NPP PR31 Limited 14860692 false 2023-05-10 2024-06-30 2024-06-30 The principal activity of the company is that of investment property and other property related activities. Digita Accounts Production Advanced 6.30.9574.0 true true 14860692 2023-05-10 2024-06-30 14860692 2024-06-30 14860692 bus:Consolidated 2024-06-30 14860692 core:RetainedEarningsAccumulatedLosses 2024-06-30 14860692 core:ShareCapital 2024-06-30 14860692 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 14860692 core:Non-currentFinancialInstruments 2024-06-30 14860692 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 14860692 bus:SmallEntities 2023-05-10 2024-06-30 14860692 bus:Audited 2023-05-10 2024-06-30 14860692 bus:FilletedAccounts 2023-05-10 2024-06-30 14860692 bus:SmallCompaniesRegimeForAccounts 2023-05-10 2024-06-30 14860692 bus:RegisteredOffice 2023-05-10 2024-06-30 14860692 bus:Director1 2023-05-10 2024-06-30 14860692 bus:Director2 2023-05-10 2024-06-30 14860692 bus:Director3 2023-05-10 2024-06-30 14860692 bus:PrivateLimitedCompanyLtd 2023-05-10 2024-06-30 14860692 1 2023-05-10 2024-06-30 14860692 countries:EnglandWales 2023-05-10 2024-06-30 iso4217:GBP xbrli:pure

Registration number: 14860692

Prepared for the registrar

NPP PR31 Limited

Annual Report and Financial Statements

for the Period from 10 May 2023 to 30 June 2024

 

NPP PR31 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

NPP PR31 Limited

Company Information

Directors

J M Blake

S F Morris

M R Perry

Registered office

The Long Barn
Litchfield
Hampshire
RG28 7PR

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

NPP PR31 Limited

(Registration number: 14860692)
Balance Sheet as at 30 June 2024

Note

30 June 2024
£

Fixed assets

 

Investment property

4

979,347

Creditors: Amounts falling due within one year

5

(500)

Total assets less current liabilities

 

978,847

Creditors: Amounts falling due after more than one year

5

(1,039,306)

Net liabilities

 

(60,459)

Capital and reserves

 

Called up share capital

1

Profit and loss account

(60,460)

Shareholders' deficit

 

(60,459)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 May 2025 and signed on its behalf by:
 


M R Perry
Director

 

NPP PR31 Limited

Notes to the Financial Statements for the Period from 10 May 2023 to 30 June 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Long Barn
Litchfield
Hampshire
RG28 7PR

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Disclosure of long or short period

The financial statements cover a period of 418 days. This is to bring the year end in line with that of its ultimate parent undertaking, Nine Points Property II LLP.

Going concern

Not withstanding the net liability position shown on the balance sheet, the financial statements have been prepared on the going concern basis. The directors have considered the forecast cash flows and the cash requirements of the business in their assessment of going concern. As a result of this assessment, it was concluded that the cash requirements of the business for the 12 months from signing will be continuously funded by the lenders as per the facility agreements, as well as the operational cash once development work is completed. Thus the business is deemed to operate as a going concern.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies and note 4.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

NPP PR31 Limited

Notes to the Financial Statements for the Period from 10 May 2023 to 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Income relates to rental income from investment property. Income is recognised and recorded in accordance with the lease agreement and over the life of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

NPP PR31 Limited

Notes to the Financial Statements for the Period from 10 May 2023 to 30 June 2024

Financial instruments (continued)

Impairment
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 profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was as follows:

The investment property is at development stage and will be revalued upon completion.

 

NPP PR31 Limited

Notes to the Financial Statements for the Period from 10 May 2023 to 30 June 2024

 

5

Creditors

2024
£

Due within one year

Accruals and deferred income

500

Note

2024
£

Due after one year

 

Loans and borrowings

6

1,039,306

 

6

Loans and borrowings

Non-current loans and borrowings

2024
£

Other borrowings

1,039,306

Other borrowings is an open facility from a third party lender which is due in 48 months from 1 June 2022. Interest is charged at 12.5% per annum. The loan is secured over the investment property of the company.

 

7

Parent and ultimate parent undertaking

The company's immediate parent is Nine Points Property II LLP, incorporated in England and Wales.

 The ultimate parent is Nine Points Property I LLP, incorporated in England and Wales. There is considered to be no ultimate controlling party.

 

8

Disclosure under Section 444(5B) CA 2006 relating to the independent auditor's report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. Accordingly, the Independent Auditors’ Report has also been omitted.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 9 May 2025 was Stephanie Hayman, who signed for and on behalf of Hazlewoods LLP.