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Registered number: 01452880
Nearcrown Limited
Financial Statements
For The Year Ended 31 July 2024
Charles & Co.
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01452880
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 547 644
Investment Properties 5 167,359 167,359
167,906 168,003
CURRENT ASSETS
Stocks 6 5,479 6,677
Debtors 7 2,588 9,669
Cash at bank and in hand 186,958 109,577
195,025 125,923
Creditors: Amounts Falling Due Within One Year 8 (57,268 ) (66,648 )
NET CURRENT ASSETS (LIABILITIES) 137,757 59,275
TOTAL ASSETS LESS CURRENT LIABILITIES 305,663 227,278
Creditors: Amounts Falling Due After More Than One Year 9 (11,430 ) (20,953 )
NET ASSETS 294,233 206,325
CAPITAL AND RESERVES
Called up share capital 10 33,000 33,000
Share premium account 3,000 3,000
Profit and Loss Account 258,233 170,325
SHAREHOLDERS' FUNDS 294,233 206,325
Page 1
Page 2
For the year ending 31 July 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Savvas Eleftheriou
Director
Mr George Gabrilatsou
Director
16/12/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Nearcrown Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01452880 . The registered office is Units 2 & 3, Market Hall, Albion Street, Oldham, OL1 3BD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold At varying rates based on the lease term
Fixtures & Fittings 15% on reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 15)
15 15
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 August 2023 18,649 11,335 29,984
As at 31 July 2024 18,649 11,335 29,984
Depreciation
As at 1 August 2023 18,649 10,691 29,340
Provided during the period - 97 97
As at 31 July 2024 18,649 10,788 29,437
Net Book Value
As at 31 July 2024 - 547 547
As at 1 August 2023 - 644 644
5. Investment Property
2024
£
Fair Value
As at 1 August 2023 and 31 July 2024 167,359
6. Stocks
2024 2023
£ £
Materials 5,479 6,677
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 2,588 9,669
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Corporation tax 14,405 7,621
VAT 21,395 15,690
Accruals and deferred income 11,403 9,873
Directors' loan accounts 65 23,464
57,268 66,648
Page 4
Page 5
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 11,430 20,953
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 33,000 33,000
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