NPI (Kettering) Ltd - Period Ending 2020-03-31

NPI (Kettering) Ltd

Contents

Company Information	1
Balance Sheet	2
Statement of Changes in Equity	3
Notes to the Unaudited Financial Statements	4 to 8

NPI (Kettering) Ltd

Company Information

Directors

Mr B Spickernell Mr T Spickernell Mr M R Hayes

Registered office

The Forge Sutton Maddock Shifnal Shropshire TF11 9ND

Accountants

evirtualFD (Lee Turner) Ltd 8th Floor, Newater House 11 Newhall Street Birmingham West Midlands B3 3NY

NPI (Kettering) Ltd

(Registration number: 11031926)
Balance Sheet as at 31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	428	642
Investment property	5	1,612,320	1,612,320
		1,612,748	1,612,962
Current assets
Debtors	6	20,142	17,438
Creditors: Amounts falling due within one year	7	(919,112)	(883,040)
Net current liabilities		(898,970)	(865,602)
Net assets		713,778	747,360
Capital and reserves
Called up share capital	8	100	100
Revaluation reserve		478,623	478,623
Profit and loss account		235,055	268,637
Shareholders' funds		713,778	747,360

For the financial year ending 31 March 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 February 2021 and signed on its behalf by:
 

.........................................

Mr B Spickernell
Director

NPI (Kettering) Ltd

Statement of Changes in Equity for the Year Ended 31 March 2020

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 April 2019	100	478,623	268,637	747,360
Loss for the year	-	-	(33,582)	(33,582)
Total comprehensive income	-	-	(33,582)	(33,582)
At 31 March 2020	100	478,623	235,055	713,778

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 April 2018	100	160,069	24,687	184,856
Profit for the year	-	-	243,950	243,950
Other comprehensive income	-	318,554	-	318,554
Total comprehensive income	-	318,554	243,950	562,504
At 31 March 2019	100	478,623	268,637	747,360

NPI (Kettering) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Forge
Sutton Maddock
Shifnal
Shropshire
TF11 9ND

These financial statements were authorised for issue by the Board on 8 February 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis with the Directors having given due consideration to the potential impact of the Covid-19 pandemic. They are of the opinion that neither the Company's ability to trade nor the value of its assets will be significantly impaired.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

NPI (Kettering) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	33.3% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2019 - 3).

NPI (Kettering) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2019	1,265	1,265
At 31 March 2020	1,265	1,265
Depreciation
At 1 April 2019	623	623
Charge for the periodyear	214	214
At 31 March 2020	837	837
Carrying amount
At 31 March 2020	428	428
At 31 March 2019	642	642

5	Investment properties

	2020 £
At 1 April	1,612,320
At 31 March	1,612,320

The property has been valued by the directors with reference to current market conditions, specifically with regard to the potential impact of the Covid-19 pandemic. Although no formal valuation has been undertaken they are of the opinion that the financial statements give a fair reflection of its value at the date of signing and they are unaware of any specific issues which will significantly affect this in the foreseeable future.

6

Debtors

	2020 £	2019 £
Trade debtors	2,972	6,250
Prepayments	12,761	9,800
Other debtors	4,409	1,388
	20,142	17,438

NPI (Kettering) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

7

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Trade creditors		11,570	5,973
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	890,783	872,223
Taxation and social security		-	1,419
Accruals and deferred income		4,624	3,125
Other creditors		12,135	300
		919,112	883,040

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

	Revaluation reserve £	Total £
Surplus/(deficit) on property, plant and equipment revaluation	318,554	318,554

NPI (Kettering) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

10	Related party transactions

Summary of transactions with parent

Norton Property Investments Limited
 

Loans from related parties

2020	Parent £	Total £
At start of period	872,223	872,223
Advanced	18,560	18,560
At end of period	890,783	890,783

2019	Parent £	Total £
At start of period	1,511,631	1,511,631
Advanced	73,294	73,294
Repaid	(712,702)	(712,702)
At end of period	872,223	872,223

Terms of loans from related parties

A loan denominated in sterling has been provided interest free. The final payment being due by 31 March 2023. The loan is secured on freehold property owned by the Company, with a cross party guarantee in place between the Company, it's parent and the ultimate lender.
 

11	Parent and ultimate parent undertaking

The entity is a wholly owned subsidiary.

 The company's immediate parent is Norton Property Investments Ltd, incorporated in England.

  These financial statements are available upon request from
The Forge
Sutton Maddock
Shifnal
Shropshire
TF11 9ND