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Registered number: 13089700
NKGH LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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NKGH LIMITED
REGISTERED NUMBER: 13089700
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Creditors: amounts falling due after more than one year
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NKGH LIMITED
REGISTERED NUMBER: 13089700
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
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:
The notes on pages 3 to 8 form part of these financial statements.
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NKGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
NKGH Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England. The address of the Company's registered office is Regina House, 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
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NKGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At the balance sheet date the Company held net liabilities of £9,255,945. The directors accept that although there does exist an inherent uncertainty that may cast doubt about the ability of the Company to continue as a going concern, as is the case with all companies, the directors consider the uncertainty to be sufficiently insignificant, given the following observations:
∙the Company's expected operational activity for the foreseeable future;
∙the continued availability of adequate financial resources from its directors and companies under common control in order to meet the Company's operational cash flow requirements; and
∙the directors having received adequate notice from the Company's principal creditors of their intention to not seek repayment of amounts owed to them by the Company, until such time as the Company is able to repay them without detriment to its operational cash flow requirements.
The directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern and therefore consider it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.
Finance costs (i.e. interest and arrangement fees) are charged to profit or loss over the term of the debt instrument using the effective interest method.
Loan arrangement fees are initially recognised as a reduction in the proceeds of the associated debt instrument.
Fixed asset investments comprise of holdings in unlisted shares of associated undertakings. Such holdings are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at cost less provision for impairment at the balance sheet date.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the balance sheet upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party.
Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity is outlined in notes 2.8 to 2.10:
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NKGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Debtors are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment of assets.
Creditors, excluding interest bearing term loans, are initially measured and subsequently held at transaction price.
Interest bearing term loans, are initially measured at transaction price (i.e fair value) less issue costs (see note 2.5) and subsequently reflected using the effective interest method.
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the directors are required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
Judgments in applying the principal accounting policies, outlined in note 2 of these financial statements, towards the preparation of these financial statements that may be considered as having a significant risk of causing a material adjustment to the carrying amount of assets and/or liabilities carried forward as at the balance sheet date where by which the actual future outcome observed may differ from that originally determined and reported were as follows:
Recoverable value of debtors
When determining the recoverable value of debtors, the directors consider both externally available and internal sources of information such as historic and expected market activity and cash flows, ageing profile and historical experience with the debtor.
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The average monthly number of employees, including directors, during the year was 0 (2023 - 0).
In accordance with UK legislation, office holders (i.e. registered company directors or secretaries) of the Company are not employees of the Company on the grounds that they are not party to a contract with the Company that meets the criteria for status of an employee.
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NKGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Investments in associate undertakings
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Falling due within one year
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Amounts owed by joint ventures and associated undertakings
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Deferred tax assets of approximately £449,000 in respect of trading losses incurred in the United Kingdom have not been recognised by the Company as part of these financial statements on the grounds that there is currently insufficient certainty as to whether the Company will generate adequate trading profits in the short term against which said deferred tax assets may be offset.
Debtors falling due within one year are non-interest bearing and, in the opinion of the directors, of a fair value not materially different to their carrying value.
At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil (2023: £nil).
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Creditors: Amounts falling due within one year
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Amounts owed to joint ventures and associated undertakings
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NKGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due 2-5 years
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The Company held no financial instruments that would require specific disclosure under sections 1.12, 11 or 12 of Financial Reporting Standard 102 and/or paragraph 36 of Schedule 1 to the Companies Act 2006.
The Company is party to a cross guarantee in which a fixed charge with negative pledge over all present and future assets of the Company has been granted in respect of any and all amounts owed towards loan finance arrangements entered into by connected company undertakings.
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NKGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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At the balance sheet date the following balances in respect of loan accounts were due from/(to) entities under common control. Amounts due are unsecured, repayable on demand and interest free (except where indicated along with the interest receivable/(payable) recognised in the year):
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City & Docklands Management Limited*
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Mitre Yard Holdings Limited
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North Kensington Gate Limited
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North Kensington Gate HGP Limited
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Ruby Red Management Limited^
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* - includes a sum of £3 million which incurs basic interest at the Bank of England base rate per annum - 2024: £(321,267) (2023: £(183,900)).
* - Basic interest at 9.0% per annum - 2024: £(447,565) (2023: £(443,555)).
There were no further related party transactions and/or period end balances considered to be material in the context of the financial statements to report in accordance with the UK Companies Act 2006 or Section 1A of Financial Reporting Standard 102 as part of these financial statements.
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The Company was under the control of its directors during the reporting period.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
∙Note 2.4 which disclosed the directors' explanation for the net liability position reported as at the balance sheet date and their reasoning in adopting the going concern basis of accounting in preparing the financial statements.
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The audit report was signed on 2 April 2025 by Richard Paul (senior statutory auditor) on behalf of Nyman Libson Paul LLP.
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