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Company No: 03820038 (England and Wales)

NSG PROPERTY SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

NSG PROPERTY SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

NSG PROPERTY SERVICES LIMITED

COMPANY INFORMATION

For the financial year ended 31 August 2024
NSG PROPERTY SERVICES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 August 2024
DIRECTORS Hamish Edward Thomson Irvine
Paul Martin Mcdonagh
Sylvester Christopher Patrick Mcdonagh
REGISTERED OFFICE Unity House
Dudley Road
Darlington
DL1 4GG
United Kingdom
COMPANY NUMBER 03820038 (England and Wales)
ACCOUNTANT S&W Partners Newcastle Limited
17 Queens Lane
Newcastle
NE1 1RN
NSG PROPERTY SERVICES LIMITED

BALANCE SHEET

As at 31 August 2024
NSG PROPERTY SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 415,000 415,000
415,000 415,000
Current assets
Debtors 4 224,060 172,560
Cash at bank and in hand 89,683 126,545
313,743 299,105
Creditors: amounts falling due within one year 5 ( 10,137) ( 6,477)
Net current assets 303,606 292,628
Total assets less current liabilities 718,606 707,628
Net assets 718,606 707,628
Capital and reserves
Called-up share capital 224,000 224,000
Fair value reserve 88,967 88,967
Capital redemption reserve 64,000 64,000
Profit and loss account 341,639 330,661
Total shareholders' funds 718,606 707,628

For the financial year ending 31 August 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 NSG Property Services Limited (registered number: 03820038) were approved and authorised for issue by the Board of Directors on 16 May 2025. They were signed on its behalf by:

Hamish Edward Thomson Irvine
Director
NSG PROPERTY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
NSG PROPERTY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

NSG Property Services 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 Unity House, Dudley Road, Darlington, DL1 4GG, 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 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of NSG Property Services Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from property rental income is recognised on a receivable basis.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

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 straight-line or reducing balance basis over its expected useful life, as follows:

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Investment property

Investment property
£
Valuation
As at 01 September 2023 415,000
As at 31 August 2024 415,000

Valuation

The fair value of the Company’s investment property has been arrived at on the basis of valuations carried out on the balance sheet date by the directors of the business. In carrying out their review, the directors have made assumptions in relation to rental yields and estimated future achievable rents.

4. Debtors

2024 2023
£ £
Trade debtors 8,060 10,560
Other debtors 216,000 162,000
224,060 172,560

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 3,060 3,060
Taxation and social security 5,327 1,667
Other creditors 1,750 1,750
10,137 6,477

6. Events after the Balance Sheet date

On 5 November 2024 the company purchased 96,000 ordinary shares for £270,000.