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COMPANY REGISTRATION NUMBER: 09834303
Niche Residential Ltd
Filleted Unaudited Financial Statements
31 October 2024
Niche Residential Ltd
Financial Statements
Year ended 31 October 2024
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
Niche Residential Ltd
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Niche Residential Ltd
Year ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Niche Residential Ltd for the year ended 31 October 2024, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Niche Residential Ltd, as a body, in accordance with the terms of our engagement letter dated 24 July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Niche Residential Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Niche Residential Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Niche Residential Ltd 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 Niche Residential Ltd. You consider that Niche Residential Ltd 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 Niche Residential Ltd. 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.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
29 July 2025
Niche Residential Ltd
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
Current assets
Stock and work in progress
754,200
838,155
Debtors
5
102,697
61,273
Cash at bank and in hand
194,860
128,741
------------
------------
1,051,757
1,028,169
Creditors: amounts falling due within one year
6
79,903
64,486
------------
------------
Net current assets
971,854
963,683
---------
---------
Total assets less current liabilities
971,854
963,683
Creditors: amounts falling due after more than one year
7
6,667
16,667
---------
---------
Net assets
965,187
947,016
---------
---------
Niche Residential Ltd
Statement of Financial Position (continued)
31 October 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
120
120
Profit and loss account
965,067
946,896
---------
---------
Shareholders funds
965,187
947,016
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 July 2025 , and are signed on behalf of the board by:
Mr A Mackley
Director
Company registration number: 09834303
Niche Residential Ltd
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Gorse Millthorpe Lane, Holmesfield, Derbyshire, S18 7SA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of any discounts and of Value Added Tax where appropriate. Revenue from the sale of goods, being principally property sales, is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on completion, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stock and work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress, in particular for property development projects, is measured on the basis of cost plus attributable profit to date, based on the estimated realisable value of future sales, and making provision for any anticipated losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Equipment
£
Cost
At 1 November 2023 and 31 October 2024
1,909
-------
Depreciation
At 1 November 2023 and 31 October 2024
1,909
-------
Carrying amount
At 31 October 2024
-------
At 31 October 2023
-------
5. Debtors
2024
2023
£
£
Other debtors
102,697
61,273
---------
--------
Included in other debtors at the year end date, is a loan to Vista Architecture & Urban Design Limited, a company under the control of Mr A J Mackley, in the sum of £30,224.59 (2023: £224.59)
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Corporation tax
4,312
19,284
Social security and other taxes
210
Other creditors
65,591
34,992
--------
--------
79,903
64,486
--------
--------
Included in "other creditors" above is a loan balance in respect of a company related to Niche Residential Ltd by virtue of the lender having a common director and shareholder. The total loan balance outstanding at the year end date amounts to £30,000, which balance is not subject to formal terms for repayment and with no interest charges arising thereon.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,667
16,667
-------
--------
The company has borrowed £50,000 under the Government's Covid bounce back loan scheme.
This loan is repayable within 6 years from June 2021, with no repayments due for the first 12 months.
Interest of 2.5% is payable monthly, in arrears, on this loan; the Government covered the first 12 months interest charge.
The Government acts as guarantor to the lender for this loan.
8. Directors' advances, credits and guarantees
At the year end date, the company was indebted to the directors, by way of loan, in the total sum of £33,841 in relation to which no formal repayment terms apply and interest is not being charged.