Company Registration No. 08211143 (England and Wales)
NIKAR PROPERTIES (GLENROTHES) LIMITED (FORMERLY KNOWN AS INCEPTUM2 SOLUTIONS 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 (GLENROTHES) LIMITED (FORMERLY KNOWN AS INCEPTUM2 SOLUTIONS LIMITED)
COMPANY INFORMATION
Directors
Mr N G Brain
Mrs K P Butschok
Company number
08211143
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 (GLENROTHES) LIMITED (FORMERLY KNOWN AS INCEPTUM2 SOLUTIONS LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
NIKAR PROPERTIES (GLENROTHES) LIMITED (FORMERLY KNOWN AS INCEPTUM2 SOLUTIONS LIMITED)
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
3,000,000
3,000,000
Current assets
Debtors
4
123,473
130,675
Cash at bank and in hand
31,205
55,249
154,678
185,924
Creditors: amounts falling due within one year
5
(3,088,380)
(3,077,136)
Net current liabilities
(2,933,702)
(2,891,212)
Total assets less current liabilities
66,298
108,788
Provisions for liabilities
(19,859)
(32,642)
Net assets
46,439
76,146
Capital and reserves
Called up share capital
30
30
Other reserves
7
168,565
168,565
Profit and loss reserves
(122,156)
(92,449)
Total equity
46,439
76,146

The notes on pages 3 to 5 form part of these financial statements.

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 30 September 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.

NIKAR PROPERTIES (GLENROTHES) LIMITED (FORMERLY KNOWN AS INCEPTUM2 SOLUTIONS LIMITED)
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
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 08211143 (England and Wales)
NIKAR PROPERTIES (GLENROTHES) LIMITED (FORMERLY KNOWN AS INCEPTUM2 SOLUTIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Nikar Properties (Glenrothes) Limited (formerly known as Inceptum2 Solutions 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 (GLENROTHES) LIMITED (FORMERLY KNOWN AS INCEPTUM2 SOLUTIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
3,000,000

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
3,770
7,367
Other debtors
119,703
123,308
123,473
130,675
NIKAR PROPERTIES (GLENROTHES) LIMITED (FORMERLY KNOWN AS INCEPTUM2 SOLUTIONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16
9,041
Taxation and social security
7,939
6,921
Other creditors
3,080,425
3,061,174
3,088,380
3,077,136
6
Secured debts

Included in other creditors is a loan of £3,057,710 (2023 - £3,034,163). 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
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
168,565
168,565
8
Related party transactions

At the reporting date, the company owed £3,057,710 (2023 - £3,034,163) 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.

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