Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312023-06-01falseNo description of principal activity44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05095904 2023-06-01 2024-05-31 05095904 2022-06-01 2023-05-31 05095904 2024-05-31 05095904 2023-05-31 05095904 2022-06-01 05095904 c:Director1 2023-06-01 2024-05-31 05095904 c:Director2 2023-06-01 2024-05-31 05095904 c:Director3 2023-06-01 2024-05-31 05095904 d:FreeholdInvestmentProperty 2024-05-31 05095904 d:FreeholdInvestmentProperty 2023-05-31 05095904 d:CurrentFinancialInstruments 2024-05-31 05095904 d:CurrentFinancialInstruments 2023-05-31 05095904 d:Non-currentFinancialInstruments 2024-05-31 05095904 d:Non-currentFinancialInstruments 2023-05-31 05095904 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 05095904 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 05095904 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 05095904 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 05095904 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-05-31 05095904 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 05095904 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 05095904 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 05095904 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-05-31 05095904 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 05095904 d:ShareCapital 2024-05-31 05095904 d:ShareCapital 2023-05-31 05095904 d:SharePremium 2024-05-31 05095904 d:SharePremium 2023-05-31 05095904 d:RevaluationReserve 2024-05-31 05095904 d:RevaluationReserve 2023-05-31 05095904 d:RetainedEarningsAccumulatedLosses 2024-05-31 05095904 d:RetainedEarningsAccumulatedLosses 2023-05-31 05095904 c:FRS102 2023-06-01 2024-05-31 05095904 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 05095904 c:FullAccounts 2023-06-01 2024-05-31 05095904 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05095904 2 2023-06-01 2024-05-31 05095904 d:OtherDeferredTax 2024-05-31 05095904 d:OtherDeferredTax 2023-05-31 05095904 e:PoundSterling 2023-06-01 2024-05-31 05095904 d:OtherGroupMember1 d:SettlementLiabilities 2023-06-01 2024-05-31 05095904 d:OtherGroupMember1 d:SettlementLiabilities 2023-05-31 05095904 d:OtherGroupMember2 d:SettlementLiabilities 2023-06-01 2024-05-31 05095904 d:OtherGroupMember2 d:SettlementLiabilities 2024-05-31 05095904 d:OtherGroupMember2 d:SettlementLiabilities 2023-05-31 05095904 d:OtherGroupMember3 d:SettlementLiabilities 2023-06-01 2024-05-31 05095904 d:OtherGroupMember3 d:SettlementLiabilities 2024-05-31 05095904 d:OtherGroupMember3 d:SettlementLiabilities 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 05095904










NEXLYNN PROPERTIES LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
NEXLYNN PROPERTIES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors

The directors who served during the year were:

K Charalambous 
F Charalambous 
C Charalambous 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





K Charalambous
Director

Date: 19 February 2025

Page 1

 
NEXLYNN PROPERTIES LIMITED
REGISTERED NUMBER: 05095904

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
9,318,391
9,318,391

  
9,318,391
9,318,391

Current assets
  

Debtors: amounts falling due within one year
 5 
73,034
107,642

Cash at bank and in hand
  
724,990
649,950

  
798,024
757,592

Creditors: amounts falling due within one year
 6 
(148,615)
(73,420)

Net current assets
  
 
 
649,409
 
 
684,172

Total assets less current liabilities
  
9,967,800
10,002,563

Creditors: amounts falling due after more than one year
 7 
(638,590)
(671,204)

Provisions for liabilities
  

Deferred tax
 9 
(166,673)
(166,673)

  
 
 
(166,673)
 
 
(166,673)

Net assets
  
9,162,537
9,164,686


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
  
4,099,000
4,099,000

Revaluation reserve
  
2,466,235
2,466,235

Profit and loss account
  
2,596,302
2,598,451

  
9,162,537
9,164,686


Page 2

 
NEXLYNN PROPERTIES LIMITED
REGISTERED NUMBER: 05095904
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by 



K Charalambous
Director

Date: 19 February 2025

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
NEXLYNN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Nexlynn Properties Limited is a private company limited by shares, incorporated in England and Wales. The registered office is 392 Camden Road, London, N7 0SJ. The company's principal activity during the year continued to be that of property investment and dealing.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are prepared in pounds sterling, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors consider the company to be a going concern due to the projected profits for the 12 month period from the date the accounts have been approved.

Page 4

 
NEXLYNN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Investment property

Investment property is carried at fair value determined annually; from time to time by external valuers and in the intervening periods by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income, together with relevant taxation.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
NEXLYNN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
NEXLYNN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
NEXLYNN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees

2024
2023
£
£

Wages and salaries
50,430
56,524

Social security costs
909
819

Cost of defined contribution scheme
8,128
6,878

59,467
64,221


The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 8

 
NEXLYNN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 June 2023
9,318,391



At 31 May 2024
9,318,391

The 2024 valuations were made by the directors, on an open market value for existing use basis.




Page 9

 
NEXLYNN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
72,000
107,616

Other debtors
1,008
-

Prepayments and accrued income
26
26

73,034
107,642



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
6,775
-

Bank loans
31,018
27,744

Trade creditors
107
99

Corporation tax
39,094
4,933

Other taxation and social security
4,389
1,683

Other creditors
53,088
22,857

Accruals and deferred income
14,144
16,104

148,615
73,420


The following liabilities were secured:

2024
2023
£
£



Bank loans and overdrafts
37,793
27,774

37,793
27,774

Details of security provided:

Lloyds Bank PLC has a fixed and floating charge over the assets of the company.

Page 10

 
NEXLYNN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
638,590
671,204

638,590
671,204


Lloyds Bank PLC has a fixed and floating charge over the assets of the company.


8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
31,018
27,744


31,018
27,744

Amounts falling due 1-2 years

Bank loans
31,018
27,744


31,018
27,744

Amounts falling due 2-5 years

Bank loans
93,054
83,232


93,054
83,232

Amounts falling due after more than 5 years

Bank loans
514,518
560,228

514,518
560,228

669,608
698,948


Page 11

 
NEXLYNN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Deferred taxation




2024
2023


£

£






At beginning of year
166,673
166,673



At end of year
166,673
166,673

The provision for deferred taxation is made up as follows:

2024
2023
£
£


On revaluation
166,673
166,673

166,673
166,673


10.


Related party transactions

At 31 May 2024, the company was owed £- (2023: £107,616) from Nexlynn Properties Holdings Limited, its ultimate parent company. This relates to financing arrangements, on an unsecured interest free basis, repayable on demand.

At 31 May 2024, the company was owed £52,000 (2023: £-) from Nexlynn Holdings Limited, a company in which the directors have an interest. This relates to financing arrangements, on an unsecured interest free basis, repayable on demand.

At 31 May 2024, the company was owed £20,000 (2023: £-) from Nexlynn Limited, a company in which the directors have an interest. This relates to financing arrangements, on an unsecured interest free basis, repayable on demand.


11.


Parent entity

The immediate and ultimate parent company is Nexlynn Properties Holdings Limited. 
The company was under the control of the directors during the current and previous year.

 
Page 12