Company registration number 11976299 (England and Wales)
NTG PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
NTG PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
NTG PROPERTIES LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
666,163
666,163
Current assets
Debtors
4
7,105
7,100
Cash at bank and in hand
24,126
35,473
31,231
42,573
Creditors: amounts falling due within one year
5
(433,985)
(439,418)
Net current liabilities
(402,754)
(396,845)
Total assets less current liabilities
263,409
269,318
Creditors: amounts falling due after more than one year
6
(163,261)
(191,101)
Net assets
100,148
78,217
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
100,048
78,117
Total equity
100,148
78,217
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
Mr S H Tan
Director
Company registration number 11976299 (England and Wales)
NTG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
NTG Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7, Pioneer Works, Kelly Street, Blackburn, Lancashire, BB2 4PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant upon the financial support of its connected companies and bank loans in order to meet its liabilities as they fall due. The directors have indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
NTG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
666,163
The investment property is held at its original cost. The directors consider that the fair value of the investment property is not materially different from its cost.
NTG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,000
7,000
Other debtors
105
100
7,105
7,100
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
27,120
23,963
Trade creditors
107
102
Corporation tax
6,632
6,136
Other taxation and social security
2,303
1,946
Other creditors
395,687
405,421
Accruals and deferred income
2,136
1,850
433,985
439,418
Other creditors represent amounts owed to G Plants Limited, a company under common control.
Bank loans are secured by fixed and floating charge over the assets of the company.
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
163,261
191,101
Amounts included above which fall due after five years are as follows:
Payable by instalments
26,665
71,193
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100