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Company Registration Number 01333551
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NLBP DEVELOPMENTS LIMITED (FORMERLY INGLEWOOD PROPERTIES LIMITED)
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UNAUDITED
FINANCIAL STATEMENTS
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NLBP DEVELOPMENTS LIMITED (FORMERLY INGLEWOOD PROPERTIES LIMITED)
REGISTERED NUMBER: 01333551
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 1
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NLBP DEVELOPMENTS LIMITED (FORMERLY INGLEWOOD PROPERTIES LIMITED)
REGISTERED NUMBER: 01333551
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2020
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Capital redemption reserve
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 11 form part of these financial statements.
Page 2
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NLBP DEVELOPMENTS LIMITED (FORMERLY INGLEWOOD PROPERTIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
NLBP Developments Limited (formerly Inglewood Properties Limited) is a private company limited by shares incorporated in England and Wales. The address of its registered office and the principal address of the business is Flusco House, Flusco, Penrith, Cumbria, CA11 0JA.
These accounts have been presented in pound sterling as this is the currency of the primary economic environment in which the company operates.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
Page 3
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NLBP DEVELOPMENTS LIMITED (FORMERLY INGLEWOOD PROPERTIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 4
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NLBP DEVELOPMENTS LIMITED (FORMERLY INGLEWOOD PROPERTIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of Financial Position date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 5
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NLBP DEVELOPMENTS LIMITED (FORMERLY INGLEWOOD PROPERTIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
The company only enters into basic financial instrument transactions 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 ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 6 (2019 - 6).
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Page 6
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NLBP DEVELOPMENTS LIMITED (FORMERLY INGLEWOOD PROPERTIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Transfers between classes
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On 31 March 2020, the majority of this company's assets were transferred up to the parent company Inglewood Properties Limited, company number 12526415, at cost. The revaluation reserves related to the transferred assets were reversed in these accounts.
On 31 March 2020 the retained assets were then revalued on an open market value basis for existing use by H&H Land and Property Limited.
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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Page 7
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NLBP DEVELOPMENTS LIMITED (FORMERLY INGLEWOOD PROPERTIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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1,000 £1 ordinary shares were held in NLBP Maintenance Company Ltd, a wholly owned subsidiary. This company was dissolved on 28 January 2020 and as such the investment is now zero.
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Due after more than one year
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Bank loans were secured by a fixed and floating charge over the company's assets.
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Page 8
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NLBP DEVELOPMENTS LIMITED (FORMERLY INGLEWOOD PROPERTIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Creditors: Amounts falling due after more than one year
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Bank loans were secured by a fixed and floating charge over the company's assets.
Bank loans repayable five years after the balance sheet date amount to £nil (2019 : £243,692).
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Silver Fields restoration
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Silver Fields restoration
This provision relates to restoration work required in respect of historical quarrying activities.. This contractual obligation has been transferred to the parent company.
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Page 9
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NLBP DEVELOPMENTS LIMITED (FORMERLY INGLEWOOD PROPERTIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Allotted, called up and fully paid
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223,947 (2019 - 223,947) Ordinary shares of £0.10 each
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NIl (2019 - 57,500) 10% Non Cumulative Preference shares of £0.10 each
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Nil (2019 - 20,000) 7% Cumulative Preference shares of £0.10 each
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The 10% non-cumulative preference shares were redeemed on 20 September 2019.
The company bought back and cancelled the 7% cumulative preference shares on 1 October 2019.
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Revaluation reserve
The revaluation reserve has arisen on the revaluation of freehold property.
Capital redemption reserve
The capital redemption reserve has arisen on the redemption of preference shares and the purchase of own shares.
Other reserves
The other reserves have arisen on the movement in fair value of the investment properties.
Profit and loss account
The profit and loss account reserve represents the company’s accumulated profits.
The company operates a defined contribution scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The pension cost charge represents contributions payable by the company to the fund and amounted to £3,940 (2019: £3,600).
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Transactions with directors
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At 31 March 2019, a director owed the company £53,610. During the year, the company made further advances of £61,882 and received repayments of £115,492 clearing the loan balance. Interest charged at the HMRC beneficial loan interest rate amounted to £53.
Page 10
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NLBP DEVELOPMENTS LIMITED (FORMERLY INGLEWOOD PROPERTIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Related party transactions
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During the year the directors each had a loan account with the company.
At 31 March 2019 the company owed the directors £39,603. During the year the company received further advances of £96,877 and made repayments of £136,480 clearing all the loan balances.
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The directors have considered the current global pandemic and its impact on the company. The directors have concluded that the company is highly unlikely to be adversely affected by COVID-19 and remains a going concern.
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Post Balance Sheet Events
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In July 2020, the company sold a parcel of land generating a profit of £166,000.
Also in July 2020, the company paid a dividend of £300,000.
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The parent company is Inglewood Properties Limited, a company incorporated in England and Wales, company number 12526415.
Page 11
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