Company Registration No. 10764604 (England and Wales)
NHNB INVESTMENTS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
NHNB INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
NHNB INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
277,513
283,266
Current assets
Debtors
5
12,580
16,448
Cash at bank and in hand
3,660
909
16,240
17,357
Creditors: amounts falling due within one year
6
(239,071)
(214,005)
Net current liabilities
(222,831)
(196,648)
Total assets less current liabilities
54,682
86,618
Creditors: amounts falling due after more than one year
7
(154,103)
(160,924)
Net liabilities
(99,421)
(74,306)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(99,521)
(74,406)
Total equity
(99,421)
(74,306)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 February 2024 and are signed on its behalf by:
Mr T Tsang
Mr C Andrews
Director
Director
Company Registration No. 10764604
NHNB INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
NHNB Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 North Hill, Colchester, Essex, United Kingdom, CO1 1DZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company had net current liabilitiestrue of £222,832.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
Straight line over 50 years
Fixtures and fittings
15% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
NHNB INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
NHNB INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
4
Tangible fixed assets
Freehold buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 June 2022
312,353
4,315
316,668
Additions
951
951
At 31 May 2023
312,353
5,266
317,619
Depreciation and impairment
At 1 June 2022
31,180
2,222
33,402
Depreciation charged in the year
6,247
457
6,704
At 31 May 2023
37,427
2,679
40,106
Carrying amount
At 31 May 2023
274,926
2,587
277,513
At 31 May 2022
281,173
2,093
283,266
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
12,580
16,448
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8,500
9,261
Trade creditors
11,843
14,694
Other creditors
218,728
190,050
239,071
214,005
Bank loans are secured by way of a fixed charge and a negative pledge over the freehold property at No. 9 North Hill, dated 11 April 2018 in favour of National Westminster Bank PLC.
Bank loans are secured by a debenture over all the undertaking of the company dated 5 February 2018 in favour of National Westminster Bank PLC.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
154,103
160,924
NHNB INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 5 -
Bank loans are secured by way of a fixed charge and a negative pledge over the freehold property at No. 9 North Hill, dated 11 April 2018 in favour of National Westminster Bank PLC.
Bank loans are secured by a debenture over all the undertaking of the company dated 5 February 2018 in favour of National Westminster Bank PLC.
8
Directors' transactions
No guarantees have been given or received.