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Registration number: 08534047

Prepared for the registrar

NGU Property Refurbishments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

NGU Property Refurbishments Ltd

(Registration number: 08534047)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

407

3,792

Current assets

 

Debtors

5

276,591

271,216

Creditors: Amounts falling due within one year

6

(54,489)

(34,185)

Net current assets

 

222,102

237,031

Net assets

 

222,509

240,823

Capital and reserves

 

Called up share capital

100

100

Retained earnings

222,409

240,723

Shareholders' funds

 

222,509

240,823

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

 

NGU Property Refurbishments 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
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 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.

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.

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

Motor vehicles

25% reducing balance

 

NGU Property Refurbishments Ltd

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 2 (2023 - 4).

 

4

Tangible assets

Motor vehicles
 £

Cost

At 1 January 2024

13,559

Disposals

(10,413)

At 31 December 2024

3,146

Depreciation

At 1 January 2024

9,767

Charge for the year

136

Eliminated on disposal

(7,164)

At 31 December 2024

2,739

Carrying amount

At 31 December 2024

407

At 31 December 2023

3,792

 

NGU Property Refurbishments Ltd

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

 

5

Debtors

Note

2024
 £

2023
 £

Amounts owed by related parties

7

275,091

271,216

Other debtors

 

1,500

-

 

276,591

271,216

 

6

Creditors

2024
 £

2023
 £

Due within one year

Accrued expenses

2,415

2,250

Corporation tax liability

52,074

31,935

54,489

34,185

 

7

Related party transactions

At 31 December 2024, the company was owed £100 (2023: £100) by NCF Holdings Limited, its immediate parent company.

At 31 December 2024, the company was owed £274,991 (2023: £271,116) by NGU Homelettings Limited, a group company.

These loans are interest free and have no fixed repayment terms.

 

 

8

Parent and ultimate parent undertaking

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