Company registration number 02443515 (England and Wales)
THE NEVILL ESTATE COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE NEVILL ESTATE COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
THE NEVILL ESTATE COMPANY LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,367,438
8,340,961
Investments
4
1,358,353
1,358,352
9,725,791
9,699,313
Current assets
Stocks
25,794
25,794
Debtors
5
3,701,305
3,384,323
Cash at bank and in hand
158,662
232,566
3,885,761
3,642,683
Creditors: amounts falling due within one year
6
(2,289,687)
(2,226,587)
Net current assets
1,596,074
1,416,096
Total assets less current liabilities
11,321,865
11,115,409
Creditors: amounts falling due after more than one year
7
(7,622,406)
(7,629,240)
Provisions for liabilities
-
0
(28,392)
Net assets
3,699,459
3,457,777
Capital and reserves
Called up share capital
8
105
105
Share premium account
703,466
703,466
Profit and loss reserves
2,995,888
2,754,206
Total equity
3,699,459
3,457,777

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 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 NEVILL ESTATE COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 August 2024 and are signed on its behalf by:
C. G. C. Nevill
Director
Company registration number 02443515 (England and Wales)
THE NEVILL ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

The Nevill Estate Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Manfield House, 1 Southampton Street, London, WC2R 0LR. The principal place of business is: Estate Office, Eridge Park, Eridge Green, Tunbridge Wells, Kent, TN3 9JT.

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.

 

The directors have departed from the requirement under UK Accounting Standards to account for certain properties as Investment Properties, and instead all properties are included within Tangible Fixed Assets as Land and Buildings.

 

The directors deem that this gives a fairer overall picture of the position of the company, as they consider all of the land and buildings contained within the company, contribute to the overall trading of the Estate as a single commercial entity. The portions of the Estate land and buildings which are leased to third parties are also deemed to be immaterial from a geographical review of the total of the property portfolio.

 

The effect on the financial statements of the departure from accounting standard is that the directors have not revalued any of the properties which the company holds on an ongoing basis, nor carried out an appraisal of the potential classification of those properties, and therefore are unable to quantify what the overall potential revaluation which has not been provided may amount to.

 

In addition on transition to FRS 102 the directors elected to use the revalued cost as deemed cost as allowed under that standard. The standard requires that deferred tax be provided on the gain but the directors consider that the probability of disposal of these assets is remote and to include the liability would distort the results. The amount of deferred tax that would have been provided is £199,500 (2022 £199,500).

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

THE NEVILL ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Revenue is recognised based on the period to which income relates and is accounted for on an accruals basis.

 

Other operating income includes management charges, income from covenants in respect of use of land and sundry other income and is recognised when income can be measured reliably and is likely to be received.

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:

Land and buildings Freehold
0%
Fixtures, fittings & equipment
5% - 25% on cost
Motor vehicles
25% on cost

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.

The directors believe the residual value of the land and buildings freehold is above the cost and will be above cost at the end of the useful economic life of these assets.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

THE NEVILL ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents

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.

1.7
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 balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

THE NEVILL ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

THE NEVILL ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
8
8
3
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 October 2022
8,239,356
295,825
10,387
8,545,568
Additions
30,387
38,668
-
0
69,055
Disposals
-
0
(26,772)
-
0
(26,772)
At 30 September 2023
8,269,743
307,721
10,387
8,587,851
Depreciation and impairment
At 1 October 2022
-
0
204,434
173
204,607
Depreciation charged in the year
-
0
19,733
2,077
21,810
Eliminated in respect of disposals
-
0
(6,004)
-
0
(6,004)
At 30 September 2023
-
0
218,163
2,250
220,413
Carrying amount
At 30 September 2023
8,269,743
89,558
8,137
8,367,438
At 30 September 2022
8,239,356
91,391
10,214
8,340,961

If revalued assets were stated on a historical cost basis rather than a deemed cost basis, the carrying value of land and buildings would have been £7,471,849 (2022 £7,441,460).

4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
196,454
196,453
Loans to group undertakings and participating interests
1,161,899
1,161,899
1,358,353
1,358,352
THE NEVILL ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
4
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in subsidiaries
Loans to associates
Total
£
£
£
Cost or valuation
At 1 October 2022
196,453
1,161,899
1,358,352
Additions
1
-
1
At 30 September 2023
196,454
1,161,899
1,358,353
Carrying amount
At 30 September 2023
196,454
1,161,899
1,358,353
At 30 September 2022
196,453
1,161,899
1,358,352
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
159,198
119,411
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,022,549
1,800,518
Other debtors
1,519,558
1,464,394
3,701,305
3,384,323
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
331,828
259,476
Trade creditors
98,693
83,780
Amounts owed to group undertakings
194,745
103,331
Corporation tax
72,824
27,229
Other taxation and social security
38,948
24,837
Other creditors
1,552,649
1,727,934
2,289,687
2,226,587
THE NEVILL ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,595,657
7,600,966
Other creditors
26,749
28,274
7,622,406
7,629,240

Bank overdrafts and loans are secured by a fixed and floating charge over all the assets of the company. The aggregate amount of creditors for which security has been given amounted to £7,562,500 (2022: £7,562,500).

The company is party to cross guarantees arrangement together with Baycliffe Limited, Woodparks Limited and Lower Pantiles LLP, based on which the company has availed the bank loan. Guarantees to entities over which the company has control, joint control or significant influence totalled £4,997,491 (2022: £5,055,866).

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
7,562,500
7,562,500
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
78 A Shares of £1 each
78
78
26 B Shares of £1 each
26
26
104
104
Preference share capital
Issued and fully paid
1 Special Share of £1 each
1
1
Preference shares classified as equity
1
1
Total equity share capital
105
105

A and B shares have equal voting rights and participation in any dividend. The Special Share confers certain rights to the holder at Annual General Meetings but does not confer any other rights to the holder to participate in the capital or profits on a winding up, except for repayment of capital paid on that share.

THE NEVILL ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
5,742
592
10
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,277,801
1,124,543
Key management personnel
196,888
484,764

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
2,275,353
2,339,088
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