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Company No: 01794828 (England and Wales)

NIRVANA HOMES (UK) LIMITED

Unaudited Financial Statements
For the financial period from 01 January 2024 to 30 June 2024
Pages for filing with the registrar

NIRVANA HOMES (UK) LIMITED

Unaudited Financial Statements

For the financial period from 01 January 2024 to 30 June 2024

Contents

NIRVANA HOMES (UK) LIMITED

BALANCE SHEET

As at 30 June 2024
NIRVANA HOMES (UK) LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 30.06.2024 31.12.2023
£ £
Fixed assets
Tangible assets 3 939 1,074
939 1,074
Current assets
Stocks 4 578,664 387,151
Debtors 5 20,501 24,988
Cash at bank and in hand 2,091 119,441
601,256 531,580
Creditors: amounts falling due within one year 6 ( 606,657) ( 384,405)
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 ( 120,033) ( 227,209)
Net liabilities ( 124,495) ( 78,960)
Capital and reserves
Called-up share capital 8 20,000 20,000
Profit and loss account ( 144,495 ) ( 98,960 )
Total shareholders' deficit ( 124,495) ( 78,960)

For the financial period ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Nirvana Homes (UK) Limited (registered number: 01794828) were approved and authorised for issue by the Board of Directors on 24 April 2025. They were signed on its behalf by:

Mr N Petas
Director
NIRVANA HOMES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 January 2024 to 30 June 2024
NIRVANA HOMES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 January 2024 to 30 June 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Reporting period length

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.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Financial instruments

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.

2. Employees

Period from
01.01.2024 to
30.06.2024
Year ended
31.12.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 2 2

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 January 2024 3,235 3,235
At 30 June 2024 3,235 3,235
Accumulated depreciation
At 01 January 2024 2,161 2,161
Charge for the financial period 135 135
At 30 June 2024 2,296 2,296
Net book value
At 30 June 2024 939 939
At 31 December 2023 1,074 1,074

4. Stocks

30.06.2024 31.12.2023
£ £
Work in progress 578,664 387,151

5. Debtors

30.06.2024 31.12.2023
£ £
Corporation tax 744 0
Other debtors 19,757 24,988
20,501 24,988

6. Creditors: amounts falling due within one year

30.06.2024 31.12.2023
£ £
Bank loans 229,148 18,474
Trade creditors 21,458 13,217
Taxation and social security 248 3,660
Other creditors 355,803 349,054
606,657 384,405

The bank loan is secured on freehold property owned by the Company.

7. Creditors: amounts falling due after more than one year

30.06.2024 31.12.2023
£ £
Bank loans (secured) 120,033 227,209

The loan is secured on the land owned by the Company which is currently included in work in progress.

8. Called-up share capital

30.06.2024 31.12.2023
£ £
Allotted, called-up and fully-paid
19,850 Ordinary shares of £ 1.00 each 19,850 19,850
100 Ordinary B Redeemable shares of £ 1.00 each 100 100
50 Ordinary A Redeemable shares of £ 1.00 each 50 50
20,000 20,000
100,000 Redeemable Preference non-cumulative redeemable shares of £ 1.00 each 100,000 100,000
120,000 120,000

9. Ultimate controlling party

Parent Company:

Nirvana Homes (UK) Holdings Limited
Sigma House, Oak View Close, Edginswell Park, Torquay, Devon, TQ2 7FF