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Registered number: 05361073










NWES PROPERTY SERVICES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
NWES PROPERTY SERVICES LIMITED
REGISTERED NUMBER: 05361073

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
62,007
69,103

Investment property
 6 
1,844,769
1,825,000

  
1,906,776
1,894,103

Current assets
  

Debtors: amounts falling due after more than one year
 7 
83,541
160,657

Debtors: amounts falling due within one year
 7 
677,696
475,942

Cash at bank and in hand
 8 
471,281
781,407

  
1,232,518
1,418,006

Creditors: amounts falling due within one year
 9 
(1,316,246)
(1,713,074)

Net current liabilities
  
 
 
(83,728)
 
 
(295,068)

Total assets less current liabilities
  
1,823,048
1,599,035

Creditors: amounts falling due after more than one year
 10 
(1,055,287)
(844,208)

  

Net assets
  
767,761
754,827


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
 11 
767,760
754,826

  
767,761
754,827


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 February 2024.

L Connellan
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 1

 
NWES PROPERTY SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


As Restated at 1 April 2021
1
656,040
656,041


Comprehensive income for the year

Profit for the year
-
98,786
98,786



At 1 April 2022
1
754,826
754,827


Comprehensive income for the year

Profit for the year
-
12,934
12,934


At 31 March 2023
1
767,760
767,761


The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
NWES PROPERTY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

NWES Property Services Limited is a private Company limited by shares and incorporated in the United Kingdom. The address of the registered office is given in the company information of these financial statements and this is also the principal place of business. The Company's registration number is 05361073. NWES Property Services Limited and its 100% parent Norfolk and Waveney Enterprise Services are owned and managed as an informal 'Group' (the Quasi-Group) with NBV Enterprise Solutions Limited (company registration number 01678839) and its 100% subsidiary NBV Property Management (company registration number 04283234). The two parent companies in the Quasi-Group are both Limited by Guarantee and share the same Members. The Board of directors for all four companies in the Quasi-Group is identical.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and have been rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

As permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", the Company, in preparing these financial statements has taken advantage of the disclosure exemptions relating to the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Norfolk and Waveney Enterprise Services as at 31 March 2023 and these financial statements may be obtained from Rouen House, Rouen Road, Norwich, England, NR1 1RB.
 
Page 3

 
NWES PROPERTY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Going concern

In preparing the financial statements, the Directors have paid due regard to relevant forecast financial information, including cash flows, and factored in sensitivities and uncertainties affecting the Company. As disclosed in note 1, the Company and its subsidiary are part of a Quasi-Group with NBV Enterprise Solutions Limited (company registration number 01678839) and its 100% subsidiary NBV Property Management.
As disclosed in note 12 to the financial statements the Company has a contingent liability in respect of a potential clawback of funding regarding an historic project. The Directors have carefully considered the matter, and it is clear from relevant documentation that the clawback is discretionary. The Company is corresponding with the funder, but the potential claim is at the very early stages of resolution and therefore any outcome cannot be reliably estimated at the time of the approval of the financial statements. As the clawback is discretionary, any liability is only possible and therefore has not been provided for but disclosed in the financial statements, in line with financial reporting standards. The Directors have considered a range of scenarios in respect of this matter and are confident that this would not result in a material uncertainty in respect of the going concern of the Company.
The Company has confirmed its willingness to support its parent Norfolk and Waveney Enterprise Services Limited and its fellow Quasi-Group member, NBV Enterprise Solutions Limited as both may require financial support to meet their liabilities as they fall due. These potential requirements have been modelled over the next twelve months and the directors consider that the current levels of cash reserves should be adequate to cover the expected maximum requirement and enable the pledge of financial support to be honoured.
In the Directors’ opinion, the Company is a going concern for a minimum of twelve months from the date of the approval of the financial statements. 

 
2.4

Revenue

Turnover principally consists of rental income, management charges and grant income.
Rental income and management charges are recognised on an accruals basis as to match the revenue earned to the period in which the services are provided.
Capital grant income is released in line with the terms and conditions of any grant or in the useful economic life of the asset to which the funding relates.
Revenue grants are recognised in the profit and loss so as to match them with the relevant expenditure for which they have been granted. 

 
2.5

Leased assets: the Company as lessor

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.

Page 4

 
NWES PROPERTY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
NWES PROPERTY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.13

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Short-term leasehold property
-
straight line over lease term
Fixtures and fittings
-
25% straight line
Office equipment
-
25% straight line

 
2.15

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
NWES PROPERTY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 7

 
NWES PROPERTY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.20

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Page 8

 
NWES PROPERTY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Management consider the following to be significant accounting estimates:
Capital grant income recognition
Capital grants are released in line with the terms attached to the grant agreements however management judgment is necessary to ensure an appropriate recognition period in the absence of explicit terms within the grant agreements.
Investment property revaluation
The company carries its investment property at fair value, with changes in fair value being recognised in the profit and loss account. The company has engaged an independent valuation specialist to determine the fair value for properties in the past couple of years.


4.


Employees

The average monthly number of employees, including directors, during the year was 24 (2022 - 22).


5.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost


At 1 April 2022
27,831
49,136
62,407
139,374


Additions
6,500
13,528
2,368
22,396



At 31 March 2023

34,331
62,664
64,775
161,770



Depreciation


At 1 April 2022
6,405
16,170
47,696
70,271


Charge for the year on owned assets
13,273
10,625
5,594
29,492



At 31 March 2023

19,678
26,795
53,290
99,763



Net book value



At 31 March 2023
14,653
35,869
11,485
62,007



At 31 March 2022
21,426
32,966
14,711
69,103

Page 9

 
NWES PROPERTY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
1,825,000


Additions at cost
19,769



At 31 March 2023
1,844,769

The 2023 valuations were made by the directors (formal valuations were prepared by Brown & Co in 2022), on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
969,618
969,618

969,618
969,618


7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
83,541
160,657

83,541
160,657


2023
2022
£
£

Due within one year

Trade debtors
142,939
124,535

Other debtors
229,141
99,135

Prepayments and accrued income
278,821
224,860

Deferred taxation
26,795
27,412

677,696
475,942


Page 10

 
NWES PROPERTY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
471,281
781,407

471,281
781,407


Included within cash at bank and in hand are amounts of £256,076 (2022: £429,624) relating to monies administered by the client in respect of properties owned by third parties. An equal and opposite creditor is included within other creditors.


9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
17,253
-

Trade creditors
328,239
391,347

Corporation tax
24,922
26,838

Other taxation and social security
64,460
67,938

Other creditors
628,016
1,025,069

Accruals and deferred income
253,356
201,882

1,316,246
1,713,074


The following liabilities were secured:

2023
2022
£
£



Bank loans
17,253
-

17,253
-

Details of security provided:

The bank loans are secured by way of a debenture and first legal charge over all freehold investment property.

Page 11

 
NWES PROPERTY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
971,743
-

Other creditors
-
683,550

Accruals and deferred income
83,544
160,658

1,055,287
844,208


The following liabilities were secured:

2023
2022
£
£



Bank loans
971,743
-

971,743
-

Details of security provided:

The bank loans are secured by way of a debenture and first legal charge over all freehold investment property.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
894,391
-

894,391
-

The amounts held within bank loans are subject to interest at 3% above BOE base rate. Amounts held within other creditors were subject to interest at 5.25%.


11.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends and unrealised investment property gains.
Held within this reserve are non-distributable investment property unrealised revaluation gains of £855,382.

Page 12

 
NWES PROPERTY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Contingent liabilities

The Company has a guarantee relating to a performance bond with Harlow Council. The maximum value of the guarantee is £135,000 and no liability is expected to arise in respect of this.
The Company has a contingent liability in respect of a potential clawback of funding regarding an historic project. The Directors have carefully considered the matter, and it is clear from relevant documentation that the clawback is discretionary. The Company is corresponding with the funder, but the potential claim is at the very early stages of resolution and therefore any outcome cannot be reliably estimated at the time of the approval of the financial statements. Therefore, no provision has been made in the financial statements, in line with financial reporting standards nor any quantum disclosed.


13.


Capital commitments


At 31 March 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
15,203
-


14.


Pension commitments

The Company operates a defined contribution pension scheme for the benefit of employees who wish to make provisions for pensions. The pension cost charge in the year represents contributions payable by the Company to the scheme and amounted to £14,673 (2022: £12,414).
Contributions totalling £5,567 (2022: £2,622) were payable to the scheme at the end of the year.


15.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
596,282
595,031

Later than 1 year and not later than 5 years
631,327
1,221,979

1,227,609
1,817,010

Page 13

 
NWES PROPERTY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Related party transactions

The Company has taken advantage of the exemption under FRS 102 Section 1A to not disclose particulars of transactions with its parent and also in relation to key management personnel disclosure.
The following transactions occurred in the year:
A company in which the directors have significant influence or control and is a fellow Quasi-Group member:
Rent and other expense recharges amounted to £311,415 (2022: £404,202). There is a balance in other creditors totalling £94,831 (2022: £88,823).
A company in which the directors have significant influence or control and is a fellow Quasi-Group member:
Salary recharge expenses amounted to £112,050 (2022: £68,045). There is a balance in other debtors in the form of an interest free intercompany loan totalling £127,882 (2022: £Nil) and other creditors of £Nil (2022: £28,118).
Recharge of insurance costs amounted to £6,389 (2022: £5,872) relating to the current year.


17.
 

Provisions available for audits of small entities

The entity qualifies for PAASE and therefore in common with many other businesses of this size and nature, the company uses their auditors to assist with the preparation of the financial statements.


18.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 8 February 2024 by Sarah Flear (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.


Page 14