Neroche Properties Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 09325134

Neroche Properties Ltd

Filleted Unaudited Financial Statements

31 March 2025

Neroche Properties Ltd

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	5	20,000	20,000
Tangible assets	6	222,990	222,990
		---------	---------
		242,990	242,990

Current assets

Debtors	7	29,034	14,772
Investments	8	61,881	23,248
Cash at bank and in hand		25	11
		--------	--------
		90,940	38,031

Creditors: amounts falling due within one year	9	5,114	5,114
		--------	--------
Net current assets		85,826	32,917
		---------	---------
Total assets less current liabilities		328,816	275,907

Creditors: amounts falling due after more than one year	10	95,858	28,099
		---------	---------
Net assets		232,958	247,808
		---------	---------

Capital and reserves

Called up share capital	11	1,000	1,000
Profit and loss account		231,958	246,808
		---------	---------
Shareholders funds		232,958	247,808
		---------	---------

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 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Neroche Properties Ltd

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 16 December 2025 , and are signed on behalf of the board by:

Ms S A Mitchard
Director

Company registration number: 09325134

Neroche Properties Ltd

Notes to the Financial Statements

Year ended 31 March 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 Clarke Willmott LLP, Blackbrook Park Avenue, Taunton, TA1 2PG.

2. Statement of compliance

These financial statements have been prepared in accordance 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 revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable. Revenue from the sale of land is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, this will be on completion of the contract, 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. Revenue from field rent is recognised for the period that the rental covers. Revenue from the sale of options is recognised when the transaction has completed and the amount of revenue can be measured reliably.

Taxation

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.

Intangible assets

Intangible assets consistent of cryptocurrency and are initially recorded at cost, until the cryptocurrency denomination is deemed to have an active market. Under the revaluation model, an intangible asset shall be carried at a revalued amount, being its fair value at the date of revaluation less an subsequent accumulated amortisation and subsequent accumulated impairment losses provided that the fair value can be determined by reference to an active market. 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 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.

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:

	Equipment	-	33% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Deferred tax:

Origination and reversal of timing differences	766	2,992
	----	-------
Tax on profit	766	2,992
	----	-------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is the same as (2024: the same as) the standard rate of corporation tax in the UK of 19 % (2024: 19 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	4,031	15,747
	-------	--------
Profit on ordinary activities by rate of tax	766	2,992
	-------	--------

5. Intangible assets

	Cryptocurrency
	£
Cost
At 1 April 2024 and 31 March 2025	20,000
	--------
Amortisation
At 1 April 2024 and 31 March 2025	–
	--------
Carrying amount
At 31 March 2025	20,000
	--------
At 31 March 2024	20,000
	--------

The intangible asset has been valued to cost as at 31 March 2025. The Mickey tokens are now listed and traded on the DEX market however management has assessed that the market does not meet the definition of an active market and hence, carrying amount at 31 March 2025 remains at £20,000.

6. Tangible assets

	Freehold property	Equipment	Total
	£	£	£
Cost
At 1 April 2024 and 31 March 2025	222,990	992	223,982
	---------	----	---------
Depreciation
At 1 April 2024 and 31 March 2025	–	992	992
	---------	----	---------
Carrying amount
At 31 March 2025	222,990	–	222,990
	---------	----	---------
At 31 March 2024	222,990	–	222,990
	---------	----	---------

The freehold property is land held for its investment potential. Included within this total is: A piece of land with development potential for affordable housing as a significant unmet housing need has been identified in the area. The land was revalued by the director at 31 March 2022 to reflect it's fair value, and the director considers that this value remains appropriate at 31 March 2025. The carrying amount that would have been recognised had the land been measured using the cost model would be £74,341. A piece of land that has been revalued by the director as at 31 March 2023 to reflect it's fair value, and the director considers that this value remains appropriate at 31 March 2025. The carrying amount that would have been recognised had the land been measured using the cost model would be £88,649. The equipment included in the tangible assets note has been fully depreciated as at 31 March 2021. The original cost of the equipment was £992, and accumulated depreciation equals £992, resulting in a net book value of £nil. In accordance with the company’s accounting policy, the equipment continues to be used in the company’s operations and has not been disposed of.

7. Debtors

	2025	2024
	£	£
Other debtors	29,034	14,772
	--------	--------

Included within debtors is a deferred tax asset valued at £13,906. Also included is an amount of £4,327(2024: £9,431 credit) due from the director. Refer to Note Director's advances, credits and guarantees for further analysis.

8. Investments

	2025	2024
	£	£
Investment in options	61,881	23,248
	--------	--------

The investment in options at the year end represents a cash holding only. The fair value of this investment is the same as it's original cost.

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	3,554	3,554
Other creditors	1,560	1,560
	-------	-------
	5,114	5,114
	-------	-------

Included in creditors due within one year is a Coronavirus Bounce Back loan which is secured under the Government Scheme .

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

	2025	2024
	£	£
Bank loans and overdrafts	15,114	18,668
Other creditors	80,744	9,431
	--------	--------
	95,858	28,099
	--------	--------

Included in creditors due after one year is a Coronavirus Bounce Back loan which is secured under the Government Scheme. The total outstanding balance is £18,668, which will be repaid over the remaining term of the loan. Based on the current balance, estimated annual instalments would be approximately £3,734.

11. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

12. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Ms S A Mitchard	9,431	( 15,590)	1,832	( 4,327)
	-------	--------	-------	-------

	2024
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Ms S A Mitchard	18,517	( 9,086)	–	9,431
	--------	-------	----	-------

13. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2024: 1)