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REGISTERED NUMBER: 12077692 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Next Generation Renovation Ltd

Next Generation Renovation Ltd (Registered number: 12077692)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


Next Generation Renovation Ltd (Registered number: 12077692)

Statement of Financial Position
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 191,000 180,000

CURRENT ASSETS
Debtors 5 210 -
Cash at bank 15,758 43,278
15,968 43,278
CREDITORS
Amounts falling due within one year 6 130,227 156,757
NET CURRENT LIABILITIES (114,259 ) (113,479 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

76,741

66,521

CREDITORS
Amounts falling due after more than
one year

7

(55,892

)

(61,745

)

PROVISIONS FOR LIABILITIES (3,757 ) (912 )
NET ASSETS 17,092 3,864

Next Generation Renovation Ltd (Registered number: 12077692)

Statement of Financial Position - continued
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair value reserve 10 16,019 7,864
Retained earnings 973 (4,100 )
SHAREHOLDERS' FUNDS 17,092 3,864

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 February 2025 and were signed by:





Mr David Guy Travis - Director


Next Generation Renovation Ltd (Registered number: 12077692)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Next Generation Renovation Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12077692

Registered office: 01 Meadlake Place
Thorpe Lea Road
Egham
Surrey
TW20 8HE

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the fair value of rent received or receivable from the investment properties, excluding discounts, rebates, value added tax and other sales taxes.taxes.

Investment property
Investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.


Next Generation Renovation Ltd (Registered number: 12077692)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 180,000
Revaluations 11,000
At 31 July 2024 191,000
NET BOOK VALUE
At 31 July 2024 191,000
At 31 July 2023 180,000

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2021 8,258
Valuation in 2022 (4,000 )
Valuation in 2023 4,517
Valuation in 2024 11,000
Cost 171,225
191,000

Investment property situated at 34 Brocks Terrace, Trebanog, Porth, CF399YS is under a charge from The Mortgage Works (UK) PLC. The charge was created on 15th September 2022.

Next Generation Renovation Ltd (Registered number: 12077692)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Other debtors 210 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors - 100
Taxation and social security 258 -
Other creditors 129,969 156,657
130,227 156,757

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans 55,892 61,745

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 55,892 61,745

8. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank loans 55,892 61,745

The loan amounting to £55,892 is secured by the way of charge on the property situated at 34 Brocks Terrace, Trebanog, Porth, CF399YS (disclosed as investment property). The charge was created in the name of The Mortgage Works (UK) PLC on 15th September 2022.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Ordinary £1 100 100

Next Generation Renovation Ltd (Registered number: 12077692)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

10. RESERVES
Fair
value
reserve
£   
At 1 August 2023 7,864
Transfer to/from reserves 8,155

At 31 July 2024 16,019

11. RELATED PARTY DISCLOSURES

The company owes £129,969 (2023: £156,657) to its director, Mr David Guy Travis who is also a sole shareholder of the company as at accounting year end date.