Elizabeth Estates (NWB) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02667294 (England and Wales)

Financial Statements

for the Year Ended 31 January 2021

for

Elizabeth Estates (NWB) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A L Cattermole

REGISTERED OFFICE:

Merchant House

33 Fore Street

Ipswich

Suffolk

IP4 1JL

REGISTERED NUMBER:

02667294 (England and Wales)

AUDITORS:

Mudd Partners LLP

Statutory Auditors

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

FIXED ASSETS

Tangible assets

4

251,637

283,462

Investment property

5

13,685,000

13,577,281

13,936,637

13,860,743

CURRENT ASSETS

Debtors

6

5,835,429

4,832,423

Cash at bank

305,750

265,336

6,141,179

5,097,759

CREDITORS

Amounts falling due within one year

7

7,170,230

6,310,257

NET CURRENT LIABILITIES

(1,029,051

)

(1,212,498

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,907,586

12,648,245

CREDITORS

Amounts falling due after more than one year

8

(4,841,564

)

(4,899,144

)

PROVISIONS FOR LIABILITIES

(980,147

)

(945,947

)

NET ASSETS

7,085,875

6,803,154

CAPITAL AND RESERVES

Called up share capital

11

100

100

Revaluation reserve

12

131,177

156,177

Fair value reserve

12

4,762,698

4,637,506

Retained earnings

12

2,191,900

2,009,371

SHAREHOLDERS' FUNDS

7,085,875

6,803,154

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 director and authorised for issue on 20 July 2021 and were signed by:

A L Cattermole - Director

1.	STATUTORY INFORMATION

Elizabeth Estates (NWB) 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.

Turnover

Turnover is measured at the fair value of the rent and services consideration received or receivable net of VAT and trade discounts.

Where a premium is charged on the granting of a lease, such income is taken to the profit and loss account over the expected length of the lease.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Any revaluation gains or losses are recognised in other comprehensive income. Revaluations shall be made with sufficiently regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

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.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST OR VALUATION

At 1 February 2020

375,000

Revaluations

(25,000

)

At 31 January 2021

350,000

DEPRECIATION

At 1 February 2020

91,538

Charge for year

6,825

At 31 January 2021

98,363

NET BOOK VALUE

At 31 January 2021

251,637

At 31 January 2020

283,462

Cost or valuation at 31 January 2021 is represented by:

Land and

buildings

£

Valuation in 2021

350,000

If freehold property had not been revalued it would have been included at the following historical cost:

31.1.21

31.1.20

£

£

Cost

215,311

215,311

Aggregate depreciation

51,675

61,362

The freehold properties were revalued on a fair value basis at 31 January 2021 by Countrywide Chartered Surveyors.

Revaluation losses of £25,000 (2020: £Nil) have been included in profit and loss for the year and subsequently transferred from the fair value reserve.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2020

13,577,281

Disposals

(76,000

)

Revaluations

183,719

At 31 January 2021

13,685,000

NET BOOK VALUE

At 31 January 2021

13,685,000

At 31 January 2020

13,577,281

Included in investment properties are £12,125,000 (2020: £11,862,935) which are pledged as security for liabilities.

Fair value at 31 January 2021 is represented by:

£

Valuation in 2021

13,685,000

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

31.1.21

31.1.20

£

£

Cost

4,630,290

4,685,290

The investment properties were revalued on a fair value basis at 31 January 2021 by Countrywide Chartered Surveyors.

Revaluation gains of £183,719 (2020: losses £33,000) have been included in profit and loss for the year and subsequently transferred to the fair value reserve.

6.

DEBTORS

31.1.21

31.1.20

£

£

Amounts falling due within one year:

Trade debtors

245,418

152,534

Amounts owed by group undertakings

77,328

83,737

Other debtors

4,707,735

3,796,152

5,030,481

4,032,423

31.1.21

31.1.20

£

£

Amounts falling due after more than one year:

Other debtors

804,948

800,000

Aggregate amounts

5,835,429

4,832,423

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Bank loans and overdrafts (see note 9)

154,761

137,181

Amounts owed to group undertakings

6,531,016

5,638,103

Taxation and social security

367,377

209,245

Other creditors

117,076

325,728

7,170,230

6,310,257

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.21

31.1.20

£

£

Bank loans (see note 9)

4,841,564

4,899,144

9.

LOANS

An analysis of the maturity of loans is given below:

31.1.21

31.1.20

£

£

Amounts falling due within one year or on demand:

Bank loans

154,761

137,181

Amounts falling due between one and two years:

Bank loans - 1-2 years

317,262

315,024

Amounts falling due between two and five years:

Bank loans - 2-5 years

4,524,302

4,584,120

Loan has a total balance due at the balance sheet date of £4,996,325 (2020: £5,036,325). The loan term has been renewed for five years with a new maturity date of 30 April 2026. The new interest rate applied to the loan is at a margin of 3% fixed for a fixed rate period, changing to a floating rate at the end of this period. The loan is interest only with interest payments made quarterly and a capital repayable at the end of the term. Interest in the year on this loan amounted to £159,078 (2020: £191,989). Loan is part of a loan covenant group with another group entity loan amounting to £810,725.

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.21

31.1.20

£

£

Bank loans

4,996,325

5,036,325

Bank loans are secured against a majority of the company's investment properties.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.21

31.1.20

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Fair

Retained

Revaluation

value

earnings

reserve

reserve

Totals

£

£

£

£

At 1 February 2020

2,009,371

156,177

4,637,506

6,803,054

Profit for the year

642,721

-

-

642,721

Dividends

(360,000

)

-

-

(360,000

)

Transfer

(114,693

)

(25,000

)

139,693

-

Reclassification

14,501

-

(14,501

)

-

At 31 January 2021

2,191,900

131,177

4,762,698

7,085,775

Fair value reserve relates to investment property revaluations, shown net of deferred tax.

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jeffrey Stanley (Senior Statutory Auditor)

for and on behalf of Mudd Partners LLP

14.	PARENT UNDERTAKING

The parent undertaking is Elizabeth Holdings Plc. The parent undertaking shares its registered office with the company.

Copies of the group accounts can be obtained at Companies House, Cardiff, CF14 3UZ.

15.	LOANS TO PARTICIPATORS

Included in other debtors are loans to the ultimate beneficial owner amounting to £2,082,236 (2020: £1,365,932). Interest was charged on this loan at the HMRC approved rate. No other terms have been attached to the loan.