Company No:
Contents
Note | 30.06.2024 | 31.12.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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939 | 1,074 | |||
Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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601,256 | 531,580 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current (liabilities)/assets | (5,401) | 147,175 | ||
Total assets less current liabilities | (4,462) | 148,249 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Nirvana Homes (UK) Limited (registered number:
Mr N Petas
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Nirvana Homes (UK) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House, Oak View Close, Torquay, TQ2 7FF, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £124,495. The Company is supported through loans from the directors and the company's bank. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The company's accounting period has been shortened to the 6 months ended 30 June 2024 and as such the comparative amounts presented in the financial statements are not directly comparable.
The company recognises revenue when the value of goods and services provided to date can be reliably measured and at the point of completion on the sale of the properties.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Office equipment |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic. The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other
consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Period from 01.01.2024 to 30.06.2024 |
Year ended 31.12.2023 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Office equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2024 |
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At 30 June 2024 |
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Accumulated depreciation | |||
At 01 January 2024 |
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Charge for the financial period |
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At 30 June 2024 |
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Net book value | |||
At 30 June 2024 |
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At 31 December 2023 |
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30.06.2024 | 31.12.2023 | ||
£ | £ | ||
Work in progress |
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30.06.2024 | 31.12.2023 | ||
£ | £ | ||
Corporation tax |
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Other debtors |
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30.06.2024 | 31.12.2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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30.06.2024 | 31.12.2023 | ||
£ | £ | ||
Bank loans (secured) |
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30.06.2024 | 31.12.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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20,000 | 20,000 | ||
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120,000 | 120,000 |
Parent Company:
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Sigma House, Oak View Close, Edginswell Park, Torquay, Devon, TQ2 7FF |