Registration number:
NSEA Property Services Limited
for the Year Ended 31 March 2025
NSEA Property Services Limited
Contents
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
NSEA Property Services Limited
(Registration number: 06992807)
Statement of Financial Position as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Profit and loss account |
1,009,266 |
861,581 |
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Shareholders' funds |
1,009,267 |
861,582 |
For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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NSEA Property Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is providing managed workspace for small business.
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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.
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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company and specific criteria have been met for each of the company's activities.
NSEA Property Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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Accounting policies (continued) |
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
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:
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Asset class |
Depreciation method and rate |
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Freehold property |
2% on costs (land not depreciated) |
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Fixtures and fittings |
25% reducing balance |
NSEA Property Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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Accounting policies (continued) |
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.
Investment property
Intangible assets
Intangible assets relate to separately acquired trademarks and licences and are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Patents, trademarks and licences |
10% straight line |
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
NSEA Property Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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Accounting policies (continued) |
Defined contribution pension obligation
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Financial instruments
Recognition and measurement
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
NSEA Property Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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Intangible assets |
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Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 April 2024 |
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At 31 March 2025 |
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Amortisation |
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At 1 April 2024 |
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Amortisation charge |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Tangible assets |
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Land and buildings |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 April 2024 |
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Additions |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Included within the cost of freehold land and buildings is £49,573 in respect of land which is not being depreciated.
NSEA Property Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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Investment properties |
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2025 |
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At 1 April |
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At 31 March |
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The investment property was revalued by the directors as at 31 March 2023.
The historical cost of the property is £3,408,645.
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Debtors |
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2025 |
2024 |
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Trade debtors |
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Prepayments |
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Accrued income |
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NSEA Property Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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Deferred income |
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Included within creditors: amounts falling due after more than one year is an amount of £100,146 (2024: £165,427) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan has an interest rate of 3.25% above Base and is due for repayment by 28 February 2034.
The bank loan is secured by way of a legal charge by Triodos Bank dated 22 July 2013 secured on all properties in which the company has an interest now or in the future, and the Company's present and future patents, trade marks, service marks, trade names, designs, copyrights, inventions, topographical or similar rights, confidential information and know-how and interest in any of these rights.
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Government grants |
The amount of grants recognised in the financial statements was £43,588 (2024 - £43,588).
NSEA Property Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of contingencies not included in the statement of financial position is £650,960 (2024 - £607,371). A grant, which in line with the company's accounting policies, is being amortised, was received from North Somerset for the purchase of land and for building the property. Should the property be sold the grant would potentially become repayable. A legal charge is registered on the property at Companies House for £2,179,414. As the grant is amortised an element is no longer provided for within the year end balance sheet.
The parent company North Somerset Enterprise Agency Limited has given an unlimited guarantee on behalf of NSEA Property Services Limited to Triodos Bank. This is in respect of all liabilities regarding NSEA Property Services Limited.
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Related party transactions |
The company's ultimate parent is North Somerset Enterprise Agency Limited, incorporated in the United Kingdom.