Company registration number 10411442 (England and Wales)
NEW NEST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
NEW NEST LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
NEW NEST LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEW NEST LIMITED FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of New Nest Limited for the year ended 31 October 2024 which comprise, the balance sheet 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of New Nest Limited, as a body, in accordance with the terms of our engagement letter dated 29 March 2018. Our work has been undertaken solely to prepare for your approval the financial statements of New Nest Limited and state those matters that we have agreed to state to the board of directors of New Nest Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New Nest Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that New Nest 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 profit of New Nest Limited. You consider that New Nest 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 New Nest 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.

Spencer Gardner Dickins Limited
10 June 2025
Chartered Accountants
3 Coventry Innovation Village
Cheetah Road
Coventry
CV1 2TL
NEW NEST LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,367
383
Investment property
4
586,000
581,000
587,367
581,383
Current assets
Debtors
396
-
0
Cash at bank and in hand
23,427
22,686
23,823
22,686
Creditors: amounts falling due within one year
5
(20,866)
(20,521)
Net current assets
2,957
2,165
Total assets less current liabilities
590,324
583,548
Creditors: amounts falling due after more than one year
6
(564,997)
(564,997)
Provisions for liabilities
-
0
(614)
Net assets
25,327
17,937
Capital and reserves
Called up share capital
7
100
100
Non-distributable profits reserve
8
18,122
12,112
Distributable profit and loss reserves
7,105
5,725
Total equity
25,327
17,937

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

NEW NEST LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 10 June 2025 and are signed on its behalf by:
V Martin
Director
Company registration number 10411442 (England and Wales)
NEW NEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
1
Accounting policies
Company information

New Nest Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Faversham Reach, Faversham, Kent, ME13 7LA.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been prepared on a going concern basis. The director/shareholder of the company is the principle creditor of the business and they have confirmed that they will not request repayment of their loans until such time as the financial position of the company permits.true

1.3
Turnover

Turnover represents rents received or receivable and is recognised over the period in which it relates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

 

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computers
33.33% Straight line
1.5
Investment properties

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. The surplus or deficit on revaluation is recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

NEW NEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
1.8
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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

NEW NEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023
2,250
Additions
1,491
Disposals
(2,250)
At 31 October 2024
1,491
Depreciation and impairment
At 1 November 2023
1,867
Depreciation charged in the year
124
Eliminated in respect of disposals
(1,867)
At 31 October 2024
124
Carrying amount
At 31 October 2024
1,367
At 31 October 2023
383
4
Investment property
2024
£
Fair value
At 1 November 2023
581,000
Revaluations
5,000
At 31 October 2024
586,000

Investment property comprises two properties held for rental purposes. The above revaluation has been performed by the directors. The revaluation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

NEW NEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
4
Investment property
(Continued)
- 7 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
568,273
568,273
Accumulated depreciation
-
-
Carrying amount
568,273
568,273
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
622
898
Other creditors
4,118
2,000
Accruals and deferred income
16,126
17,623
20,866
20,521
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other borrowings
564,997
564,997
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
50
50
50
50
Ordinary B shares of £1 each
50
50
50
50
100
100
100
100
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
12,112
7,727
Non distributable profits in the year
6,010
4,385
At the end of the year
18,122
12,112
NEW NEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
566,997
566,997

Amounts due to key management personnel includes a loan of £2,000 (2023: £2,000). The loan is interest free and repayable on demand.

 

Amounts due to key management personnel also includes a loan of £564,997 (2023: £564,997) bearing an interest rate of 2% (2023: 2.4%) with no fixed repayments and due after more than one year.

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