REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Napier Street (Bedford) Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Napier Street (Bedford) Limited |
Napier Street (Bedford) Limited (Registered number: 05620272) |
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 |
Napier Street (Bedford) Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Brigham House |
High Street |
Biggleswade |
Bedfordshire |
SG18 0LD |
Napier Street (Bedford) Limited (Registered number: 05620272) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Non-distributable reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
Napier Street (Bedford) Limited (Registered number: 05620272) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Napier Street (Bedford) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The directors have used their knowledge and experience to arrive at the fair value of the investment properties held. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Revenue from the rental of investment properties is recognised evenly over the term of the lease. |
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. |
The directors revalue Investment Property at each year end. Every third year the directors consider if there is a possibility that the fair value has materially altered since the last professional valuation and, where they consider this possible, the directors appoint an independent professional valuer to revalue the properties. |
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. |
Napier Street (Bedford) Limited (Registered number: 05620272) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Loans with group companies are repayable on demand and therefore measured at cost less impairment with no adjustment made to discount future cash flows. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The freehold land and buildings are revalued annually by the directors on an open market value basis. Every third year the properties are valued by an independent valuer where the directors consider there is a possibility that the valuation has materially changed since the last professional valuation. |
A valuation by the directors took place at the balance sheet date. |
No independent professional valuation took place as the directors consider that the value of the relevant properties has not materially altered since the last professional valuation in 2023. |
Valuation models & techniques |
The directors have considered their knowledge of the rental yields and local property market in arriving at their valuation. |
Significant assumptions |
That the valuation of the land has not materially altered since 2023. |
Effects on the profit and loss and fair value reserve |
No change to the fair value of the properties has been made and therefore there are no adjustments to the profit and loss account or the fair value |
Napier Street (Bedford) Limited (Registered number: 05620272) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2011 | (308,889 | ) |
Valuation in 2014 | 169,583 |
Valuation in 2017 | 30,000 |
Valuation in 2020 | 259,863 |
Valuation in 2023 | 395,000 |
Cost | 1,369,443 |
1,915,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Tax |
VAT | 6,092 | 3,431 |
Accruals and deferred income |
8. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 112,670 | 112,670 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Balance at 31 March 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Share capital | £1 | 1 | 1 |
Napier Street (Bedford) Limited (Registered number: 05620272) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
12. | GROUP FINANCIAL STATEMENTS |
Group financial statements, in which the company's financial results are included, are prepared by its parent company: |
Oakley Properties (Bedford) Ltd |
Brewpoint |
Fairhill |
Bedford |
MK41 7FY |