0 false false false false false false false false false false true false false false false false false 2023-09-01 Sage Accounts Production Advanced 2024 - FRS102_2024 174,278 36,855 xbrli:pure xbrli:shares iso4217:GBP 12846937 2023-09-01 2024-08-31 12846937 2024-08-31 12846937 2023-08-31 12846937 2022-09-01 2023-08-31 12846937 2023-08-31 12846937 2022-08-31 12846937 bus:RegisteredOffice 2023-09-01 2024-08-31 12846937 bus:LeadAgentIfApplicable 2023-09-01 2024-08-31 12846937 bus:Director1 2023-09-01 2024-08-31 12846937 bus:Director2 2023-09-01 2024-08-31 12846937 core:WithinOneYear 2024-08-31 12846937 core:WithinOneYear 2023-08-31 12846937 core:AfterOneYear 2024-08-31 12846937 core:AfterOneYear 2023-08-31 12846937 core:RetainedEarningsAccumulatedLosses 2023-08-31 12846937 core:RetainedEarningsAccumulatedLosses 2022-08-31 12846937 core:RetainedEarningsAccumulatedLosses 2024-08-31 12846937 core:RetainedEarningsAccumulatedLosses 2023-08-31 12846937 core:ShareCapital 2024-08-31 12846937 core:ShareCapital 2023-08-31 12846937 bus:SmallEntities 2023-09-01 2024-08-31 12846937 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 12846937 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 12846937 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 12846937 bus:FullAccounts 2023-09-01 2024-08-31
COMPANY REGISTRATION NUMBER: 12846937
NETHERTOWN DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 August 2024
NETHERTOWN DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
CONTENTS
PAGE
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
9
NETHERTOWN DEVELOPMENTS LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 AUGUST 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2024 .
PRINCIPAL ACTIVITIES
The principal activity of the company during the year was that of property development.
DIRECTORS
The directors who served the company during the year were as follows:
Mrs K Dunbar
Mr M Dunbar
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 19 November 2024 and signed on behalf of the board by:
Mrs K Dunbar
Director
Registered office:
Equitable House
55 Pellon Lane
Halifax
West Yorkshire
HX1 5SP
NETHERTOWN DEVELOPMENTS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 AUGUST 2024
2024
2023
Note
£
£
Administrative expenses
12,825
9,131
---------
--------
OPERATING LOSS
( 12,825)
( 9,131)
Interest payable and similar expenses
4
161,453
27,724
-----------
---------
LOSS BEFORE TAXATION
( 174,278)
( 36,855)
Tax on loss
-----------
---------
LOSS FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
( 174,278)
( 36,855)
-----------
---------
RETAINED LOSSES AT THE START OF THE YEAR
( 49,350)
( 12,495)
-----------
---------
RETAINED LOSSES AT THE END OF THE YEAR
( 223,628)
( 49,350)
-----------
---------
All the activities of the company are from continuing operations.
NETHERTOWN DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 August 2024
2024
2023
Note
£
£
£
CURRENT ASSETS
Stocks
5
5,682,635
3,201,009
Debtors
6
23,667
12,324
Cash at bank and in hand
24,681
18,506
--------------
--------------
5,730,983
3,231,839
CREDITORS: amounts falling due within one year
7
4,223,812
2,523,322
--------------
--------------
NET CURRENT ASSETS
1,507,171
708,517
--------------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,507,171
708,517
CREDITORS: amounts falling due after more than one year
8
1,730,699
757,767
--------------
-----------
NET LIABILITIES
( 223,528)
( 49,250)
--------------
-----------
NETHERTOWN DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2024
2024
2023
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 223,628)
( 49,350)
-----------
---------
SHAREHOLDERS DEFICIT
( 223,528)
( 49,250)
-----------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mrs K Dunbar
Director
Company registration number: 12846937
NETHERTOWN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The continuation of the company's activities is dependent on the continuing financial support of the directors, bank and other creditors. The directors have confirmed that in their opinion, this financial support will continue and therefore the financial statements have been prepared on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
4. INTEREST PAYABLE AND SIMILAR EXPENSES
2024
2023
£
£
Interest on banks loans and overdrafts
161,453
27,724
-----------
---------
5. STOCKS
2024
2023
£
£
Stock of land
1,678,270
1,678,270
Work in progress of properties
4,004,365
1,522,739
--------------
--------------
5,682,635
3,201,009
--------------
--------------
6. DEBTORS
2024
2023
£
£
Prepayments and accrued income
15,079
5,477
Other debtors
8,588
6,847
---------
---------
23,667
12,324
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,911,303
424,932
Amounts owed to undertakings in which the company has a participating interest
2,280,500
2,067,500
Accruals and deferred income
14,009
6,692
Social security and other taxes
198
Deposits received
18,000
24,000
--------------
--------------
4,223,812
2,523,322
--------------
--------------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,730,699
757,767
--------------
-----------
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
2024
2023
£
£
Bank loans and overdrafts
1,730,699
757,767
--------------
-----------
NETHERTOWN DEVELOPMENTS LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 31 AUGUST 2024
The following pages do not form part of the financial statements.
NETHERTOWN DEVELOPMENTS LIMITED
CHARTERED ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NETHERTOWN DEVELOPMENTS LIMITED
YEAR ENDED 31 AUGUST 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nethertown Developments Limited for the year ended 31 August 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Nethertown Developments Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Nethertown Developments Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nethertown Developments Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Nethertown Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Nethertown Developments Limited. You consider that Nethertown Developments Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Nethertown Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
STREETS SPENSER WILSON (YORKSHIRE) LIMITED Chartered accountants
Equitable House 55 Pellon Lane Halifax West Yorkshire HX1 5SP
19 November 2024