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Company No: 13142976 (England and Wales)

N BAINS PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

N BAINS PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

N BAINS PROPERTIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2024
N BAINS PROPERTIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTOR Nikita Patel
REGISTERED OFFICE Camburgh House
27 New Dover Road
Canterbury
CT1 3DN
United Kingdom
COMPANY NUMBER 13142976 (England and Wales)
CHARTERED ACCOUNTANTS Burgess Hodgson LLP
Camburgh House
27 New Dover Road
Canterbury
CT1 3DN
N BAINS PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
N BAINS PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 156,859 156,859
156,859 156,859
Current assets
Cash at bank and in hand 100 100
100 100
Creditors: amounts falling due within one year 5 ( 139,748) ( 148,736)
Net current liabilities (139,648) (148,636)
Total assets less current liabilities 17,211 8,223
Net assets 17,211 8,223
Capital and reserves
Called-up share capital 100 100
Profit and loss account 17,111 8,123
Total shareholder's funds 17,211 8,223

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of N Bains Properties Limited (registered number: 13142976) were approved and authorised for issue by the Director on 08 January 2025. They were signed on its behalf by:

Nikita Patel
Director
N BAINS PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
N BAINS PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

N Bains Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Camburgh House, 27 New Dover Road, Canterbury, CT1 3DN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises revenue recognised by the company in respect of rental income, exclusive of Value Added Tax.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Investment property not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

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.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Tangible assets

Investment property Total
£ £
Cost
At 01 February 2023 156,859 156,859
At 31 January 2024 156,859 156,859
Accumulated depreciation
At 01 February 2023 0 0
At 31 January 2024 0 0
Net book value
At 31 January 2024 156,859 156,859
At 31 January 2023 156,859 156,859

Investment property is held at fair value. The Director believes that the cost continues to represent the market value of the property at the period end.

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 301
Taxation and social security 2,108 1,951
Other creditors 137,640 146,484
139,748 148,736

6. Related party transactions

Transactions with the entity's director

2024 2023
£ £
At the year end the company owed the director: 136,890 144,984