N & I Holdings Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 09810149 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2023

FOR

N & I HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

I S Toot

SECRETARY:

Ms N K Toot

REGISTERED OFFICE:

2 The Links

Herne Bay

Kent

CT6 7GQ

BUSINESS ADDRESS:

Keele House

178 High Street

Ramsgate

Kent

CT11 9TS

REGISTERED NUMBER:

09810149 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

2 The Links

HERNE BAY

Kent

CT6 7GQ

FIXED ASSETS

Intangible assets

5

72,500

235,114

Tangible assets

6

59,311

69,988

Investments

7

265,622

300

Investment property

8

1,615,225

2,145,980

2,012,658

2,451,382

CURRENT ASSETS

Debtors

9

844,608

1,025,147

Cash at bank

365,885

59,458

1,210,493

1,084,605

CREDITORS

Amounts falling due within one year

10

475,617

627,050

NET CURRENT ASSETS

734,876

457,555

TOTAL ASSETS LESS CURRENT LIABILITIES

2,747,534

2,908,937

CREDITORS

Amounts falling due after more than one year

11

(904,207

)

(1,521,617

)

PROVISIONS FOR LIABILITIES

(67,906

)

(75,736

)

NET ASSETS

1,775,421

1,311,584

CAPITAL AND RESERVES

Called up share capital

13

100

100

Fair value reserve

14

241,453

341,632

Retained earnings

1,533,868

969,852

SHAREHOLDERS' FUNDS

1,775,421

1,311,584

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 15th June 2023 and were signed by:

I S Toot - Director

1.	STATUTORY INFORMATION

N & I Holdings 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about N & I Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amounts paid in connection with the acquisition of businesses in 2016, 2017 and 2018, is being amortised evenly over their estimated useful lives of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The Director has given due consideration to the current company trading operations and, as a result, the accounts are prepared on the going concern basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st February 2022

466,856

Disposals

(231,856

)

At 31st January 2023

235,000

AMORTISATION

At 1st February 2022

231,742

Amortisation for year

46,686

Eliminated on disposal

(115,928

)

At 31st January 2023

162,500

NET BOOK VALUE

At 31st January 2023

72,500

At 31st January 2022

235,114

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1st February 2022

60,041

78,090

138,131

Additions

-

57,090

57,090

Disposals

-

(78,090

)

(78,090

)

At 31st January 2023

60,041

57,090

117,131

DEPRECIATION

At 1st February 2022

42,397

25,746

68,143

Charge for year

3,529

16,128

19,657

Eliminated on disposal

-

(29,980

)

(29,980

)

At 31st January 2023

45,926

11,894

57,820

NET BOOK VALUE

At 31st January 2023

14,115

45,196

59,311

At 31st January 2022

17,644

52,344

69,988

7.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st February 2022

300

Additions

265,322

At 31st January 2023

265,622

NET BOOK VALUE

At 31st January 2023

265,622

At 31st January 2022

300

8.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st February 2022

2,145,980

Disposals

(593,385

)

Revaluations

62,630

At 31st January 2023

1,615,225

NET BOOK VALUE

At 31st January 2023

1,615,225

At 31st January 2022

2,145,980

The director has good knowledge of local property values and after due consideration of this, the freehold properties have been revalued based upon this experience of local property prices.

Had investment property not been revalued, it would be held at historic cost of £1,241,685.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed by group undertakings

24,968

-

Other debtors

819,640

1,025,147

844,608

1,025,147

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

148,757

178,274

Hire purchase contracts

9,040

17,533

Trade creditors

5,998

-

Amounts owed to group undertakings

96,898

175,767

Taxation and social security

205,624

128,067

Other creditors

9,300

127,409

475,617

627,050

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

869,927

1,485,777

Hire purchase contracts

31,781

35,840

Trade creditors

2,499

-

904,207

1,521,617

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

13,900

-

12.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Barclays Bank PLC

975,000

1,476,402

Barclays Bank plc hold a fixed charge over the investment properties held by the company.

In addition to the fixed charges, Barclays Bank plc also holds a fixed and floating charge over all other assets of the company.

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

14.

RESERVES

Fair

value

reserve

£

At 1st February 2022

341,632

Transfer from profit and loss

(100,179

)

At 31st January 2023

241,453

15.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st January 2023 and 31st January 2022:

2023

2022

£

£

I S Toot

Balance outstanding at start of year

(75,707

)

44,023

Amounts advanced

400,619

41,233

Amounts repaid

(197,020

)

(160,963

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

127,892

(75,707

)

16.	RELATED PARTY DISCLOSURES

Within other debtors are the following transactions:

£125,000, which has been loaned to Care Serve Holdings Ltd. A company in which Mr & Mrs Toot own a third of the issued share capital.

£50,000, which has been loaned to New Century Care (Ash) Ltd. A company in which Mr I Toot is a Director.

£299,909 which has been loaned to Anaya Assets Ltd. A company in which Mr I Toot owns 50% of the issued share capital.

£14,492 which has been loaned to N & I Investments Ltd. A company in which Mr I Toot owns 50% of the issued share capital.

Within other creditors are the following transactions:

£3,800 which has been loaned by 61 Godwin Road Freehold Ltd Ltd. A company in which Mr I Toot owns 50% of the issued share capital.