Ngao Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 07463004

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Fixed asset Investments	4		23,404,460		19,169,760

			23,404,460		19,169,760
CURRENT ASSETS
Cash at bank and in hand		4,205,846		4,138,881

		4,205,846		4,138,881
Creditors: Amounts Falling Due Within One Year	5	(21,473 )		(16,129 )

NET CURRENT ASSETS (LIABILITIES)			4,184,373		4,122,752

TOTAL ASSETS LESS CURRENT LIABILITIES			27,588,833		23,292,512

PROVISIONS FOR LIABILITIES
Deferred Taxation			(3,359,770 )		(2,382,398 )

NET ASSETS			24,229,063		20,910,114

CAPITAL AND RESERVES
Called up share capital	6		500		500
Fair value reserve	7		12,484,638		9,552,522
Profit and Loss Account			11,743,925		11,357,092

SHAREHOLDERS' FUNDS			24,229,063		20,910,114

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Ngao Limited

Balance Sheet (continued)

As At 31 December 2024

For the 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.

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Paras Dodhia

Director

09/09/2025

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

1. General Information

Ngao Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07463004 . The registered office is 2 Leman Street, London, E1W 9US.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

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 finanical statements have been prepared under the historical cost convention, (modified to include the revaluation of freehold properites and to include investment properties and certain financial instruments at fair value). The Principal accounting policiies adopted are set out below.

2.2. Significant judgements and estimations

In the application of the company's accounting policies, the director is require to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2.3. Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable withing one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary closure of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.4. Foreign Currencies

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the date of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on transaction in the period are included in profit or loss.

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Ngao Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Taxation

Income 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 end of the reporting period.

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 intital recognition of other assets and liabilities in a transaction that affects niether 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 not logner 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 copany 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2023: 1)

4. Fixed asset Investments

	Listed
	£
Cost or Valuation
As at 1 January 2024	19,169,760
Additions	325,213
Revaluations	3,909,487

As at 31 December 2024	23,404,460

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	23,404,460

As at 1 January 2024	19,169,760

5. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Other creditors	933	942
Taxation and social security	20,540	15,187

	21,473	16,129

6. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	500	500

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Ngao Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Reserves

	Fair Value Reserve
	£
As at 1 January 2024	9,552,522
Movements in fair value reserve	2,932,116

As at 31 December 2024	12,484,638

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