Company Registration No. 04647014 (England and Wales)
NEPTUNE PROPERTY DEVELOPMENTS (99 QUEENS ROAD) LIMITED
Unaudited accounts
for the year ended 31 December 2019
NEPTUNE PROPERTY DEVELOPMENTS (99 QUEENS ROAD) LIMITED
Unaudited accounts
Contents
NEPTUNE PROPERTY DEVELOPMENTS (99 QUEENS ROAD) LIMITED
Company Information
for the year ended 31 December 2019
Directors
Creighton Boyd
Patrick Heffron
Company Number
04647014 (England and Wales)
Registered Office
14 HOLYWELL ROW
LONDON
EC2A 4JB
Accountants
PGR Chartered Accountants
Unit 2 Channel Wharf
21 Old Channel Road
Belfast
Antrim
BT3 9DE
NEPTUNE PROPERTY DEVELOPMENTS (99 QUEENS ROAD) LIMITED
Statement of financial position
as at 31 December 2019
Investment property
2,382,901
3,000,000
Cash at bank and in hand
69,970
1,344
Creditors: amounts falling due within one year
(221,479)
(591,268)
Net current liabilities
(149,720)
(584,044)
Total assets less current liabilities
2,233,181
2,415,956
Creditors: amounts falling due after more than one year
(823,009)
(1,058,694)
Net assets
1,410,172
1,357,262
Called up share capital
100
100
Revaluation reserve
1,175,937
1,162,799
Profit and loss account
234,135
194,363
Shareholders' funds
1,410,172
1,357,262
For the year ending 31 December 2019 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 20 May 2020.
Creighton Boyd
Director
Company Registration No. 04647014
NEPTUNE PROPERTY DEVELOPMENTS (99 QUEENS ROAD) LIMITED
Notes to the Accounts
for the year ended 31 December 2019
NEPTUNE PROPERTY DEVELOPMENTS (99 QUEENS ROAD) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04647014. The registered office is 14 HOLYWELL ROW, LONDON, EC2A 4JB.
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 company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Cash Flow Statement because it is classified as a small company.
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
Investment property is measured at fair value with changes in fair value recognised in the Profit and Loss Account. Revalued investment properties are not depreciated or amortised.
Not depreciating or amortising property is a departure from the requirement of Company Law to provide depreciation on all fixed assets which have a limited useful life. However, these investment properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. If depreciation were to be provided it would be provided at a rate of 4% Straight line per annum on the revalued amount.
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Trade and Other Creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Taxation and Deferred Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
NEPTUNE PROPERTY DEVELOPMENTS (99 QUEENS ROAD) LIMITED
Notes to the Accounts
for the year ended 31 December 2019
The ordinary share capital of the company is presented as equity.
Fair value at 1 January 2019
3,000,000
Net gain from fair value adjustments
417,661
At 31 December 2019
2,382,901
Investment properties were revalued on 31 December 2019 on the basis of open market value.
6
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
24,562
29,567
Trade creditors
49,848
915
Amounts owed to group undertakings and other participating interests
-
559,449
Taxes and social security
12,793
557
7
Creditors: amounts falling due after more than one year
2019
2018
Bank loans
823,009
1,058,694
8
Transactions with related parties
Included in other creditors are amounts due from a related party which is under common control with the company of £33,377 (2018: £559,449).
Cash of £264,528 was received in the period. Payments totalling £790,600 were made during the period.
All amounts are repayable on demand.
Dividends of £310,000 were paid to Heffron Estates Limited and 4uatro Investments LLP during the period.
9
Average number of employees
During the year the average number of employees was 0 (2018: 0).
