Company Registration No. 05347328 (England and Wales)
NEST PROPERTY DEVELOPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
NEST PROPERTY DEVELOPMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
NEST PROPERTY DEVELOPMENT LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,066
17,529
Investment properties
4
7,473,320
7,473,320
7,476,386
7,490,849
Current assets
Debtors
5
22,738
30,320
Cash at bank and in hand
302,946
431,323
325,684
461,643
Creditors: amounts falling due within one year
6
(6,190,408)
(6,485,810)
Net current liabilities
(5,864,724)
(6,024,167)
Total assets less current liabilities
1,611,662
1,466,682
Provisions for liabilities
7
(81,697)
(81,697)
Net assets
1,529,965
1,384,985
Capital and reserves
Called up share capital
8
1
1
Revaluation reserve
9
553,968
553,968
Profit and loss reserves
975,996
831,016
Total equity
1,529,965
1,384,985
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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 2022
31 January 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 21 October 2022
Mrs L Leaver
Director
Company Registration No. 05347328
NEST PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 3 -
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 2022
1
Accounting policies
(Continued)
- 4 -
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:
2022
2021
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and Fittings
£
Cost or valuation
At 1 February 2021 and 31 January 2022
84,538
Depreciation and impairment
At 1 February 2021
67,009
Depreciation charged in the year
14,463
At 31 January 2022
81,472
Carrying amount
At 31 January 2022
3,066
At 31 January 2021
17,529
4
Investment property
2022
£
Fair value
At 1 February 2021 and 31 January 2022
7,473,320
Investment properties were revalued during the year ended 31 January 20
19
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 20
22
.
NEST PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 5 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
14,215
21,551
Other debtors
8,523
8,769
22,738
30,320
6
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
37,400
32,747
Other creditors
6,153,008
6,453,063
6,190,408
6,485,810
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Revaluations
81,697
81,697
2022
Movements in the year:
£
Liability at 1 February 2021
81,697
Charge to profit or loss
2,462
Liability at 31 January 2022
84,159
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
2022
2021
£
£
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 2022
- 6 -
9
Revaluation reserve
2022
2021
£
£
At the beginning of the year
553,968
556,430
Other movements
-
(2,462)
At the end of the year
553,968
553,968
10
Related party transactions
At 31 January 2022 there was an amount of £6,118,558 (2021 : £6,418,558 ) due from the company to the director. The loans are unsecured, interest fee and have no fixed repayment date.