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Registered number: 12730282 N&G PROPERTY GROUP LTD UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
N&G PROPERTY GROUP LTD REGISTERED NUMBER: 12730282 BALANCE SHEET AS AT 31 JULY 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 4 |  | 1,130,000 |  | 1,130,000
|  |  | 1,130,000 |  | 1,130,000
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 74 |  | - |
Cash at bank and in hand |  | 16,583 |  | 266 |
|  | 16,657 |  | 266 |
Creditors: amounts falling due within one year | 6 | (820,921) |  | (872,449) |
Net current liabilities |  |  | (804,264) |  | (872,183)
Total assets less current liabilities |  |  | 325,736 |  | 257,817
Creditors: amounts falling due after more than one year | 7 |  | (92,852) |  | -
Provisions for liabilities |  |  |  |  |
Deferred tax |  |  | (58,115) |  | (64,825)
Net assets |  |  | 174,769 |  | 192,992
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Investment property reserve | 9 |  | 197,650 |  | 197,650
Profit and loss account | 9 |  | (22,981) |  | (4,758)
|  |  | 174,769 |  | 192,992
Page 1
N&G PROPERTY GROUP LTD REGISTERED NUMBER: 12730282 BALANCE SHEET (CONTINUED) AS AT 31 JULY 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 April 2026.
G W Gardiner
Director
The notes on pages 5 to 9 form part of these financial statements. Page 2
N&G PROPERTY GROUP LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2024
| Called up share capital | Investment property revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 August 2023 | 100 | 197,650 | (4,758) | 192,992
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (18,223) | (18,223)
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | (18,223) | (18,223)
At 31 July 2024 | 100 | 197,650 | (22,981) | 174,769
| The notes on pages 5 to 9 form part of these financial statements.
Page 3
N&G PROPERTY GROUP LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2023
| Called up share capital | Investment property revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 August 2022 | 100 | 180,376 | 1,040 | 181,516
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 11,476 | 11,476
Transfer of gain on revaluation of investment property | - | - | (17,274) | (17,274)
Gain on revaluation of investment property | - | 17,274 | - | 17,274
Other comprehensive income for the year | - | 17,274 | (17,274) | -
Total comprehensive income for the year | - | 17,274 | (5,798) | 11,476
At 31 July 2023 | 100 | 197,650 | (4,758) | 192,992
| The notes on pages 5 to 9 form part of these financial statements.
Page 4
N&G PROPERTY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
1. | General information
The company is a private limited company, which is incorporated and registered in England (registration number: 06563413). The address of the registered office is 221 Nottingham Road, Oakham, Mansfield, Nottinghamshire, NG18 4SE. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
At the date of signing there is a degree of uncertainty about the economic impact of the cost of living and wider geo-political issues. The directors are monitoring the position closely, however they believe that the company will be able to continue with a reasonable level of activity and therefore have adopted the going concern basis.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.5 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 5
N&G PROPERTY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 2.Accounting policies (continued)
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.7 | Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. 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. Page 6
N&G PROPERTY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 2.Accounting policies (continued)
| 2.11 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2023 - 4).
4. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 August 2023 | 1,130,000
| At 31 July 2024 | 1,130,000
The 2024 valuations were made by the directors, on an open market value basis.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Historic cost | 866,468 | 866,468
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Prepayments and accrued income | 74 | -
|  | 74 | -
Page 7
N&G PROPERTY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 336,146 | 369,100
| Trade creditors | 27 | 2,700
| Other taxation and social security | 18 | 18
| Other creditors | 481,440 | 497,448
| Accruals and deferred income | 3,290 | 3,183
|  | 820,921 | 872,449
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 92,852 | -
|  | 92,852 | -
8. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 336,146 | 369,100
|  | 336,146 | 369,100
| Amounts falling due 1-2 years |  |
| Bank loans | 92,852 | -
|  | 92,852 | -
|  | 428,998 | 369,100
Page 8
N&G PROPERTY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
9. | Reserves
Investment property revaluation reserve The investment property revaluation reserve is not distributable, it contains unrealised gains and losses on the valuations of the investment properties. Profit and loss account The profit and loss reserve includes all current and prior retained profits and losses.
Page 9