N&N Property Management Limited

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—6

1. General Information

N&N Property Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10543105 . The registered office is 27 Old Gloucester Street, London, WC1N 3AX.

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.

2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	25% (Reducing Balance Method)
Fixtures & Fittings	15% (Reducing Balance Method)
Computer Equipment	33.33% (Straight Line Method)

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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N&N Property Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was 6 (2023: 8)

4. Tangible Assets

	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	69,950	133,742	3,397	207,089
Additions	177,170	14,335	3,060	194,565

As at 31 December 2024	247,120	148,077	6,457	401,654

Depreciation
As at 1 January 2024	17,488	47,922	1,097	66,507
Provided during the period	36,221	-	667	36,888

As at 31 December 2024	53,709	47,922	1,764	103,395

Net Book Value
As at 31 December 2024	193,411	100,155	4,693	298,259

As at 1 January 2024	52,462	85,820	2,300	140,582

5. Investments

	Other
	£
Cost
As at 1 January 2024	339,547
Disposals	(78,528 )

As at 31 December 2024	261,019

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	261,019

As at 1 January 2024	339,547

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N&N Property Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	490,810	489,580
Prepayments and accrued income	6,369	2,929
Tenant deposits protected-DPS	37,329	47,232
Other related party loans	143,002	155,500
Related party loan - Eriemo Holdings Limited	261,617	106,786
Directors' loan accounts	66,813	-

	1,005,940	802,027
Due after more than one year
Related party loan - Eriemo estates	352,912	340,912

	1,358,852	1,142,939

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	11,862	2,080
Bank loans and overdrafts	2,026	-
Corporation tax	290,048	239,081
Other taxes, social security & pension liability	2,584	2,089
Loan to related part- N&N Construction Ltd	(12,398 )	6,097
Company credit card	43	5,553
Other creditors-tenant deposits collected	37,329	47,232
Accruals and deferred income	4,100	1,205
Directors' loan accounts	-	51,289

	335,594	354,626

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	196,889	57,169
Bounce Back Loan	15,000	25,000

	211,889	82,169

9. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Later than one year and not later than five years	196,889	57,169

10. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	2	2

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N&N Property Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

11. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr Nathan Eriemo	-	58,215	-	-	58,215
Mrs Natasha Eriemo	-	8,598	-	-	8,598

The above loan is unsecured, interest free and repayable on demand.

12. Related Party Transactions

The Company was owed the following amounts as of 31 December 2023:-

£352,912 from Eriemo Estates which is 50% owned by Mr N Eriemo and 50% by Mrs N Eriemo

£261,617 from Eriemo Holdings Ltd which is 50% owned by Mr N Eriemo and 50% by Mrs N Eriemo

£21,000 from Visionary Developments SN Ltd which is 50% owned by Mr N Eriemo

£57,750 from 4RW Ltd which is 50% owned by Mr N Eriemo

£38,000 from Maison Benie Ltd which is 50% owned by Mr N Eriemo

£25,352 from Young Visions Ltd which is 50% owned by Mr N Eriemo and 50% by Mrs N Eriemo

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		298,259		140,582
Investments	5		261,019		339,547

			559,278		480,129
CURRENT ASSETS
Debtors	6	1,358,852		1,142,939
Cash at bank and in hand		243,482		235,949

		1,602,334		1,378,888
Creditors: Amounts Falling Due Within One Year	7	(335,594 )		(354,626 )

NET CURRENT ASSETS (LIABILITIES)			1,266,740		1,024,262

TOTAL ASSETS LESS CURRENT LIABILITIES			1,826,018		1,504,391

Creditors: Amounts Falling Due After More Than One Year	8		(211,889 )		(82,169 )

NET ASSETS			1,614,129		1,422,222

CAPITAL AND RESERVES
Called up share capital	10		2		2
Income Statement			1,610,245		1,422,220

SHAREHOLDERS' FUNDS			1,610,247		1,422,222