Immingham Industrial Estates Limited - Accounts to registrar (filleted) - small 23.1.2
Immingham Industrial Estates Limited - Accounts to registrar (filleted) - small 23.1.2
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Immingham Industrial Estates Limited |
Immingham Industrial Estates Limited (Registered number: 01129170) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Immingham Industrial Estates Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Immingham Industrial Estates Limited (Registered number: 01129170) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Immingham Industrial Estates Limited (Registered number: 01129170) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Immingham Industrial Estates Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. The business is carried out from a site at Immingham. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover represents accrued rent excluding VAT and is recognised in the period to which it relates. |
Tangible fixed assets |
Plant and machinery | - |
Investment property |
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value each reporting date with changes in fair value recognised in profit or loss. |
The methods and significant assumptions used to ascertain the fair value for the year are as follows: |
- rental yield obtainable using market data and similar properties sold or on the market in the area. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
Immingham Industrial Estates Limited (Registered number: 01129170) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Revaluations | 4,201,074 |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2017 | 1,020,968 |
Valuation in 2018 | (10,000 | ) |
Valuation in 2019 | 128,655 |
Valuation in 2021 | (55,889 | ) |
Valuation in 2022 | (19,183 | ) |
Valuation in 2023 | 4,201,074 |
Cost | 7,254,000 |
12,519,625 |
If investment properties had not been revalued they would have been included at the following historical cost: |
31.3.23 | 31.3.22 |
£ | £ |
Cost | 7,254,000 | 7,254,000 |
Six investment properties were subject to valuation by PPH Commercial and Clark Weightman, the remaining investment properties were subject to valuation by Mr J Dibdin, a director who is not a professional qualified valuer, that has recent experience in the location and class of investment property being revalued. The methods and significant assumptions used to ascertain the fair value of £12,519,625 are as follows: |
- rental yield obtainable using market data and similar properties sold or on the market in the area. |
Immingham Industrial Estates Limited (Registered number: 01129170) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Other creditors |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Loan from Matt 6.3 Charitable | 4,678,443 | 3,962,807 |
The Trustees of the MATT 6.3 Charitable Trust have fixed and floating charges over the assets of the company as security in respect of the loan advanced. |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2022 |
Transfer of revaluation | 4,201,074 |
Transfer of deferred tax | (104,805 | ) |
At 31 March 2023 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
The Audit report was prepared in connection with the audit of the full annual accounts and directors' report. The Directors' report has not been filed. |
Immingham Industrial Estates Limited (Registered number: 01129170) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
12. | CONTINGENT LIABILITIES |
The company received grants of £1.2m in 2008 for the development of land and property. There is a condition relating to the grant stating that if the use of the land and property changes substantially from that stated in the grant agreement in the 20 year period after the grant was paid, any or all of the grant could become repayable. |
The directors are not aware of any change of use of the related land and buildings to the current date, that would trigger the repayment of the grant and this has been released to P&L. |
13. | RELATED PARTY DISCLOSURES |
Matt 6.3 Charitable Trust |
100% shareholder |
During the year, the Matt 6.3 Charitable Trust charged management charges to Immimgham Industrial Estates of £40,000 (2022: £40,000). |
During the year, the Matt 6.3 Charitable Trust also received donations from Immingham Industrial Estates Limited of £NIL (2022: £162,000). |
At the balance sheet date, there was a repayable on demand, owing to Matt 6.3 Charitable Trust of £4,528,443 (2022: £4,217,360). Interest is payable at 2% over Bank of England base rate. Interest payable for the year totalled £573,583 (2022: £92,553). |
John 14.2 Construction Limited |
100% subsidiary of Matt 6.3 Charitable Trust |
During the year, the company entered into the following transactions with John 14.2 Construction Limited |
2023 | 2022 |
£ | £ |
Purchases | 267,306 | 146,254 |
Management charges | 139,048 | 75,513 |
Loan from Immingham Industrial Estates Limited | 192,037 | 140,780 |
Trade creditors | - | 49,536 |
The loan is interest free and repayable on demand. |
Stallingborough Railfreight Distribution Limited |
Company in which Mr J Dibdin is a Director/Shareholder |
At the balance sheet date, there was an interest free loan, repayable on demand, owing from Stallingborough Railfreight Distribution Limited of £3,000 (2022: 3,000) |
T P Dibdin Limited |
Company in which Mr J Dibdin & Mrs C R Barnett are Directors. |
T P Dibdin Limited was placed into liquidation on 8 January 2020. |
During the year, the company entered into the following transactions with T P Dibdin Limited |
2023 | 2022 |
£ | £ |
Trade Creditors | - | 270,000 |
J & VA Dibdin Limited |
Company in which Mr J Dibdin is a Director/Shareholder |
During the year, the company entered into the following transactions with Immingham Port Storage Limited |
2023 | 2022 |
£ | £ |
Purchases | - | 37,661 |
Consultancy/management charges | 9,000 | 8,400 |
Commissions payable | - | - |
Loan to J & VA Dibdin Limited | 110,000 | 110,000 |
Trade creditors | - | 89,200 |
Trade debtors | - | - |
Immingham Industrial Estates Limited (Registered number: 01129170) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
14. | ULTIMATE CONTROLLING PARTY |
The controlling party is The Matt 6.3 Charitable Trust. |
The ultimate controlling party is |
The accounts for this company are included in the consolidated accounts prepared by the Matt 6.3 Charitable Trust, who's principal place of business is The Ice House, Victor Street, Grimsby, N E Lincolnshire, DN32 7QN. |
15. | GOING CONCERN |
The financial statements have been drawn up on a going concern basis. There is a large intercompany loan owed to the parent charity, The Matt 6.3 Charitable Trust, the use of going concern relies on the parent charity not calling in the loan, as the parent charity depends on Immingham Industrial Estates Limited for financial support there is no reason that it would call in the loan. Therefore the use of the going concern basis is considered to be appropriate. |