NAK_PROPERTY_MANAGEMENT_LIMITED_31_Dec_2024_companies_house_set_of

Nak Property Management Limited

Statement of Financial Position

31 December 2024

		2024		2023
	Note	£		£
Fixed assets
Tangible assets	5	647		-
Current assets
Debtors	6	2,530		-
Cash at bank and in hand		1,289		1,028
		3,819		1,028
Creditors: amounts falling due within one year	7	(3,063	)	(2,251	)
Net current assets/(liabilities)		756		(1,223	)
Total assets less current liabilities		1,403		(1,223	)
Creditors: amounts falling due after more than one year	8	(31,263	)	(22,368	)
Net liabilities		(29,860	)	(23,591	)
Capital and reserves
Called up share capital		2		2
Profit and loss account		(29,862	)	(23,593	)
Shareholders deficit		(29,860	)	(23,591	)

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.

Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These

financial statements

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

In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.

These

financial statements

were approved by the board of directors and authorised for issue on

30 July 2025

, and are signed on behalf of the board by:

V Deroukakis

Director

Company registration number:

14653556

Nak Property Management Limited

Notes to the Financial Statements

Year ended

31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

1 Kings Avenue

Winchmore Hill

London

N21 3NA

, United Kingdom.

The principal activity of the company is that of an estate agent.

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.

The

financial statements

are prepared in sterling, which is the presentation and functional currency of the company.

The following accounting policies have been applied consistently throughout the year.

Going concern

The company's financial statements show a loss of £6,269 (2023: £23,593) and a net balance sheet deficit of £29,860 (2023: £23,591) as at 31 December 2024. The director confirms that Romios Limited, a connected company, will continue to provide its support to the company and will not demand repayment of the balance of £31,263 due to it in the foreseeable future. The director considers that the company is a going concern and therefore has prepared the financial statements on that basis.

Judgements and key sources of estimation uncertainty

The company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future,actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are discussed below.

- Useful lives of depreciable assets

Management reviews the useful lives of depreciable assets at each reporting date to ensure that the useful lives represent a reasonable estimate of likely period of benefit to the Company. Actual useful lives, however, may vary due to unforseen events.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Revenue from the services is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Office equipment

25% reducing balance

Impairment

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.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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 and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was

(2023:

5 Tangible assets

	Plant and machinery etc.
	£
Cost
At 1 January 2024	-
Additions	863
At 31 December 2024	863
Depreciation
At 1 January 2024	-
Charge	216
At 31 December 2024	216
Carrying amount
At 31 December 2024	647
At 31 December 2023	-

6 Debtors

	2024		2023
	£		£
Trade debtors	2,530		-

7 Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	53	53
Other creditors	3,010	2,198
	3,063	2,251

8 Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Other creditors	31,263		22,368

9 Related party transactions

As at the period end there was a balance of £31,263 (2023: £22,368) due to Romios Limited, a company registered in England in which the director owed 50% of the ordinary share capital.

10 Controlling party

There is no single ultimate controlling party of the company.