Registration number:
Nella Properties Ltd
for the Year Ended 30 April 2024
Nella Properties Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Nella Properties Ltd
(Registration number: 09557037)
Balance Sheet as at 30 April 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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:
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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
M P P Nella
Director
Nella Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
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:
England
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
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
Nella Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Financial instruments
Classification
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
Impairment
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Nella Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Tangible assets |
Land and buildings |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Additions |
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At 30 April 2024 |
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At 1 May 2023 |
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Charge for the year |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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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.
Investment properties |
2024 |
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At 1 May |
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Fair value adjustments |
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At 30 April |
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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
Debtors |
2024 |
2023 |
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Prepayments |
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Other debtors |
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Creditors |
Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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Corporation tax |
460,885 |
111,281 |
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Due after one year |
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Loans and borrowings |
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Nella Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Deferred tax and other provisions |
Deferred tax |
Total |
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At 1 May 2023 |
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Increase (decrease) in existing provisions |
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At 30 April 2024 |
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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.
Loans and borrowings |
2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Related party transactions |
Expenditure with and payables to related parties
2024 |
Directors |
Amounts payable to directors |
( |
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2023 |
Directors |
Amounts payable to directors |
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