NB Investments (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03050622 (England and Wales)

NB INVESTMENTS (UK) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S.D. Richardson

SECRETARY:

M.A. Richardson

REGISTERED OFFICE:

C/O Findlay Wetherfield Scott & Co.

135/137 Station Road,

Chingford,

London

E4 6AG

REGISTERED NUMBER:

03050622 (England and Wales)

ACCOUNTANTS:

Findlay, Wetherfield, Scott & Co.,

Chartered Accountants

135/137, Station Road,

Chingford,

London

E4 6AG

BANKERS:

Lloyds Bank plc

20 North Street

Bishop's Stortford

Hertfordshire

CM23 2LN

FIXED ASSETS

Tangible assets

4

1,904,803

2,277,971

CURRENT ASSETS

Stocks

1,657,715

925,459

Debtors

5

6,098

8,190

Cash at bank and in hand

161,726

823,171

1,825,539

1,756,820

CREDITORS

Amounts falling due within one year

6

1,251,200

1,565,580

NET CURRENT ASSETS

574,339

191,240

TOTAL ASSETS LESS CURRENT LIABILITIES

2,479,142

2,469,211

CREDITORS

Amounts falling due after more than one year

7

(698,818

)

(713,615

)

PROVISIONS FOR LIABILITIES

(98,830

)

(79,334

)

NET ASSETS

1,681,494

1,676,262

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

9

661,090

685,514

Retained earnings

1,020,304

990,648

SHAREHOLDERS' FUNDS

1,681,494

1,676,262

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director on 25th February 2019 and were signed by:

S.D. Richardson - Director

1.	STATUTORY INFORMATION

NB Investments (UK) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents the rent and service charges receivable from the letting of properties, together with the

income from the sale of development properties.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

not provided

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance and 10% on cost

Computer equipment

-

33% on cost

Freehold and long leasehold land and buildings are not depreciated. Properties are maintained to ensure that their

value does not diminish over time and the maintenance costs are charged to profit and loss in the year incurred.

In the opinion of the director, depreciation would be immaterial and has not been charged.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

In respect of any development projects, included within work in progress, where the majority of the development

has been completed an allowance has been made for any profit earned as at the balance sheet date.

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.

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.

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.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1st May 2017

2,185,000

10,846

118,495

4,555

2,318,896

Disposals

(360,000

)

-

-

-

(360,000

)

At 30th April 2018

1,825,000

10,846

118,495

4,555

1,958,896

DEPRECIATION

At 1st May 2017

-

10,846

27,023

3,056

40,925

Charge for year

-

-

12,418

750

13,168

At 30th April 2018

-

10,846

39,441

3,806

54,093

NET BOOK VALUE

At 30th April 2018

1,825,000

-

79,054

749

1,904,803

At 30th April 2017

2,185,000

-

91,472

1,499

2,277,971

Any properties subject to a long lease and nominal ground rent charges have been included within the heading of

freehold properties, as often the management company acting for the properties will also own the freehold on

behalf of all the lessees and if not the properties are held in a similar manner as those where the freehold is

owned.

Some of the company's freehold and long leasehold properties are the subject of legal charges in favour of the

lenders of the long term loans. As explained in Note 1, no depreciation has been provided on freehold and long

leasehold land and buildings.

Cost or valuation at 30th April 2018 is represented by:

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2010

89,052

-

-

-

89,052

Valuation in 2014

376,949

-

-

-

376,949

Valuation in 2015

160,000

-

-

-

160,000

Valuation in 2016

88,234

-

-

-

88,234

Valuation in 2017

40,000

-

-

-

40,000

Valuation in 2018

(4,179

)

-

-

-

(4,179

)

Cost

1,074,944

10,846

118,495

4,555

1,208,840

1,825,000

10,846

118,495

4,555

1,958,896

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

2018

2017

£

£

Cost

1,074,944

1,430,765

Value of land in freehold land and buildings

453,850

604,080

The freehold properties were valued on an open market basis on 30th April 2018 by S.D. Richardson, a director .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST OR VALUATION

At 1st May 2017

and 30th April 2018

13,995

DEPRECIATION

At 1st May 2017

6,123

Charge for year

1,968

At 30th April 2018

8,091

NET BOOK VALUE

At 30th April 2018

5,904

At 30th April 2017

7,872

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Taxes

3,563

5,114

Prepayments

2,535

3,076

6,098

8,190

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

12,889

368,415

Other loans

545,665

545,665

Hire purchase contracts

3,498

4,665

Corporation tax

9,971

4,189

Social security and other taxes

304

212

Other creditors

153,900

53,900

Rent deposits held and rents received in advance

895

8,996

Directors' current accounts

499,878

559,731

Accrued expenses

24,200

19,807

1,251,200

1,565,580

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 1-2 years

13,426

12,956

Bank loans - 2-5 years

43,722

42,191

Bank loan over 5 years

241,670

254,970

Directors loan account

400,000

400,000

Hire purchase contracts

-

3,498

698,818

713,615

The director has agreed not to withdraw the sum of £400,000 (2017 - £400,000) from the company for a period

of at least one year from the balance sheet date, or until company finances can permit.

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

311,707

678,532

Hire purchase contracts

3,498

8,163

315,205

686,695

The bank loans were secured against the company's freehold and development properties.

The hire purchase contract is secured against the relevant asset.

9.

RESERVES

Fair

value

reserve

£

At 1st May 2017

685,514

Revaluations in period

(24,424

)

At 30th April 2018

661,090

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the total owed by the company to the sole director, S.D. Richardson, amounted to

£899,878 (2017 - £959,731).

11.	RELATED PARTY DISCLOSURES

The controlling party are Mr. and Mrs. S.D.Richardson by virtue of having ownership of 100% of the issued

share capital in the company.

Dividends paid to the shareholders were as follows:

S.D. Richardson - £6,500 (2017 - £6,000)

M.A. Richardson - £6,500 (2017 - £6,000)