Nigel Palmer Properties Limited

Nigel Palmer Properties Limited

NIGEL PALMER PROPERTIES LIMITED - Company Information

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Company Registration No. 05677393 (England and Wales)
Nigel Palmer Properties Limited Unaudited accounts for the year ended 30 April 2023
Nigel Palmer Properties Limited Unaudited accounts Contents
Page
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Nigel Palmer Properties Limited Company Information for the year ended 30 April 2023
Directors
K Yorke T P Nash A J Wallis R L Reader
Company Number
05677393 (England and Wales)
Registered Office
The Old Stables, East Lenham Farm Ashford Road, Lenham Maidstone Kent ME17 2DP
Accountants
Wiggins & Co, Chartered Accountants The Old Stables, East Lenham Farm Ashford Road, Lenham Maidstone Kent ME17 2DP
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Nigel Palmer Properties Limited Accountants' report
Accountants' report to the board of directors of Nigel Palmer Properties Limited on the preparation of the unaudited statutory accounts for the year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Nigel Palmer Properties Limited for the year ended 30 April 2023 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Nigel Palmer Properties Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Nigel Palmer Properties Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nigel Palmer Properties Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Nigel Palmer Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Nigel Palmer Properties Limited. You consider that Nigel Palmer Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Nigel Palmer Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Wiggins & Co, Chartered Accountants The Old Stables, East Lenham Farm Ashford Road, Lenham Maidstone Kent ME17 2DP 9 August 2023
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Nigel Palmer Properties Limited Statement of financial position as at 30 April 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
1,108,915 
1,108,915 
Current assets
Debtors
5
217,500 
217,500 
Cash at bank and in hand
12,024 
13,024 
229,524 
230,524 
Creditors: amounts falling due within one year
6
(82,896)
(82,707)
Net current assets
146,628 
147,817 
Total assets less current liabilities
1,255,543 
1,256,732 
Creditors: amounts falling due after more than one year
7
(255,720)
(298,078)
Net assets
999,823 
958,654 
Capital and reserves
Called up share capital
8
770 
770 
Profit and loss account
999,053 
957,884 
Shareholders' funds
999,823 
958,654 
For the year ending 30 April 2023 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.
The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2023 and were signed on its behalf by
A J Wallis Director Company Registration No. 05677393
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Nigel Palmer Properties Limited Notes to the Accounts for the year ended 30 April 2023
1
Statutory information
Nigel Palmer Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 05677393. The registered office is The Old Stables, East Lenham Farm, Ashford Road, Lenham, Maidstone, Kent, ME17 2DP.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the rental income received.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
No depreciation is being charged as the current value of the Freehold exceeds the cost.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Consolidation
The company is now a wholly owned subsidiary of Maiford MBO Ltd forming part of a small group. The group has taken advantage of the exemption provided by section 383(4) of the Companies Act 2006 not to prepare group accounts.
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Nigel Palmer Properties Limited Notes to the Accounts for the year ended 30 April 2023
4
Tangible fixed assets
Land & buildings 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 May 2022
1,108,565 
350 
1,108,915 
At 30 April 2023
1,108,565 
350 
1,108,915 
Depreciation
At 30 April 2023
- 
- 
- 
Net book value
At 30 April 2023
1,108,565 
350 
1,108,915 
At 30 April 2022
1,108,565 
350 
1,108,915 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Amounts due from group undertakings etc.
217,500 
217,500 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
42,799 
43,240 
Amounts owed to group undertakings and other participating interests
22,529 
16,232 
Taxes and social security
14,260 
20,182 
Other creditors
2,558 
2,303 
Loans from directors
750 
750 
82,896 
82,707 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
255,720 
298,078 
The bank loans are secured by a mortgage over the freehold property.
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
770 'A' Ordinary shares of £1 each
770 
770 
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Nigel Palmer Properties Limited Notes to the Accounts for the year ended 30 April 2023
9
Transactions with related parties
Control The Directors control the company, by virtue of their shareholdings as disclosed in the Directors Report. Commercial Transactions The Freehold Property is let at open market value to Maiford Ltd, a wholly owned subsidiary of Maiford Trading Ltd. Maiford Trading Ltd is a subsidiary of Maiford MBO Ltd which is owned by A J Wallis Esq and R L Reader Esq. Funds have been advanced as intercompany loans by Maiford Ltd . The balances outstanding at 30th April 2023 are:- Maiford Ltd £22,529 (2022 - £16,232) Balance outstanding 2023 - £195,000 ( 2022 - £195,000) There is no fixed term for repayment for repayment, and no interest is being charged.
10
Average number of employees
During the year the average number of employees was 4 (2022: 5).
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