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Registered number: 03386846
Neroche Estates Limited
Financial Statements
For The Year Ended 31 March 2024
MWR Accountants
Chartered Certified Accountants
First Floor Blackdown House
Blackbrook Business Park
Taunton
TA1 2PX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 03386846
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 130,000 130,000
130,000 130,000
CURRENT ASSETS
Cash at bank and in hand 37,588 28,584
37,588 28,584
Creditors: Amounts Falling Due Within One Year 5 (20,563 ) (20,089 )
NET CURRENT ASSETS (LIABILITIES) 17,025 8,495
TOTAL ASSETS LESS CURRENT LIABILITIES 147,025 138,495
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,320 ) (5,320 )
NET ASSETS 141,705 133,175
CAPITAL AND RESERVES
Called up share capital 6 2 2
Fair value reserve 7 22,677 22,677
Profit and Loss Account 119,026 110,496
SHAREHOLDERS' FUNDS 141,705 133,175
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R W Larkman
Director
18 November 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Neroche Estates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03386846 . The registered office is 1 Trident Mews, Lower Middle Street, Taunton, Somerset, TA1 1SL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.3. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Investment Property
2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 130,000
The basis of revaluations is open market value. If the investment properties had not been revalued they would have been included at a cost of £102,003 (2023 - £102,003).
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5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 17,877 17,313
Taxation and social security 2,686 2,776
20,563 20,089
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
7. Reserves
Fair Value Reserve
£
As at 1 April 2023 22,677
As at 31 March 2024 22,677
Page 4