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NILAUS PROPERTIES LIMITED            

UNAUDITED             
FINANCIAL STATEMENTS            
FOR THE YEAR ENDED 31 MARCH 2024           
Registered number: 4069833            

 
NILAUS PROPERTIES LIMITED
REGISTERED NUMBER:4069833

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
46,767
5,377

Investment property
 5 
9,220,001
8,640,001

  
9,266,768
8,645,378

Current assets
  

Debtors: amounts falling due within one year
 6 
12,784
11,968

Cash at bank and in hand
  
23,116
85,619

  
35,900
97,587

Creditors: amounts falling due within one year
 7 
(3,611,512)
(3,801,613)

Net current liabilities
  
 
 
(3,575,612)
 
 
(3,704,026)

Total assets less current liabilities
  
5,691,156
4,941,352

Provisions for liabilities
  

Deferred tax
  
(936,952)
(780,339)

Net assets
  
4,754,204
4,161,013


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
  
2,775,778
2,341,011

Profit and loss account
  
1,978,326
1,819,902

  
4,754,204
4,161,013


Page 1

 
NILAUS PROPERTIES LIMITED
REGISTERED NUMBER:4069833

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.





K N Makepeace
Director

Page 2

 
NILAUS PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Investment property reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
100
2,540,546
1,671,331
4,211,977


Comprehensive income for the year

Profit for the year
-
-
148,571
148,571

Revaluation deficit, net of deferred tax
-
(199,535)
-
(199,535)
Total comprehensive income for the year
-
(199,535)
148,571
(50,964)



At 1 April 2023
100
2,341,011
1,819,902
4,161,013


Comprehensive income for the year

Profit for the year
-
-
158,424
158,424

Revaluation surplus, net of deferred tax
-
434,767
-
434,767
Total comprehensive income for the year
-
434,767
158,424
593,191


At 31 March 2024
100
2,775,778
1,978,326
4,754,204


Page 3

 
NILAUS PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Nilaus Properties Limited is a private company limited by shares, incorporated in England and Wales. The company's registered office and principal place of business is Plensa, 12 Younger Drive, Sheringham, Norfolk, NR26 8AN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises the invoiced value of rents receivable by the company.

 
2.3

Investment property

Investment property, which is property held to earn rental income and for capital appreciation is initially recognised at cost and subsequently measured at a fair value, determined by the directors from market based evidence on an existing use basis. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. A full years depreciation charge is provided in the year of acquisition and none in the year of disposal.

Depreciation is provided on the following basis:

Motor vehicle
-
25%
reducing balance
Office equipment
-
25%
reducing balance


Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised the Statement of Comprehensive Income.

 
2.5

Debtors

Debtors are measured at transaction price, less any impairment for bad or doubtful debts.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
NILAUS PROPERTIES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

 
2.8

Creditors

Creditors are measured at the transaction price.

 
2.9

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method in order that the amount charged is at a constant rate to the outstanding value of the loan or financed amount.

 
2.10

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current corporation tax which is recognised in the Statement of Comprehensive Income.

The current corporation tax charge is calculated on the basis of taxation rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.

A deferred taxation charge on unrealised fair value Investment Property revaluation gains has been charged to the Investment Property Reserve.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
NILAUS PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Motor vehicle
Office equipment
Total

£
£
£



Cost


At 1 April 2023
-
12,940
12,940


Additions
56,979
-
56,979



At 31 March 2024

56,979
12,940
69,919



Depreciation


At 1 April 2023
-
7,563
7,563


Charge for the year on owned assets
14,245
1,344
15,589



At 31 March 2024

14,245
8,907
23,152



Net book value



At 31 March 2024
42,734
4,033
46,767



At 31 March 2023
-
5,377
5,377

Page 6

 
NILAUS PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
8,640,001


Additions at cost
312


Surplus on revaluation
579,688



At 31 March 2024
9,220,001

The 2024 valuations were made by the directors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 April 2023
2,341,011
2,540,546

Net surplus/(deficit) in movement on properties
434,767
(199,535)

At 31 March 2024
2,775,778
2,341,011



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
5,518,959
5,518,647

5,518,959
5,518,647




6.


Debtors

2024
2023
£
£


Trade debtors
11,770
-

Prepayments and accrued income
1,014
11,968

12,784
11,968


Page 7

 
NILAUS PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
200,000
357,500

Trade creditors
12,855
9,737

Corporation tax
41,396
35,295

Obligations under finance lease and hire purchase contracts
26,594
-

Other creditors
3,326,449
3,394,631

Accruals and deferred income
4,218
4,450

3,611,512
3,801,613


The bank loan account is secured by a charge over various investment properties. The hire purchase contract is secured on the asset concerned.


8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loan
200,000
357,500




200,000
357,500



Page 8