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Registered number: 13231198
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Project Nicholas Limited
Financial statements
Information for filing with the registrar
31 December 2025
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Balance sheet
At 31 December 2025
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Creditors: amounts falling due within one year
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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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Provisions for liabilities
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1
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Balance sheet (continued)
At 31 December 2025
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 statement of comprehensive income 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 29 June 2026.
Registered number: 13231198
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the financial statements
Year ended 31 December 2025
Project Nicholas Limited ('the company') is a private company limited by shares, domiciled and registered in England and Wales. The address of the registered office is Time Central, 32 Gallowgate, Newcastle upon Tyne, NE1 4BF.
2.Accounting policies
The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' (FRS 102) and the Companies Act 2006.
The following principal accounting policies have been applied:
The company is reliant upon the support of the ultimate parent entity, Kitty Hawk Capital Partners V LP and its subsidiaries as sponsor to the financing arrangement for loans in the company. The directors are not aware of any reasons to suggest support would not be available for the foreseeable future.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Turnover represents rental income in relation to the period in which it is attributable. Turnover 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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax as appropriate.
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.
3
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Notes to the financial statements
Year ended 31 December 2025
2.Accounting policies (continued)
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.
Investment property is carried at fair value, determined annually and derived from the 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.
The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 4 (2023: 4).
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4
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Notes to the financial statements
Year ended 31 December 2025
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Freehold investment property
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No formal valuations were made in 2025. The directors' valuation was undertaken on an open market value for existing use basis. The directors are satisfied that the carrying value at the year end was consistent with their assessment of market value.
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Revaluation reserve (net of deferred tax)
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Net movement in properties
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Prepayments and accrued income
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5
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Notes to the financial statements
Year ended 31 December 2025
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Creditors: amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: amounts falling due after more than one year
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Related party transactions
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During the year the company paid amounts to an associated business in relation to management fees totalling £53,800 (2024: £56,296). At the balance sheet date, amounts of £188,398 (2024: £158,838) were outstanding and are included within trade creditors.
At the balance sheet date the company had outstanding loans from associated companies of £1,957,500 (2024: £1,957,500) with interest charged at 11% per annum. Interest charges in the year were £215,325 (2024: £212,986), with the total accrued and unpaid interest at the year end of £862,500 (2024: £647,175).
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The immediate parent of Project Nicholas Limited is MonuCap LLP, registered in England and Wales. MonuCap LLP held 100% of the issued share capital of Project Nicholas Limited at the year end date.
The ultimate parent company of Project Nicholas Limited is Kitty Hawk Capital Partners V LP, registered in Jersey.
6
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