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Registration number: 06650596

Prepared for the registrar

NGU Homelettings Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

NGU Homelettings Ltd

(Registration number: 06650596)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

19,678

30,391

Current assets

 

Debtors

5

1,276,601

1,121,801

Cash at bank and in hand

 

567,468

573,267

 

1,844,069

1,695,068

Creditors: Amounts falling due within one year

6

(1,209,147)

(1,192,439)

Net current assets

 

634,922

502,629

Total assets less current liabilities

 

654,600

533,020

Deferred tax liabilities

(4,607)

(7,120)

Net assets

 

649,993

525,900

Capital and reserves

 

Called up share capital

103

103

Retained earnings

649,890

525,797

Shareholders' funds

 

649,993

525,900

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 July 2025 and signed on its behalf by:
 

.........................................
N Fitzakerley
Director

.........................................
C Fitzakerley
Director

 
     
 

NGU Homelettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
469-471 Durham Road
Lowfell
Gateshead
Tyne and Wear
NE9 5EX

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

NGU Homelettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% on cost

Fixtures & fittings

15% on cost

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

NGU Homelettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 9).

 

NGU Homelettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 January 2024

53,763

9,081

62,844

Additions

750

-

750

At 31 December 2024

54,513

9,081

63,594

Depreciation

At 1 January 2024

24,380

8,073

32,453

Charge for the year

11,211

252

11,463

At 31 December 2024

35,591

8,325

43,916

Carrying amount

At 31 December 2024

18,922

756

19,678

At 31 December 2023

29,383

1,008

30,391

 

5

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

467,112

454,504

Amounts owed by related parties

7

800,716

662,241

Prepayments

 

8,773

5,056

 

1,276,601

1,121,801

 

6

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

134

2,913

Amounts due to related parties

7

293,396

289,521

Social security and other taxes

 

44,707

43,873

Outstanding defined contribution pension costs

 

1,451

1,546

Other creditors

 

808,715

810,289

Accrued expenses

 

16,715

11,050

Corporation tax liability

44,029

33,247

 

1,209,147

1,192,439

 

NGU Homelettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

7

Related party transactions

At 31 December 2024, the company owed £18,405 to (2023: £18,405) NCF Holdings Limited, its immediate parent company.

At 31 December 2024, the company was owed £491,763 (2023: £490,933) by NGU Homesales Limited, a group company.

At 31 December 2024, the company owed £274,991 (2023: £271,116 to NGU Property Refurbishments Limited, a group company.

These loans are interest free with no fixed repayment terms.

At 31 December 2024, the company was owed £308,952 (2023: £171,308) by the directors in the form of a directors' loan account. Interest was charged at 2% on this loan and there are no fixed repayment terms.

 

 

8

Parent and ultimate parent undertaking

The company's immediate parent is NCF Holdings Ltd, incorporated in England and Wales.