NETE Properties Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 10208480

NETE Properties Limited

Filleted Unaudited Financial Statements

31 May 2025

NETE Properties Limited

Statement of Financial Position

31 May 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Tangible assets	6		10,836,951		10,839,768

Current assets

Debtors	7	1,283,764	1,274,425
Cash at bank and in hand		128,479	84,835
		------------	------------
		1,412,243	1,359,260

Creditors: amounts falling due within one year	8	332,373		370,957
		------------		------------
Net current assets			1,079,870		988,303
			-------------		-------------
Total assets less current liabilities			11,916,821		11,828,071

Creditors: amounts falling due after more than one year	9		6,990,614		6,990,614

Provisions

Taxation including deferred tax	2,097	2,141
	-------------	-------------
Net assets	4,924,110	4,835,316
	-------------	-------------

Capital and reserves

Called up share capital	10	4,524,602	4,524,602
Profit and loss account		399,508	310,714
		------------	------------
Shareholders funds		4,924,110	4,835,316
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2025 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

NETE Properties Limited

Statement of Financial Position (continued)

31 May 2025

These financial statements were approved by the board of directors and authorised for issue on 25 October 2025 , and are signed on behalf of the board by:

Neil Brown - Director

Company registration number: 10208480

NETE Properties Limited

Notes to the Financial Statements

Year ended 31 May 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Main Street, Coniston, Hull, East Yorkshire, HU11 4JR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Revenue recognition

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

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

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

Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).

5. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	55,322	43,659

Deferred tax:

Origination and reversal of timing differences	( 44)	( 713)
	--------	--------
Tax on profit	55,278	42,946
	--------	--------

6. Tangible assets

	Freehold property	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 June 2024 and 31 May 2025	10,828,500	43,859	11,762	10,884,121
	-------------	--------	--------	-------------
Depreciation
At 1 June 2024	–	36,054	8,299	44,353
Charge for the year	–	1,951	866	2,817
	-------------	--------	--------	-------------
At 31 May 2025	–	38,005	9,165	47,170
	-------------	--------	--------	-------------
Carrying amount
At 31 May 2025	10,828,500	5,854	2,597	10,836,951
	-------------	--------	--------	-------------
At 31 May 2024	10,828,500	7,805	3,463	10,839,768
	-------------	--------	--------	-------------

7. Debtors

	2025	2024
	£	£
Prepayments and accrued income	44,764	65,425
Amounts owed by associated companies	1,239,000	1,209,000
	------------	------------
	1,283,764	1,274,425
	------------	------------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	( 119)	–
Accruals and deferred income	1,675	7,070
Corporation tax	55,321	43,659
Social security and other taxes	1,712	1,703
Director loan accounts	273,784	318,525
	---------	---------
	332,373	370,957
	---------	---------

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	6,990,614	6,990,614
	------------	------------

The bank loans are secured on the freehold property of the company.

10. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	4,524,602	4,524,602	4,524,602	4,524,602
	------------	------------	------------	------------

11. Directors' advances, credits and guarantees

During the year there were no directors advances,credits and guarantees.

12. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
KTB Developments Limited	–	–	15,000	15,000
NETE Properties Commercial Limited	–	–	1,170,000	1,170,000
Hedon Park Limited	–	–	24,000	24,000
Tealby Hull Limited	30,000	–	30,000	–
	--------	----	------------	------------