Company registration number 09059331 (England and Wales)
Nuland Property Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
Nuland Property Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Nuland Property Limited
BALANCE SHEET
As At 31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,717
4,717
Investment property
4
1,125,000
1,125,000
1,129,717
1,129,717
Current assets
Stocks
300,000
250,000
Debtors
5
1,665,979
1,383,979
Cash at bank and in hand
100,783
11,122
2,066,762
1,645,101
Creditors: amounts falling due within one year
6
(1,891,969)
(1,252,662)
Net current assets
174,793
392,439
Total assets less current liabilities
1,304,510
1,522,156
Creditors: amounts falling due after more than one year
7
(995,671)
(1,250,001)
Net assets
308,839
272,155
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
308,838
272,154
Total equity
308,839
272,155
Nuland Property Limited
BALANCE SHEET (CONTINUED)
As At 31 August 2024
- 2 -
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 22 May 2025
Mr A Keating
Director
Company registration number 09059331 (England and Wales)
Nuland Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 August 2024
- 3 -
1
Accounting policies
Company information
Nuland Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Handel House, 95 High Street, Edgware, HA8 7DB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the total invoice value, excluding value added tax, of rental income charged during the year.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
15% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Nuland Property Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 August 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
Nuland Property Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 August 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023 and 31 August 2024
7,400
Depreciation and impairment
At 1 September 2023 and 31 August 2024
2,683
Carrying amount
At 31 August 2024
4,717
At 31 August 2023
4,717
4
Investment property
2024
£
Fair value
At 1 September 2023 and 31 August 2024
1,125,000
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,665,979
1,383,979
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
44,770
44,770
Other creditors
760,365
Accruals and deferred income
1,086,834
1,207,892
1,891,969
1,252,662
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
995,671
1,250,001
Nuland Property Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 August 2024
- 6 -
8
Related party transactions
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
NGF Land Limited
105,824
105,825
Nuland Bramingham Limited
55,342
Nuland Building Limited
32,000
Nuland Holdings Limited
1,249,484
1,249,484
QH (London Colney) Limited
1,014,500
1,194,500
9
Parent company
The parent company and ultimate controlling party of Nuland Property Limited is Nuland Holdings Limited and its registered office is Handel House 95 High Street Edgware HA8 7DB.