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REGISTERED NUMBER: 04751797 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

NEPHI LTD

NEPHI LTD (REGISTERED NUMBER: 04751797)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NEPHI LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTORS: Mr B G Lea
Mr J S S Lea
Mrs S A L Thompson





REGISTERED OFFICE: 236 Kempshot Lane
Basingstoke
Hampshire
RG22 5LR





REGISTERED NUMBER: 04751797 (England and Wales)






NEPHI LTD (REGISTERED NUMBER: 04751797)

BALANCE SHEET
31ST DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - -
Investment property 6 6,376,134 7,206,728
6,376,134 7,206,728

CURRENT ASSETS
Debtors 7 40,349 45,762
Cash at bank 15,276 40,669
55,625 86,431
CREDITORS
Amounts falling due within one year 8 2,334,412 2,522,395
NET CURRENT LIABILITIES (2,278,787 ) (2,435,964 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,097,347

4,770,764

CREDITORS
Amounts falling due after more than one year 9 (3,268,795 ) (3,102,167 )

PROVISIONS FOR LIABILITIES (83,869 ) (83,869 )
NET ASSETS 744,683 1,584,728

CAPITAL AND RESERVES
Called up share capital 11 1,000,001 1,000,001
Retained earnings (255,318 ) 584,727
SHAREHOLDERS' FUNDS 744,683 1,584,728

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

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

The directors acknowledge their 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 Board of Directors and authorised for issue on 6th February 2025 and were signed on its behalf by:



Mr B G Lea - Director


NEPHI LTD (REGISTERED NUMBER: 04751797)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024


1. STATUTORY INFORMATION

Nephi Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
The turnover shown in the profit and loss account represents the fair value of rental income received or receivable during the year, adjusted for income received in advance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - Straight line over 3 years

All fixed assets are initially recorded at cost.

Investment property
Investment property is 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company contributes to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

NEPHI LTD (REGISTERED NUMBER: 04751797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
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.

Debtors and creditors receivable / payable within one year
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1st January 2024
and 31st December 2024 12,579
DEPRECIATION
At 1st January 2024
and 31st December 2024 12,579
NET BOOK VALUE
At 31st December 2024 -
At 31st December 2023 -

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2024 7,206,728
Revaluations (830,594 )
At 31st December 2024 6,376,134
NET BOOK VALUE
At 31st December 2024 6,376,134
At 31st December 2023 7,206,728

The directors have assessed the fair value of the investment property as shown above and confirmed this is a fair value as at 31st December 2024.

Fair value at 31st December 2024 is represented by:
£   
Valuation in 2024 (830,594 )
Cost 7,206,728
6,376,134

NEPHI LTD (REGISTERED NUMBER: 04751797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 23,462 20,717
Other debtors 16,887 25,045
40,349 45,762

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,100,581 2,164,221
Trade creditors 14,003 -
Taxation and social security 21,730 44,066
Other creditors 198,098 314,108
2,334,412 2,522,395

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 1,250,271 1,278,135
Other creditors 2,018,524 1,824,032
3,268,795 3,102,167

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,350,852 3,442,356

Bank loans are secured over the assets to which they relate.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000,001 Ordinary £1 1,000,001 1,000,001