Immingham Industrial Estates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01129170 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Immingham Industrial Estates Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs C R Barnett

J Dibdin

SECRETARY:

I H Davey

REGISTERED OFFICE:

The Ice House

Victor Street

Grimsby

N E Lincolnshire

DN32 7QN

REGISTERED NUMBER:

01129170 (England and Wales)

FIXED ASSETS

Tangible assets

3

4,062

5,687

Investment property

4

6,254,000

6,704,000

6,258,062

6,709,687

CURRENT ASSETS

Debtors

5

715,178

919,782

Cash at bank

65,045

52,169

780,223

971,951

CREDITORS

Amounts falling due within one year

6

4,659,177

5,101,795

NET CURRENT LIABILITIES

(3,878,954

)

(4,129,844

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,379,108

2,579,843

CREDITORS

Amounts falling due after more than one year

7

(1,203,650

)

(1,373,828

)

PROVISIONS FOR LIABILITIES

(169,651

)

(166,660

)

NET ASSETS

1,005,807

1,039,355

CAPITAL AND RESERVES

Called up share capital

14

14

Fair value reserve

9

1,499,448

1,374,093

Retained earnings

(493,655

)

(334,752

)

SHAREHOLDERS' FUNDS

1,005,807

1,039,355

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 October 2019 and were signed on its behalf by:

J Dibdin - Director

1.	STATUTORY INFORMATION

Immingham Industrial Estates 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 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the

nearest pound. The business is carried out from a site at Immingham.

The significant accounting policies applied in the preparation of these financial statements are set out below. These

policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover represents accrued rent excluding VAT and is recognised in the period to which it relates.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value

each reporting date with changed in fair valued recognised in profit or loss.

The methods and significant assumptions used to ascertain the fair value for the year are as follows:

- rental yield obtainable using market data and similar properties sold or on the market in the area.

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.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2018

and 31 March 2019

6,500

DEPRECIATION

At 1 April 2018

813

Charge for year

1,625

At 31 March 2019

2,438

NET BOOK VALUE

At 31 March 2019

4,062

At 31 March 2018

5,687

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

6,704,000

Disposals

(450,000

)

At 31 March 2019

6,254,000

NET BOOK VALUE

At 31 March 2019

6,254,000

At 31 March 2018

6,704,000

Fair value at 31 March 2019 is represented by:

£

Valuation in 2017

1,020,968

Valuation in 2018

(10,000

)

Valuation in 2019

128,655

Cost

5,114,377

6,254,000

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

31.3.19

31.3.18

£

£

Cost

5,114,377

5,693,032

Three investment properties were subject to valuation by PPH Commercial and Clark Weightman, the remaining

investment properties were subject to valuation by Mr J Dibdin, a director who is not a professional qualified valuer, that

has recent experience in the location and class of investment property being revalued. The methods and significant

assumptions used to ascertain the fair value of £6,254,000 are as follows:

- rental yield obtainable using market data and similar properties sold or on the market in the area.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

204,170

68,905

Other debtors

511,008

850,877

715,178

919,782

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

17,719

242,438

Trade creditors

472,110

487,214

Taxation and social security

27,000

-

Other creditors

4,142,348

4,372,143

4,659,177

5,101,795

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans

74,415

-

Other creditors

1,129,235

1,373,828

1,203,650

1,373,828

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

92,134

242,438

Loan

-

4,192,686

92,134

4,435,124

The Trustees of the MATT 6.3 Charitable Trust have fixed and floating charges over the assets of the company as security

in respect of the loan advanced.

National Westminster Bank Plc have a Mortgage Debenture incorporating a fixed and floating charge over all the current

and future assets of the company. A first legal charge is also held over part of the Freehold Property of the company.

9.

RESERVES

Fair

value

reserve

£

At 1 April 2018

1,374,093

Transfer of deferred tax

(3,300

)

Transfer on sale of investment

128,655

At 31 March 2019

1,499,448

10.	RELATED PARTY DISCLOSURES

The accounts include the following transactions with related parties

31.3.19

31.3.18

£

£

Sales

23,000

-

Purchases

374,495

237,222

Loan interest payable

99,320

105,893

Bad debt provision

(4,836

)

140,950

Assets purchased

-

2,000

Other debtors

413,000

605,400

Trade creditors

323,800

358,575

Other creditors

4,110,999

4,322,379

Trade debtors

-

28,300

11.	ULTIMATE CONTROLLING PARTY

The ultimate parent company and controlling party is the MATT 6.3 Charitable Trust, a charity registered in England and

Wales.