NHB Investments Limited Small abridged accounts

NHB INVESTMENTS LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of NHB Investments Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 06217255

NHB Investments Limited

Filleted Unaudited Abridged Financial Statements

30 April 2017

NHB Investments Limited

Abridged Financial Statements

Year ended 30 April 2017

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

NHB Investments Limited

Abridged Statement of Financial Position

30 April 2017

	2017	2016
Note	£	£

Current assets

Stocks	6,878,019	2,733,739
Debtors	12,304	16,715
Cash at bank and in hand	888,797	11,905
	------------	------------
	7,779,120	2,762,359

Creditors: amounts falling due within one year	5,631,125	592,098
	------------	------------
Net current assets	2,147,995	2,170,261
	------------	------------
Total assets less current liabilities	2,147,995	2,170,261

Creditors: amounts falling due after more than one year	4	1,932,225	2,045,625
		------------	------------
Net assets		215,770	124,636
		------------	------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	215,769	124,635
	---------	---------
Shareholders funds	215,770	124,636
	---------	---------

These abridged 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 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 30 April 2017 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 abridged 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 abridged financial statements .

NHB Investments Limited

Abridged Statement of Financial Position (continued)

30 April 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 17 October 2017 , and are signed on behalf of the board by:

J King	C J L Newman
Director	Director

Company registration number: 06217255

NHB Investments Limited

Notes to the Abridged Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sterling House, 20 Victoria Way, Burgess Hill, West Sussex, RH15 9NF.

2. Statement of compliance

These abridged 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 abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.

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.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Stocks

Stocks are 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 to its present location and condition.

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.

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

The bank loans have been secured by charges over the company's assets.

5. Related party transactions

At 30th April 2017 the company owed Home Buyers UK Limited £2,624,410 (2016: £535,320) and this is included in creditors. Home Buyers UK Limited is controlled by J King and C Newman. During the year the company was charged £79,350 + VAT for procurement fees by Momentum Asset Management Limited, a company controlled by J King and C Newman.

6. Controlling party

The company was controlled throughout the period by J King and C Newman by virtue of their holding of the ordinary shares of Home Buyers UK Limited.

7. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.