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REGISTERED NUMBER:
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NOAH PROPERTIES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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REGISTERED NUMBER:
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NOAH PROPERTIES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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NOAH PROPERTIES LIMITED (REGISTERED NUMBER: 07923877) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 7 |
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NOAH PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
3 New Mill Court |
Swansea Enterprise Park |
Swansea |
SA7 9FG |
NOAH PROPERTIES LIMITED (REGISTERED NUMBER: 07923877) |
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BALANCE SHEET |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
NOAH PROPERTIES LIMITED (REGISTERED NUMBER: 07923877) |
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BALANCE SHEET - continued |
31 DECEMBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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NOAH PROPERTIES LIMITED (REGISTERED NUMBER: 07923877) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Noah Properties Limited is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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Monetary amounts in these financial statements are rounded to nearest £. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The presentation currency is sterling. |
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Turnover |
Turnover represents the rental income due for the accounting period from the company's investment |
properties. |
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Revenue recognition |
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Revenue in respect of rental income is recognised evenly over the period to which it relates. |
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Tangible fixed assets |
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Fixtures & Fittings - 20% per annum on a straight line basis. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from |
changes in fair value is recognised in profit or loss. |
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Financial instruments |
Basic financial assets which include trade and other debtors and cash and bank balances, are initially |
measured at transaction price unless the arrangement constitutes a financing transaction, where the |
transaction is measured at the present value of the future receipts discounted at a market rate of |
interest. |
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Basic financial liabilities, including trade, other creditors and loans, are initially recognised at |
transaction price unless the arrangement constitutes a financing transaction, where the debt |
instrument is measured at the present value of the future receipts discounted at a market rate of |
interest. |
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NOAH PROPERTIES LIMITED (REGISTERED NUMBER: 07923877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
The company has recorded a loss for the year and has net current liabilities at the balance sheet date. |
The company does however have overall net assets at the balance sheet date. |
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The directors have assessed the current financial position of the company and its likely future |
cashflows and as a consequence they have a reasonable expectation that the company has adequate |
resources to continue in operational existence for the foreseeable future. Accordingly,they continue to |
adopt the going concern basis in preparing the financial statements. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held |
under finance leases are depreciated over their estimated useful lives or the lease term, whichever is |
the shorter. |
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The interest element of these obligations is charged to the profit and loss account over the relevant |
period. The capital element of the future payments is treated as a liability. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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NOAH PROPERTIES LIMITED (REGISTERED NUMBER: 07923877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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5. | INVESTMENT PROPERTY |
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Investment property is carried at fair value. Revaluation surpluses are recognised in profit and loss and |
deferred tax is provided on these gains at the rate expected to apply on the date the investment |
property is sold. |
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Fair value at 31 December 2017 is represented by: |
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Valuation in 2015 |
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The investment properties were revalued by the directors on 31 December 2015. The directors |
consider that, given current market conditions, there has been no change in value over the financial |
year. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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NOAH PROPERTIES LIMITED (REGISTERED NUMBER: 07923877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more than 5 years |
by instalments | 98,573 | 101,539 |
98,573 | 101,539 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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The company's bank loan and overdraft facility are secured by legal charges dated 5 February 2013 |
and 5 August 2014 being fixed and floating charges over the company's assets in favour of Lloyds |
Bank PLC. |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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Included in investment property is a freehold property which is held in trust for the company by its
director Mr G Davies , and is subject to a mortgage collaterally secured by an endowment policy. |
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Included in other creditors is a
free and repayable on demand. |
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11. | POST BALANCE SHEET EVENTS |
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The property 5 Alice Place, Cwmaman was sold in August 2018 for £36,000. |
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12. | DISTRIBUTABLE RESERVES |
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As a result of the adoption of FRS 102 (Section 1A) in respect of revaluation of properties, the |
company has no distributable reserves. Non distributable reserves of £27,769 (2016 - £27,769) will not |
be available for distribution until the properties have been sold and an adjustment has been made for |
any profit or loss on sale. |