REGISTERED NUMBER: 02171601 (England and Wales)

NAFGOLD PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs Y Gavriel

Mrs D Michaelides

Mr G Gavriel

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

02171601 (England and Wales)

ACCOUNTANTS:

Christiansons Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

FIXED ASSETS

Property, plant and equipment

4

1,027

1,284

Investment property

5

1,270,000

2,815,559

1,271,027

2,816,843

CURRENT ASSETS

Debtors

6

84,047

4,194

Cash at bank and in hand

11,564

18,289

95,611

22,483

CREDITORS

Amounts falling due within one year

7

500,994

177,957

NET CURRENT LIABILITIES

(405,383

)

(155,474

)

TOTAL ASSETS LESS CURRENT LIABILITIES

865,644

2,661,369

CREDITORS

Amounts falling due after more than one year

8

(1,920

)

(2,424

)

PROVISIONS FOR LIABILITIES

11

(272,294

)

(320,547

)

NET ASSETS

591,430

2,338,398

CAPITAL AND RESERVES

Called up share capital

12

80

80

Fair value reserve

13

454,089

1,951,395

Retained earnings

13

137,261

386,923

SHAREHOLDERS' FUNDS

591,430

2,338,398

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

Mrs Y Gavriel - Director

1.	STATUTORY INFORMATION

Nafgold Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. The company adopted FRS 102 1A in the current year and an explanation of how transition of FRS 102 1A has affected the reported financial position and performance is given in the notes.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Corporation tax

Significant judgement is required in determining the provision for corporation tax. There are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the corporation tax and deferred tax provisions in the period in which such determination is made.

Turnover

Turnover represents gross rents receivable. Turnover is recognised when rent becomes due under the lease agreement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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 measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 3 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

30,051

956

31,007

DEPRECIATION

At 1 April 2024

28,767

956

29,723

Charge for year

257

-

257

At 31 March 2025

29,024

956

29,980

NET BOOK VALUE

At 31 March 2025

1,027

-

1,027

At 31 March 2024

1,284

-

1,284

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

2,815,559

Disposals

(655,306

)

Revaluations

(890,253

)

At 31 March 2025

1,270,000

NET BOOK VALUE

At 31 March 2025

1,270,000

At 31 March 2024

2,815,559

Fair value at 31 March 2025 is represented by:

£

Valuation in 2016

812,612

Valuation in 2020

275,900

Valuation in 2022

83,495

Valuation in 2023

6,505

Cost

91,488

1,270,000

In the opinion of the directors the market value of the freehold properties as at the year end were not different from those shown in the accounts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

as restated

£

£

Other debtors

83,258

-

Prepayments and accrued income

789

4,194

84,047

4,194

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

as restated

£

£

Bank loans and overdrafts (see note 9)

229,812

-

Trade creditors

27,960

-

Tax

-

69,556

Social security and other taxes

47

46

Tenants' deposits

4,725

5,062

Directors' current accounts

233,650

96,598

Accruals and deferred income

600

695

Accrued expenses

4,200

6,000

500,994

177,957

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

as restated

£

£

Amounts owed to group undertakings

1,920

2,424

9.

LOANS

An analysis of the maturity of loans is given below:

31.3.25

31.3.24

as restated

£

£

Amounts falling due within one year or on demand:

Bank loans

229,812

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

as restated

£

£

Bank loans

229,812

-

The bank loans and overdrafts are secured by fixed and floating charges over the company's assets.

11.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

as restated

£

£

Deferred tax

272,294

320,547

Deferred

tax

£

Balance at 1 April 2024

320,547

Utilised during year

(48,253

)

Balance at 31 March 2025

272,294

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

as restated

£

£

80

Ordinary

£1

80

80

13.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2024

386,923

1,951,395

2,338,318

Deficit for the year

(249,662

)

(249,662

)

Revaluation reserve transfer

-

(1,497,306

)

(1,497,306

)

At 31 March 2025

137,261

454,089

591,350

14.	ULTIMATE CONTROLLING PARTY

The company is 100% subsidiary of EMG PROPERTIES LTD.

15.	SHARE EXCHANGE AND RECONSTRUCTIONS

On 7th May 2024, one of the company's properties was transferred to Magnum Avenue Properties Ltd under a scheme of re-construction in accordance with Section 138 & 139(5) TCGA 1992 and under reference CCT/8616/23/SM in exchange for shares held in Nafgold Properties Investments Ltd by the shareholder of EMG Properties Ltd.