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Registration number: 13381827

NIBON Investments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

NIBON Investments Ltd

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

NIBON Investments Ltd

Registration number: 13381827

Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

276

368

Investment property

5

180,000

150,000

 

180,276

150,368

Current assets

 

Debtors

6

230

64

Cash at bank and in hand

 

4,400

9,365

 

4,630

9,429

Creditors: Amounts falling due within one year

7

(56,184)

(61,740)

Net current liabilities

 

(51,554)

(52,311)

Total assets less current liabilities

 

128,722

98,057

Creditors: Amounts falling due after more than one year

7

(107,125)

(107,125)

Provisions for liabilities

(3,135)

(70)

Net assets/(liabilities)

 

18,462

(9,138)

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

16,221

(13,779)

Profit and loss account

2,141

4,541

Total equity

 

18,462

(9,138)



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

NIBON Investments Ltd

Registration number: 13381827

Balance Sheet as at 31 May 2023 (continued)

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 November 2023
 


N M R Bonham
Director

 

NIBON Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Chapter Drive
Kimberley
Nottingham
NG16 2QD
England

These financial statements were authorised for issue by the director on 7 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

NIBON Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and Fittings

25% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by the director. Changes in fair value are recognised in profit or loss.

 

NIBON Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

490

490

At 31 May 2023

490

490

Depreciation

At 1 June 2022

122

122

Charge for the period

92

92

At 31 May 2023

214

214

Carrying amount

At 31 May 2023

276

276

At 31 May 2022

368

368

 

NIBON Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

5

Investment properties

2023
£

At 1 June

150,000

Fair value adjustments

30,000

At 31 May

180,000

The investment property has been valued at fair value by the director on 31st May 2023. The estimate is the director's assessment of the current market value of the investment property using online data and statistics from property websites.

There has been no valuation of the property by an independent valuer.

Impairment of investment property

The amount of impairment loss included in profit or loss is £Nil (2022 - £13,779). The amount of reversal of impairment recognised in profit or loss is £13,779 (2022 - £Nil).

6

Debtors

2023
£

2022
£

Prepayments

230

64

230

64

 

NIBON Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Taxation and social security

 

178

995

Other creditors

 

3,007

2,869

Director's current account

 

52,999

50,642

Owed by/(from) participating interests

 

-

7,234

 

56,184

61,740

Due after one year

 

Loans and borrowings

107,125

107,125

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

107,125

107,125

2023
£

2022
£

After more than five years not by instalments

107,125

107,125

-

-

Creditors include bank loans and overdrafts which are secured of £107,125 and which are secured on the asset to which they relate.

Creditors include bank loans not repayable by instalments of £107,125 due after more than five years.

 

NIBON Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary £1 shares of £1 each

100

100

100

100

         

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

30,000

30,000

The changes to each component of equity resulting from items of other comprehensive income for the prior period were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(13,779)

(13,779)