NG Properties SW Ltd

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

NG Properties SW Ltd

(Registration number: 10887722)
Statement of Financial Position as at 31 July 2024

	Note	2024 £	Restated 2023 £
Fixed assets
Tangible assets	4	54,262	72,350
Investments	5	950	950
		55,212	73,300
Current assets
Debtors	6	26,277	33,308
Cash at bank and in hand		735	1,556
		27,012	34,864
Creditors: Amounts falling due within one year	7	(46,002)	(51,905)
Net current liabilities		(18,990)	(17,041)
Total assets less current liabilities		36,222	56,259
Provisions for liabilities		(13,566)	(18,088)
Net assets		22,656	38,171
Capital and reserves
Called up share capital		100	100
Profit and loss account		22,556	38,071
Shareholders' funds		22,656	38,171

For the financial year ending 31 July 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 and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 15 September 2025 and signed on its behalf by:
 

NG Properties SW Ltd

(Registration number: 10887722)
Statement of Financial Position as at 31 July 2024 (continued)

Mr Nicholas Giddy Director

NG Properties SW Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
64 High Street
Bideford
Devon
EX39 2AR

Principal activity

The principal activity of the company is that of residential property development.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Prior period errors

Share capital was understated by £25 at 1 August 2022. This has been restated with a corresponding increase in debtors.

Page 3

NG Properties SW Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 value added tax, returns, rebates and discounts.

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 deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

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
Plant and machinery	25% reducing balance
Fixtures, fittings and equipment	25% reducing balance

NG Properties SW Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2	Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

NG Properties SW Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4	Tangible assets

	Fixtures fittings and equipment £	Plant and machinery £	Total £
Cost or valuation
At 1 August 2023	96,514	42,554	139,068
Transfers	(88,500)	88,500	-
At 31 July 2024	8,014	131,054	139,068
Depreciation
At 1 August 2023	28,132	38,586	66,718
Transfers	(22,125)	22,125	-
Charge for the year	502	17,586	18,088
At 31 July 2024	6,509	78,297	84,806
Carrying amount
At 31 July 2024	1,505	52,757	54,262
At 31 July 2023	68,382	3,968	72,350

NG Properties SW Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

5	Investments

	Shares in group undertakings and participating interests £
Cost or valuation
At 1 August 2023	950
At 31 July 2024	950
Provision
At 1 August 2023	-
At 31 July 2024	-
Carrying amount
At 31 July 2024	950
At 31 July 2023	950