NHB Investments Limited Filleted accounts for Companies House (small and micro)

NHB INVESTMENTS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 06217255

NHB Investments Limited

Filleted Unaudited Financial Statements

30 April 2019

NHB Investments Limited

Statement of Financial Position

30 April 2019

	2019	2018
Note	£	£

Current assets

Stocks		4,925,466	7,092,371
Debtors	4	1,540,501	23,827
Cash at bank and in hand		875,558	2,441,560
		------------	------------
		7,341,525	9,557,758

Creditors: amounts falling due within one year	5	2,594,255	4,425,124
		------------	------------
Net current assets		4,747,270	5,132,634
		------------	------------
Total assets less current liabilities		4,747,270	5,132,634

Creditors: amounts falling due after more than one year	6	2,222,948	3,831,254
		------------	------------
Net assets		2,524,322	1,301,380
		------------	------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	2,524,321	1,301,379
	------------	------------
Shareholders funds	2,524,322	1,301,380
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

NHB Investments Limited

Statement of Financial Position (continued)

30 April 2019

These financial statements were approved by the board of directors and authorised for issue on 18 November 2019 , and are signed on behalf of the board by:

J King	C J L Newman
Director	Director

Company registration number: 06217255

NHB Investments Limited

Notes to the Financial Statements

Year ended 30 April 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sterling House, 20 Victoria Way, Burgess Hill, West Sussex, RH15 9NF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Debtors

	2019	2018
	£	£
Trade debtors	–	22,439
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,540,501	1,388
	------------	--------
	1,540,501	23,827
	------------	--------

5. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	742	80,251
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,414,677	3,918,029
Corporation tax	177,396	179,052
Other creditors	1,440	247,792
	------------	------------
	2,594,255	4,425,124
	------------	------------

6. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	2,222,948	3,831,254
	------------	------------

The bank loans have been secured by charges over the company's assets.

7. Related party transactions

At 30th April 2019 the company owed Home Buyers UK Limited £2,095,849 (2018: £2,772,656) and this is included in creditors. Home Buyers UK Limited is controlled by J King and C Newman. At 30th April 2019 the company owed Momentum Homes Limited £316,379 (2018: £1,144,853) and this is included in creditors. Momentum Homes Limited is controlled by J King and C Newman. At 30th April 2019 the company owed Storage Land Limited £2,450 (2018: £520) and this is included in creditors. Storage Land Limited is controlled by J King and C Newman. At 30th April 2019 the company was owed £1,540,501 by Momentum Asset Management Limited (2018: £1,388) and this is included in debtors. Momentum Asset Management Limited is controlled by J King and C Newman. During the year the company was charged £41,974 + VAT (2018: £108,963 + VAT) for procurement fees by Momentum Asset Management Limited, a company controlled by J King and C Newman.

8. Controlling party

The company was controlled throughout the period by J King and C Newman by virtue of their holding of the ordinary shares of Home Buyers UK Limited.