Company Registration No. 08211144 (England and Wales)
NIKAR PROPERTIES (BLACKBURN) LIMITED (FORMERLY KNOWN AS INCEPTUM2 MANAGEMENT LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
NIKAR PROPERTIES (BLACKBURN) LIMITED (FORMERLY KNOWN AS INCEPTUM2 MANAGEMENT LIMITED)
COMPANY INFORMATION
Directors
Mr N G Brain
Mrs K P Butschok
Secretary
Mrs K P Butschok
Company number
08211144
Registered office
Options House
Atkin Street
Worsley
Manchester
M28 3DG
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
NIKAR PROPERTIES (BLACKBURN) LIMITED (FORMERLY KNOWN AS INCEPTUM2 MANAGEMENT LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
NIKAR PROPERTIES (BLACKBURN) LIMITED (FORMERLY KNOWN AS INCEPTUM2 MANAGEMENT LIMITED)
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,786,642
1,311,246
Current assets
Debtors
4
15,394
59,839
Cash at bank and in hand
7,143
29,634
22,537
89,473
Creditors: amounts falling due within one year
5
(1,946,684)
(1,440,500)
Net current liabilities
(1,924,147)
(1,351,027)
Net liabilities
(137,505)
(39,781)
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
(137,515)
(39,791)
Total equity
(137,505)
(39,781)
The notes on pages 2 to 4 form part of these financial statements.
For the financial year ended 30 September 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 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
Mr N G Brain
Director
Company registration number 08211144 (England and Wales)
NIKAR PROPERTIES (BLACKBURN) LIMITED (FORMERLY KNOWN AS INCEPTUM2 MANAGEMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Nikar Properties (Blackburn) Limited (formerly known as Inceptum2 Management Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Options House, Atkin Street, Worsley, Manchester, M28 3DG.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
During the period the company met its day to day working capital requirements by way of the financial support from a company controlled by the directors.true
On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.
1.3
Turnover
Turnover represents rents receivable which is recognised on a straight line basis over the term of leases in place.
1.4
Investment property
Investment property is initially recognised at cost and subsequently included at fair value.
Gains on revaluation are recognised in the income statement. No depreciation is provided on investment property.
1.5
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.
NIKAR PROPERTIES (BLACKBURN) LIMITED (FORMERLY KNOWN AS INCEPTUM2 MANAGEMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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.
2
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment property
2024
£
Fair value
At 1 October 2023
1,311,246
Additions
475,396
At 30 September 2024
1,786,642
Investment property was valued on an open market basis on 30 September 2022 by the directors.
There has been no revaluation since that date.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,816
Other debtors
5,578
59,839
15,394
59,839
NIKAR PROPERTIES (BLACKBURN) LIMITED (FORMERLY KNOWN AS INCEPTUM2 MANAGEMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
23,393
254,750
Other creditors
1,923,291
1,185,750
1,946,684
1,440,500
6
Secured debts
Included in other creditors is a loan of £1,863,820 (2023 - £1,025,115). The loan is secured by a fixed charge over the company's investment property and a floating charge over the assets of the company.
7
Related party transactions
At the reporting date, the company owed £1,863,820 (2023 - £1,025,115) to a company controlled by the directors. Interest is calculated on the loan at 2% above the Bank of England base rate and is repayable on demand.