Company Registration No. 03322074 (England and Wales)
Nazco Limited
Unaudited accounts
for the year ended 28 February 2018
Nazco Limited
Unaudited accounts
Contents
Nazco Limited
Company Information
for the year ended 28 February 2018
Directors
Miss L I Turner
Mr D I Turner
Company Number
03322074 (England and Wales)
Registered Office
Churchill House Suite 301
120 Bunns Lane Mill Hill
London
NW7 2AS
Accountants
Platts
Churchill House, Suite 112
120 Bunns Lane
Mill Hill
London
NW7 2AS
Nazco Limited
Statement of financial position
as at
28 February 2018
Investment property
1,217,439
950,000
Cash at bank and in hand
15,709
491,064
Creditors: amounts falling due within one year
(782,129)
(1,073,605)
Net current liabilities
(766,420)
(582,541)
Total assets less current liabilities
451,019
367,459
Creditors: amounts falling due after more than one year
(302,276)
(227,501)
Provisions for liabilities
Deferred tax
(9,156)
(9,156)
Net assets
139,587
130,802
Called up share capital
1
1
Revaluation reserve
37,498
37,498
Profit and loss account
102,088
93,303
Shareholders' funds
139,587
130,802
For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 27 December 2018.
Mr D I Turner
Director
Company Registration No. 03322074
Nazco Limited
Notes to the Accounts
for the year ended 28 February 2018
Nazco Limited is a private company, limited by shares, registered in England and Wales, registration number 03322074. The registered office is Churchill House Suite 301, 120 Bunns Lane Mill Hill, London, NW7 2AS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Investment property
2018
Fair value at 1 March 2017
950,000
At 28 February 2018
1,217,439
The directors consider there has been no change in the market value of the investment properties since the last balance sheet date.
Nazco Limited
Notes to the Accounts
for the year ended 28 February 2018
5
Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
93,937
-
Amounts owed to group undertakings and other participating interests
125,111
557,392
Other creditors
4,405
5,230
Loans from directors
554,956
509,663
6
Creditors: amounts falling due after more than one year
2018
2017
Bank loans
302,276
227,501
The bank loans are repayable in full after more than five years and the total bank loans are secured by a fixed and floating charge over the company's investment properties.
The directors have given personal guarantee on the bank loans of the company.
7
Share capital
2018
2017
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
8
Transactions with related parties
The directors hold the entire issued ordinary share capital of the company.
The amount owed to group undertakings detailed in note 5 is represented by an amount owed to Ranmoor Properties Limited, a company with common shareholders and directors and which is interest free and repayable on demand.
9
Average number of employees
During the year the average number of employees was 2 (2017: 2).