Company Registration No. 05347328 (England and Wales)
NEST PROPERTY DEVELOPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
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 - 8
NEST PROPERTY DEVELOPMENT LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2018
31 January 2018
- 1 -
2018
2017
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
32,416
16,612
Investment properties
5
5,875,684
4,690,862
5,908,100
4,707,474
Current assets
Debtors
6
30,495
119,846
Cash at bank and in hand
336,535
659,094
367,030
778,940
Creditors: amounts falling due within one year
7
(5,398,892)
(4,700,139)
Net current liabilities
(5,031,862)
(3,921,199)
Total assets less current liabilities
876,238
786,275
Provisions for liabilities
8
(80,000)
(95,156)
Net assets
796,238
691,119
Capital and reserves
Called up share capital
9
1
1
Revaluation reserve
361,606
420,015
Profit and loss reserves
434,631
271,103
Total equity
796,238
691,119
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 2018 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 2018
31 January 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 October 2018 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 2018
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2016
1
420,015
193,941
613,957
Year ended 31 January 2017:
Profit and total comprehensive income for the year
-
-
87,162
87,162
Dividends
-
-
(10,000)
(10,000)
Balance at 31 January 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
NEST PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
- 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.
In the prior year the investment property was reclassified to freehold property under the exemption available in FRS 102 where it was considered that the fair value of the properties could not be achieved without undue cost of effort.
However this exemption is removed under the amendments to FRS 102 - Triennial Review 2017 and therefore the company has early adopted the amendments and have classified the relevant properties as investment properties in the current year. The 2017 figures have also been restated to reflect the classification as investment properties.
1.2
Going concern
The
directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
1.3
Turnover
Turnover represents rents receivable excluding value added tax.
Turnover is recognised when rents become due.
1.4
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
.
NEST PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 5 -
1.5
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
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Debtors
Short term debtors are measured at transaction price, less impairment.
Creditors
Short term creditors are measured at the transaction price.
1.8
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.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority
.
2
Exceptional costs/(income)
2018
2017
£
£
Profit on sale of investment properties
(13,289)
(11,867)
NEST PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
4
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 1 February 2017
24,826
Additions
22,470
At 31 January 2018
47,296
Depreciation and impairment
At 1 February 2017
8,215
Depreciation charged in the year
6,665
At 31 January 2018
14,880
Carrying amount
At 31 January 2018
32,416
At 31 January 2017
16,612
5
Investment property
2018
£
Fair value
At 1 February 2017
4,690,862
Additions
1,479,822
Disposals
(295,000)
At 31 January 2018
5,875,684
Investment properties were revalued during the year ended 31 January 2015 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 2018.
NEST PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
5
Investment property
(Continued)
- 7 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2018
2017
£
£
Cost
5,434,078
4,178,847
Accumulated depreciation
-
-
Carrying amount
5,434,078
4,178,847
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
10,225
1,004
Other debtors
20,270
118,842
30,495
119,846
7
Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
35,651
17,300
Other creditors
5,363,241
4,682,839
5,398,892
4,700,139
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2018
2017
Balances:
£
£
Accelerated capital allowances
-
3,156
Revaluations
80,000
92,000
80,000
95,156
NEST PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
8
Deferred taxation
(Continued)
- 8 -
2018
Movements in the year:
£
Liability at 1 February 2017
95,156
Credit to profit or loss
(3,156)
Transfer on disposal
(12,000)
Liability at 31 January 2018
80,000
The net reversal of deferred tax liabilities expected to occur in the following reporting period is not deemed to be significant.
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary Shares of 10p each
1
1
1
1
10
Related party transactions
At 31 January 2018 there was an amount of £4,956,283 (2017: £4,273,934) due from the company to the directors. The loans are unsecured, interest fee and has no fixed repayment date.
2018-01-31
2017-02-01
false
CCH Software
CCH Accounts Production 2018.220
No description of principal activity
22 October 2018
Mrs L Leaver
Mr S J Leaver
Mr A D Leaver
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