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Registration number: 09557037

Nella Properties Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Nella Properties Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Nella Properties Ltd

(Registration number: 09557037)
Balance Sheet as at 30 April 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

92,352

90,895

Investment property

5

7,654,563

6,958,693

 

7,746,915

7,049,588

Current assets

 

Debtors

6

803,235

23,276

Cash at bank and in hand

 

164,564

456,241

 

967,799

479,517

Creditors: Amounts falling due within one year

7

(1,751,328)

(1,463,562)

Net current liabilities

 

(783,529)

(984,045)

Total assets less current liabilities

 

6,963,386

6,065,543

Creditors: Amounts falling due after more than one year

7

(528,876)

(1,688,889)

Provisions for liabilities

8

(513,040)

(338,268)

Net assets

 

5,921,470

4,038,386

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

5,921,370

4,038,286

Total equity

 

5,921,470

4,038,386

 

Nella Properties Ltd

(Registration number: 09557037)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 December 2024 and signed on its behalf by:
 

M P P Nella

Director

 

Nella Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office and principal place of business is:
Murray House
Murray Road
ORPINGTON
Kent
BR5 3QY
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' 'FRS 102 1A, and with the Companies Act 2006.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 

Nella Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Specifically, judgements are required in determining the valuation of investment properties.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in currencies other than the functional currency of the company are recorded at the rate
of exchange on the date the transaction occured. Monetary items denominated in other currencies are
translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit
and loss. Non-monetary items that are measured at historic cost in foreign currency are not
retranslated.

Tangible assets

Tangible assets is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Nella Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Financial instruments

Classification
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.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

 Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

 Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the asset have been affected.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Nella Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Nella Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

25,687

72,790

98,477

Additions

-

11,000

11,000

At 30 April 2024

25,687

83,790

109,477

At 1 May 2023

-

7,582

7,582

Charge for the year

-

9,543

9,543

At 30 April 2024

-

17,125

17,125

Carrying amount

At 30 April 2024

25,687

66,665

92,352

At 30 April 2023

25,687

65,208

90,895

Included within the net book value of land and buildings above is £25,687 (2023 - £25,687) in respect of short leasehold land and buildings.
 

5

Investment properties

2024
£

At 1 May

6,958,693

Fair value adjustments

695,870

At 30 April

7,654,563

The properties are valued overall at £7,654,563 (2023 - £6,958,693) and the valuation was based upon the directors' informed opinion of fair value.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £5,584,757 (2023 - £5,584,757).

 

Nella Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

2024
£

2023
£

Prepayments

44,483

2,526

Other debtors

758,752

20,750

803,235

23,276

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

65,502

8,795

Other taxation and social security

 

107,189

50,872

Other creditors

 

1,117,752

1,292,614

Corporation tax

 

460,885

111,281

 

1,751,328

1,463,562

Due after one year

 

Loans and borrowings

10

528,876

1,688,889

 

Nella Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 May 2023

338,268

338,268

Increase (decrease) in existing provisions

174,772

174,772

At 30 April 2024

513,040

513,040

9

Reserves

The profit and loss account includes £1,539,118 (2023 - £1,018,020) of non-distributable reserves relating to the revaluation of investment properties.

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

900,000

Other borrowings

528,876

788,889

528,876

1,688,889

11

Related party transactions

Expenditure with and payables to related parties

2024

Directors
£

Amounts payable to directors

(748,411)

2023

Directors
£

Amounts payable to directors

464,915