Naked Property Penzance Limited

Registered number

13470779

Naked Property Penzance Limited

Filleted Accounts

30 June 2024

Hagans Accounting & Finance Limited

Chartered Certified Accountants

4 Fir Tree Grove

Carshalton Beeches

Surrey

SM5 4NG

Naked Property Penzance Limited
Registered number:		13470779
Balance Sheet
as at 30 June 2024

Notes			2024			2023
£				£
Current assets
Work in progress		2,746,133			2,810,630
Debtors	3	138,765			122,906
Cash at bank and in hand		-			4,721
		2,884,898			2,938,257

Creditors: amounts falling due within one year	4	(2,884,801)			(2,935,547)

Net current assets			97			2,710

Net assets			97			2,710

Capital and reserves
Called up share capital			1			1
Profit and loss account			96			2,709

Shareholder's funds			97			2,710

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Dylan Collins
Director
Approved by the board on 12 September 2025

Naked Property Penzance Limited
Notes to the Accounts
for the year ended 30 June 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Work in progress
	The company carries forward as work in progress all costs including interest charges where applicable (at the lower of cost and net realisable value), which are directly related to income that it will receive in the future, from property development sites upon their completion. No attributable profit is taken until the site / individual dwellings are sold, due to the uncertain timing and values of sales. Where part of the development is sold at the company's year end, but not all, work in progress is calculated based on the size of dwellings left to sell, as a percentage of total costs incurred on the development.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Employees	2024		2023
Number			Number

	Average number of persons employed by the company	0		0


3	Debtors	2024		2023
£			£

	Trade debtors	30		(3,595)
	Other debtors	138,735		126,501
		138,765		122,906


4	Creditors: amounts falling due within one year	2024		2023
£			£

	Trade creditors	147,625		74,437
	Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,656,075		2,809,822
	Taxation and social security costs	78,115		-
	Other creditors	2,986		51,288
		2,884,801		2,935,547


5	Other information

	Naked Property Penzance Limited is a private company limited by shares and incorporated in England. Its registered office is:
	82 1st Floor, Portsmouth Road
	Surbiton
	Surrey
	KT6 5PT