which is considered by the director to be equal to the fair value.

 

Nicken Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

425

Prepayments

854

1,960

 

854

2,385

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

464

1,282

Other creditors

 

247,193

277,126

Accruals

 

950

833

Corporation tax liability

5,731

5,138

 

254,338

284,379

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Dividends

2024

2023

£

£

Interim dividend of £66.67 (2023 - £133.37) per ordinary share

6,667

13,337

 

 

10

Related party transactions

Inlcuded in other creditors is an amount of £32,037 (2023: £40,370) owed to N Nicholas, the director of the company. Also included in other creditors is an amount of £208,056 (2023: £223,056) owed to Nicken Ltd, a company under common control.