Company Registration No. 10962676 (England and Wales)
NRD Legacy Ltd
Unaudited accounts
for the year ended 29 September 2024
NRD Legacy Ltd
Unaudited accounts
Contents
NRD Legacy Ltd
Company Information
for the year ended 29 September 2024
Directors
Farhad Nizar Mawani
Shazma Mawani
Company Number
10962676 (England and Wales)
Registered Office
130 HAYDONS ROAD
LONDON
SW19 1AE
ENGLAND
Accountants
Taxacc Solutions Ltd
117A St. Johns Hill
Sevenoaks
Kent
TN13 3PE
NRD Legacy Ltd
Statement of financial position
as at 29 September 2024
Investment property
750,000
750,000
Cash at bank and in hand
3,070
422,208
Creditors: amounts falling due within one year
(11,650)
(7,042)
Net current (liabilities)/assets
(8,580)
415,166
Total assets less current liabilities
741,420
1,168,916
Creditors: amounts falling due after more than one year
(670,232)
(1,113,516)
Called up share capital
100
100
Revaluation reserve
65,928
65,928
Profit and loss account
5,160
(10,628)
Shareholders' funds
71,188
55,400
For the year ending 29 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by
Farhad Nizar Mawani
Director
Company Registration No. 10962676
NRD Legacy Ltd
Notes to the Accounts
for the year ended 29 September 2024
NRD Legacy Ltd is a private company, limited by shares, registered in England and Wales, registration number 10962676. The registered office is 130 HAYDONS ROAD, LONDON, SW19 1AE, ENGLAND.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of land and buildings and certain financial assets and liabilities measured at fair value through profit or loss.
Functional and presentation currency
The company’s functional and presentation currency is the pound sterling.
Investment property, which is a property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting date. Changes in fair value are recognised in profit or loss.
Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is also recognised in other comprehensive income or directly in equity respectively.
Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Director(s) periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
NRD Legacy Ltd
Notes to the Accounts
for the year ended 29 September 2024
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Fixtures & fittings
25% SLM
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Revenue 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.
The company meets its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty over (a) the level of demand for the company’s products. (b) the availability of bank finance for the foreseeable future.
The current and future financial position of the Company, its cash flows and liquidity position has been reviewed by the directors. These have been prepared with a very prudent view of the likely gradual recovery in each of the Company's operating locations and have been stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Company to continue to trade during this period.
The company’s forecasts and projections, taking into account a severe but plausible change in trading performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore, continues to adopt the going concern basis in preparing its financial statements.
NRD Legacy Ltd
Notes to the Accounts
for the year ended 29 September 2024
4
Tangible fixed assets
Fixtures & fittings
At 30 September 2023
15,000
At 29 September 2024
15,000
At 30 September 2023
11,250
At 29 September 2024
15,000
At 29 September 2023
3,750
Fair value at 30 September 2023
750,000
At 29 September 2024
750,000
Investment property has been revalued as per market valuation.
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Creditors: amounts falling due within one year
2024
2023
Taxes and social security
5,338
755
Other creditors
2,308
2,307
Deferred income
3,500
3,500
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Creditors: amounts falling due after more than one year
2024
2023
Bank loans
399,050
399,050
Loans from directors
271,182
714,466
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Transactions with related parties
At the year end, the company owed £271,183.19, (2023 - £714,166) to the related parties. There is no interest paid on this outstanding loan.
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Average number of employees
During the year the average number of employees was 0 (2023: 0).