Nexus (West London) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05048597 (England and Wales)

NEXUS (WEST LONDON) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

3

3

Investment property

5

3,095,000

3,038,429

3,095,003

3,038,432

CURRENT ASSETS

Debtors

6

361,825

326,697

Cash at bank

13,980

13,791

375,805

340,488

CREDITORS

Amounts falling due within one year

7

46,243

91,084

NET CURRENT ASSETS

329,562

249,404

TOTAL ASSETS LESS CURRENT LIABILITIES

3,424,565

3,287,836

CREDITORS

Amounts falling due after more than one year

8

(1,742,942

)

(1,755,231

)

PROVISIONS FOR LIABILITIES

(56,736

)

(45,988

)

NET ASSETS

1,624,887

1,486,617

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

10

567,770

521,948

Retained earnings

1,056,117

963,669

SHAREHOLDERS' FUNDS

1,624,887

1,486,617

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 January 2021 and were signed by:

Mr F J North - Director

1.	STATUTORY INFORMATION

Nexus (West London) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

05048597

Registered office:

71 Knowl Piece

Wilbury Way

Hitchin

Herts

SG4 0TY

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover

Turnover consists of fees receivable for the management of let properties and rent receivable from the tenants of the Company's own properties.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

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.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 May 2019

and 30 April 2020

1,581

DEPRECIATION

At 1 May 2019

and 30 April 2020

1,578

NET BOOK VALUE

At 30 April 2020

3

At 30 April 2019

3

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2019

3,038,429

Revaluations

56,571

At 30 April 2020

3,095,000

NET BOOK VALUE

At 30 April 2020

3,095,000

At 30 April 2019

3,038,429

Fair value at 30 April 2020 is represented by:

£

Valuation in 2020

56,571

Valuation in 2019

(195,000

)

Valuation in 2017

20,000

Valuation in 2016

113,120

Valuation in 2015

304,363

Valuation in 2014

208,000

Valuation in 2012

(21,976

)

Valuation in 2011

65,000

Valuation in 2010

(139,763

)

Valuation in 2009

214,192

Cost

2,470,493

3,095,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2020

2019

£

£

Cost

2,470,493

2,470,493

The investment properties were valued on an open market basis on 30 April 2020 by the directors .

The figure shown for the valuation year 2009, is a cumulative figure for valuations commencing from the year 2008 to 2009.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,320

-

Amounts owed by group undertakings

162

162

Other debtors

360,343

326,535

361,825

326,697

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

2,682

-

Taxation and social security

22,224

26,488

Other creditors

21,337

64,596

46,243

91,084

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

1,742,942

1,755,231

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

1,742,942

1,755,231

The loans are secured by way of a fixed and floating charge over the investment properties.

10.

RESERVES

Fair

value

reserve

£

At 1 May 2019

521,948

Tfr from revaluation reserve

56,570

Deferred tax adjustment

(10,748

)

At 30 April 2020

567,770

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2020 and 30 April 2019:

2020

2019

£

£

Mr F J North

Balance outstanding at start of year

(41,598

)

328,522

Amounts advanced

98,430

119,534

Amounts repaid

(2,000

)

(489,654

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

54,832

(41,598

)

During the year the company provided management services to Mr F J North, for his personal properties amounting to £84,800 (2019: £84,800).

During the year interest was paid amounting to £299 (2019: £684) in respect of the director's loan account.

Interest is charged at the official rate on a monthly basis and there are no repayment terms.

Dividends were paid to the directors' during the year totalling £2,000 (2019: £2,000).

12.	RELATED PARTY DISCLOSURES

Nexus Property Development (West London) Limited

A company in which Mr F J North is a director and joint shareholder.

Amounts due from related party at the balance sheet date is £162 (2019: £162).

This loan is unsecured, there is no interest payable and there are no agreed repayment terms.