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REGISTERED NUMBER: 00800550 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Naitparts Developments Limited

Naitparts Developments Limited (Registered number: 00800550)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Naitparts Developments Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs A D Patterson
Mrs L J Bloor
Ms C G Patterson
B M G Patterson





REGISTERED OFFICE: 67 Westow Street
Upper Norwood
London
SE19 3RW





REGISTERED NUMBER: 00800550 (England and Wales)





AUDITORS: Thornton Springer LLP
Chartered Accountants
Statutory Auditor
67 Westow Street
London
United Kingdom
SE19 3RW

Naitparts Developments Limited (Registered number: 00800550)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Investments 5 829,535 663,281
Investment property 6 3,235,000 4,875,000
4,064,535 5,538,281

CURRENT ASSETS
Debtors 7 30,587 44,014
Cash at bank 1,776,090 75,454
1,806,677 119,468
CREDITORS
Amounts falling due within one year 8 (428,513 ) (29,062 )
NET CURRENT ASSETS 1,378,164 90,406
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,442,699

5,628,687

PROVISIONS FOR LIABILITIES (548,755 ) (939,705 )
NET ASSETS 4,893,944 4,688,982

CAPITAL AND RESERVES
Called up share capital 9 6,000 6,000
Fair value reserves 10 2,308,846 3,429,386
Retained earnings 10 2,579,098 1,253,596
SHAREHOLDERS' FUNDS 4,893,944 4,688,982

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 19 November 2024 and were signed on its behalf by:




Mrs A D Patterson - Director



B M G Patterson - Director


Naitparts Developments Limited (Registered number: 00800550)

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

1. STATUTORY INFORMATION

Naitparts Developments 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is in Pound Sterling (£). Monetary amounts are rounded to the nearest £.

Turnover
Turnover represents rental income and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Fixed asset investments
Fixed asset investments represent listed investments, valued at current market value basis. Any aggregate surplus or deficit arising from changes in market value is recognised in profit or loss.

Repairs and renewals
Repairs and renewal costs are charged to revenue as they are incurred. Any costs incurred considered to improve properties are capitalised.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

Naitparts Developments Limited (Registered number: 00800550)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2023 663,281
Additions 105,801
Disposals (36,397 )
Revaluations 96,850
At 31 March 2024 829,535
NET BOOK VALUE
At 31 March 2024 829,535
At 31 March 2023 663,281

Cost or valuation at 31 March 2024 is represented by:

Other
investments
£   
Valuation in 2024 96,850
Cost 732,685
829,535

If fixed asset investments had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 732,685 628,640

Fixed asset investments were valued on a current market value basis on 31 March 2024 by J M Finn & Co Ltd .

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 4,875,000
Disposals (1,850,000 )
Revaluations 210,000
At 31 March 2024 3,235,000
NET BOOK VALUE
At 31 March 2024 3,235,000
At 31 March 2023 4,875,000

Naitparts Developments Limited (Registered number: 00800550)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 2,800,607
Cost 434,393
3,235,000

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 434,393 466,052

Investment properties were valued on a fair value basis on 31 March 2024 by Benjamin Patterson, director .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 30,587 36,514
Other debtors - 7,500
30,587 44,014

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 5,682 13,775
Taxation and social security 408,449 -
Other creditors 14,382 15,287
428,513 29,062

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
6,000 Ordinary shares £1 6,000 6,000

Naitparts Developments Limited (Registered number: 00800550)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. RESERVES
Fair
Retained value
earnings reserves Totals
£    £    £   

At 1 April 2023 1,253,596 3,429,386 4,682,982
Profit for the year 204,962 204,962
Revaluation of property (306,850 ) 306,850 -
Realisation of revaluation gains and
losses of previous years

1,818,340

(1,818,340

)

-

Deferred tax provision (390,950 ) 390,950 -
At 31 March 2024 2,579,098 2,308,846 4,887,944

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Zahid Saleem FCCA, ACA (Senior Statutory Auditor)
for and on behalf of Thornton Springer LLP

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Mrs A D Patterson
Balance outstanding at start of year - 100,000
Amounts repaid - (100,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

13. ULTIMATE CONTROLLING PARTY

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.