NEEB Holdings Ltd Filleted accounts for Companies House (small and micro)

NEEB HOLDINGS LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 625529

NEEB Holdings Ltd

Filleted Unaudited Financial Statements

For the Year Ended

31 March 2023

NEEB Holdings Ltd

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed Assets

Tangible assets	5	32,682,062	27,866,359
Investments	6	6,742,503	6,674,217
		--------------	--------------
		39,424,565	34,540,576

Current Assets

Stocks		669,976	1,049,916
Debtors	8	256,959	5,629,330
Cash at bank and in hand		1,641,566	2,649,663
		-------------	-------------
		2,568,501	9,328,909

Creditors: amounts falling due within one year	9	3,507,844		5,680,623
		-------------		-------------
Net Current (Liabilities)/Assets			( 939,343)	3,648,286
			--------------	--------------
Total Assets Less Current Liabilities			38,485,222	38,188,862

Creditors: amounts falling due after more than one year	10		4,250,000	4,583,333

Provisions

Taxation including deferred tax	373,566	363,892
	--------------	--------------
Net Assets	33,861,656	33,241,637
	--------------	--------------

NEEB Holdings Ltd

Statement of Financial Position (continued)

31 March 2023

	2023		2022
Note	£	£	£

Capital and Reserves

Called up share capital	11	43,745	43,745
Non-distributable reserve	12	4,323,442	3,822,442
Capital redemption reserve	12	6,255	6,255
Other reserves	12	600	600
Profit and loss account	12	29,487,614	29,368,595
		--------------	--------------
Shareholders Funds		33,861,656	33,241,637
		--------------	--------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31st March 2023 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 6 December 2023 , and are signed on behalf of the board by:

R W Raymond	R C Raymond
Director	Director

Company registration number: 625529

NEEB Holdings Ltd

Notes to the Financial Statements

Year Ended 31st March 2023

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss.

Other Operating Income

Other operating income comprises service charges, management charges and miscellaneous income on an invoice basis.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to the market values attributed to investment properties.

Revenue Recognition

Turnover represents sales of properties and rents receivable net of Value Added Tax. Rents are invoiced quarterly in advance and sales of properties are recognised on legal completion.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment properties are included on the balance sheet at fair value. The value of these properties is reviewed annually by the directors. The basis of the valuation is the expected rent yield. Any increase in the carrying value of the properties is recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The net gain after deferred taxation is transferred to a non-distributable fair value reserve.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	20% straight line
Fixtures & fittings	-	20% straight line
Freehold property	-	2% straight line

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stock and Work in Progress

Stock includes stock of land and roads for potential future development and work in progress for current developments. Stock and work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock and work in progress to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial Instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised .

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Pension contributions relate to employees other than the directors under automatic enrolment rules.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 10 (2022: 11 ).

5. Tangible Assets

	Investment properties	Plant and machinery	Fixtures and fittings	Freehold property	Total
	£	£	£	£	£
Valuation/cost
At 1st April 2022	27,415,134	204,134	62,234	450,000	28,131,502
Additions	4,307,994	25,642	–	–	4,333,636
Disposals	–	( 25,541)	–	–	( 25,541)
Revaluations	501,000	–	–	–	501,000
	--------------	----------	---------	----------	--------------
At 31st March 2023	32,224,128	204,235	62,234	450,000	32,940,597
	--------------	----------	---------	----------	--------------
Depreciation
At 1st April 2022	–	184,909	62,234	18,000	265,143
Charge for the year	–	9,932	–	9,000	18,932
Disposals	–	( 25,540)	–	–	( 25,540)
	--------------	----------	---------	----------	--------------
At 31st March 2023	–	169,301	62,234	27,000	258,535
	--------------	----------	---------	----------	--------------
Carrying amount
At 31st March 2023	32,224,128	34,934	–	423,000	32,682,062
	--------------	----------	---------	----------	--------------
At 31st March 2022	27,415,134	19,225	–	432,000	27,866,359
	--------------	----------	---------	----------	--------------

6. Investments

	Shares in group undertakings	Loans to group undertakings	Other investments other than loans	Total
	£	£	£	£
Cost
At 1st April 2022	5,543,743	759,426	371,048	6,674,217
Additions	–	76,000	89,351	165,351
Disposals	–	( 70,500)	( 26,565)	(97,065)
	-------------	----------	----------	-------------
At 31st March 2023	5,543,743	764,926	433,834	6,742,503
	-------------	----------	----------	-------------
Impairment
At 1st April 2022 and 31st March 2023	–	–	–	–
	-------------	----------	----------	-------------

Carrying amount
At 31st March 2023	5,543,743	764,926	433,834	6,742,503
	-------------	----------	----------	-------------
At 31st March 2022	5,543,743	759,426	371,048	6,674,217
	-------------	----------	----------	-------------

7. Investment in Subsidiaries

The company's subsidiaries are Frincon (Colchester) Ltd and Raymond Finance Ltd. Both are 100% owned by NEEB Holdings Ltd and their registered office is 3 The Cedars, Apex 12, Old Ipswich Road, Ardleigh, Colchester CO7 7QR.

Aggregate capital and Reserves

Frincon (Colchester) Ltd £19,022,928

Raymond Finance Ltd £327,525

Profit/(loss) after tax for the year

Frincon (Colchester) Ltd £795,078

Raymond Finance Ltd £11,257

8. Debtors

	2023	2022
	£	£
Trade debtors	3,150	5,406,254
Other debtors	253,809	223,076
	----------	-------------
	256,959	5,629,330
	----------	-------------

9. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	333,333	333,333
Trade creditors	732,781	746,372
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,314,572	1,814,572
Corporation tax	21,432	1,542,330
Social security and other taxes	15,386	1,191,304
Other creditors	90,340	52,712
	-------------	-------------
	3,507,844	5,680,623
	-------------	-------------

The bank has a legal charge over Apex 12 dated 24th July 2014, over 910 The Crescent and 770 The Crescent both dated 1st May 2013 and over The Matchyns dated 13th August 2019. Total secured liabilities amount to £333,333 (2022: £333.333).

Included in trade creditors is £598,703 (2022: £549,027) for a sinking fund established by the company so that tenants can set aside funds for future major repairs. The fund is operated in accordance with RICS rules and the liability for future costs lies with the tenants. Funds received are held in a separate bank account which is included on the company balance sheet. At the year end the bank balance was £549,416 with the deficit corrected in September 2023.

10. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	4,250,000	4,583,333
	-------------	-------------

11. Called Up Share Capital

Authorised share capital

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	50,000	50,000	50,000	50,000
	---------	---------	---------	---------

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	43,745	43,745	43,745	43,745
	---------	---------	---------	---------

12. Reserves

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses. Non-distributable reserve - This reserve records the value of investment property revaluations at fair value movements less deferred tax recognised in other comprehensive income.

13. Related Party Transactions

During the year Raymond Finance Limited, a subsidiary company received net advances of £5,500 to an interest free loan. Management fees of £3,000 were charged to the subsidiary and at the year end the subsidiary owed the parent company £764,926. During the year advances of £500,000 were made to the company by Frincon (Colchester) Limited, a subsidiary company as an interest free loan. Management and maintenance fees totalling £91,000 were charged to the subsidiary and at the year end the subsidiary was owed £2,314,572 by the parent company.