Company Registration No. 05347328 (England and Wales)
NEST PROPERTY DEVELOPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
PAGES FOR FILING WITH REGISTRAR
NEST PROPERTY DEVELOPMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
NEST PROPERTY DEVELOPMENT LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2019
31 January 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
43,053
32,416
Investment properties
4
7,194,028
5,875,684
7,237,081
5,908,100
Current assets
Debtors
5
31,873
30,495
Cash at bank and in hand
504,259
336,535
536,132
367,030
Creditors: amounts falling due within one year
6
(6,593,049)
(5,398,892)
Net current liabilities
(6,056,917)
(5,031,862)
Total assets less current liabilities
1,180,164
876,238
Provisions for liabilities
7
(144,600)
(80,000)
Net assets
1,035,564
796,238
Capital and reserves
Called up share capital
8
1
1
Revaluation reserve
491,065
361,606
Profit and loss reserves
544,498
434,631
Total equity
1,035,564
796,238
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
NEST PROPERTY DEVELOPMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2019
31 January 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 October 2019 and are signed on its behalf by:
Mrs L Leaver
Director
Company Registration No. 05347328
NEST PROPERTY DEVELOPMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2019
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 February 2017
1
420,015
271,103
691,119
Year ended 31 January 2018:
Profit and total comprehensive income for the year
-
-
105,119
105,119
Transfers
-
(58,409)
58,409
-
Balance at 31 January 2018
1
361,606
434,631
796,238
Year ended 31 January 2019:
Profit and total comprehensive income for the year
-
-
239,326
239,326
Transfers
-
-
(129,459)
(129,459)
Other movements
-
129,459
-
129,459
Balance at 31 January 2019
1
491,065
544,498
1,035,564
NEST PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
- 4 -
1
Accounting policies
Company information
Nest Property Development Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Fullbrook House, Captains Lane, Barton under Needwood, Burton upon Trent, Staffordshire, DE13 8EZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
£ sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rents receivable excluding value added tax.
Turnover is recognised when rents become due.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment 25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
NEST PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 1 February 2018
47,297
Additions
28,608
At 31 January 2019
75,905
Depreciation and impairment
At 1 February 2018
14,880
Depreciation charged in the year
17,972
At 31 January 2019
32,852
Carrying amount
At 31 January 2019
43,053
At 31 January 2018
32,416
4
Investment property
2019
£
Fair value
At 1 February 2018
5,875,684
Additions
1,124,285
Revaluations
194,059
At 31 January 2019
7,194,028
Investment properties were revalued during the year ended 31 January 201
9
on the basis of open market value. The directors consider the carrying value of the properties to be reasonable as their fair value at 31 January 201
9
.
NEST PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 6 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
12,714
10,225
Other debtors
19,159
20,270
31,873
30,495
6
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
32,333
35,651
Other creditors
6,560,716
5,363,241
6,593,049
5,398,892
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2019
2018
Balances:
£
£
Revaluations
144,600
80,000
2019
Movements in the year:
£
Liability at 1 February 2018
80,000
Charge to profit or loss
15,200
Liability at 31 January 2019
95,200
The net reversal of deferred tax liabilities expected to occur in the following reporting period is not deemed to be significant.
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of 10p each
1
1
NEST PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
8
Called up share capital
(Continued)
- 7 -
9
Related party transactions
At 31 January 2019 there was an amount of £6,547,209 (2018: £4,956,283 ) due from the company to the directors. The loans are unsecured, interest fee and have no fixed repayment date.