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 Financial Statements

For the Year Ended

31 March 2018

NEEB Holdings Ltd

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed Assets

Tangible assets	5	15,836,768	15,376,967
Investments	6	8,926,628	9,717,815
		--------------	--------------
		24,763,396	25,094,782

Current Assets

Stocks		365,912	365,912
Debtors	7	203,432	51,658
Cash at bank and in hand		941,202	1,348,484
		-------------	-------------
		1,510,546	1,766,054

Creditors: amounts falling due within one year	8	582,733		689,548
		-------------		-------------
Net Current Assets			927,813	1,076,506
			--------------	--------------
Total Assets Less Current Liabilities			25,691,209	26,171,288

Provisions

Taxation including deferred tax	260,625	247,734
	--------------	--------------
Net Assets	25,430,584	25,923,554
	--------------	--------------

NEEB Holdings Ltd

Statement of Financial Position (continued)

31 March 2018

	2018		2017
Note	£	£	£

Capital and Reserves

Called up share capital	43,745	43,745
Revaluation reserve	1,997,806	1,997,806
Capital redemption reserve	6,255	6,255
Other reserves	600	600
Profit and loss account	23,382,178	23,875,148
	--------------	--------------
Shareholders Funds	25,430,584	25,923,554
	--------------	--------------

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 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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 18 December 2018 , 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 2018

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 certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the 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.

Revenue Recognition

Turnover represents sales of properties and rents receivable net of Value Added Tax.

Income Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exception: provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Defined Contribution Plans

The company operates a defined contribution pension scheme for the directors. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 11 (2017: 12 ).

5. Tangible Assets

	Investment properties	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1st April 2017	15,365,000	137,200	62,234	15,564,434
Additions	432,339	42,903	–	475,242
	--------------	----------	---------	--------------
At 31st March 2018	15,797,339	180,103	62,234	16,039,676
	--------------	----------	---------	--------------
Depreciation
At 1st April 2017	–	125,233	62,234	187,467
Charge for the year	–	15,441	–	15,441
	--------------	----------	---------	--------------
At 31st March 2018	–	140,674	62,234	202,908
	--------------	----------	---------	--------------
Carrying amount
At 31st March 2018	15,797,339	39,429	–	15,836,768
	--------------	----------	---------	--------------
At 31st March 2017	15,365,000	11,967	–	15,376,967
	--------------	----------	---------	--------------

The bank has a legal charges over Apex 12 dated 24th July 2014, over 910 The Crescent and 770 The Crescent both dated 1st May 2013.

Tangible assets held at valuation

On 31st March 2017 the properties were revalued to fair value by the directors using a professional valuation as the basis of their assessment.

6. Investments

	Shares in group undertakings	Loans to group undertakings	Total
	£	£	£
Cost
At 1st April 2017	5,543,743	4,174,072	9,717,815
Additions	–	254,916	254,916
Disposals	–	( 1,046,103)	(1,046,103)
	-------------	-------------	-------------
At 31st March 2018	5,543,743	3,382,885	8,926,628
	-------------	-------------	-------------
Impairment
At 1st April 2017 and 31st March 2018	–	–	–
	-------------	-------------	-------------

Carrying amount
At 31st March 2018	5,543,743	3,382,885	8,926,628
	-------------	-------------	-------------
At 31st March 2017	5,543,743	4,174,072	9,717,815
	-------------	-------------	-------------

7. Debtors

	2018	2017
	£	£
Trade debtors	4,032	362
Other debtors	199,400	51,296
	----------	---------
	203,432	51,658
	----------	---------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	529,878	485,425
Corporation tax	12,216	74,841
Social security and other taxes	21,845	104,770
Other creditors	18,794	24,512
	----------	----------
	582,733	689,548
	----------	----------

9. Summary Audit Opinion

The auditor's report for the year dated 18 December 2018 was unqualified.

The senior statutory auditor was Michael Tyler FCA , for and on behalf of Peyton Tyler Mears .

10. Related Party Transactions

During the year repayments were made by subsidiary companies on interest free loans as follows:- Raymond Finance Limited £191,187 Frincon (Colchester) Limited £600,000 At the year end the following amounts were due from related parties:- Raymond Finance Limited £2,049,657 Frincon (Colchester) Limited £1,333,228