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COMPANY REGISTRATION NUMBER: 06818436
NCC Property Management Limited
Filleted Unaudited Financial Statements
31 March 2024
NCC Property Management Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
NCC Property Management Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,751,855
2,753,766
Current assets
Debtors
6
28,273
87,312
Cash at bank and in hand
305,249
281,133
---------
---------
333,522
368,445
Creditors: amounts falling due within one year
7
84,679
92,527
---------
---------
Net current assets
248,843
275,918
------------
------------
Total assets less current liabilities
3,000,698
3,029,684
Creditors: amounts falling due after more than one year
8
77,175
106,579
------------
------------
Net assets
2,923,523
2,923,105
------------
------------
Capital and reserves
Called up share capital
9
2,137,000
2,137,000
Profit and loss account
786,523
786,105
------------
------------
Shareholders funds
2,923,523
2,923,105
------------
------------
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 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 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 .
NCC Property Management Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 15 November 2024 , and are signed on behalf of the board by:
Mr N C Cheshire
Director
Company registration number: 06818436
NCC Property Management Limited
Notes to the Financial Statements
Year ended 31 March 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 15 Springfield Lyons Approach, Chelmsford, Essex, CM2 5LB, 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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.
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:
Fixtures and fittings
-
20% straight line
Investment property
Investment property is initially recorded at costs, 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Investment freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
2,750,158
9,557
2,759,715
------------
-------
------------
Depreciation
At 1 April 2023
5,949
5,949
Charge for the year
1,911
1,911
------------
-------
------------
At 31 March 2024
7,860
7,860
------------
-------
------------
Carrying amount
At 31 March 2024
2,750,158
1,697
2,751,855
------------
-------
------------
At 31 March 2023
2,750,158
3,608
2,753,766
------------
-------
------------
Investment property was valued at fair value by the director at the balance sheet date.
6. Debtors
2024
2023
£
£
Trade debtors
18,499
23,598
Prepayments and accrued income
9,774
4,714
Other debtors
59,000
--------
--------
28,273
87,312
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
38,555
34,167
Trade creditors
14,378
2,792
Accruals and deferred income
16,116
14,403
Corporation tax
776
26,798
Social security and other taxes
3,001
2,847
Rent deposits
11,853
11,520
--------
--------
84,679
92,527
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
77,175
106,579
--------
---------
The bank loan is secured by a fixed and floating legal charge over certain assets of the company.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2,137,000
2,137,000
2,137,000
2,137,000
------------
------------
------------
------------
10. Related party transactions
During the year, the company received rent from a related party amounting to £40,000 (2023: £40,000). During the year, the company received rent from another related party amounting to £20,833 (2023: £16,720).
11. Controlling party
The ultimate controlling party is the Trustees of Cheshire EFRBS. The address of the registered office is Rosemead, Fairstead Road, Terling, CM3 2BU.