IRIS Accounts Productionv24.1.4.3308620660Board of Directors29.6.2228.6.2328.6.23hoteliers.falsetruetruefalsefalsetruefalseFair value modelOrdinary shares2.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh086206602022-06-28086206602023-06-28086206602022-06-292023-06-28086206602021-06-28086206602021-06-292022-06-28086206602022-06-2808620660ns15:EnglandWales2022-06-292023-06-2808620660ns14:PoundSterling2022-06-292023-06-2808620660ns10:Director12022-06-292023-06-2808620660ns10:PrivateLimitedCompanyLtd2022-06-292023-06-2808620660ns10:FRS1022022-06-292023-06-2808620660ns10:Audited2022-06-292023-06-2808620660ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-06-292023-06-2808620660ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-06-292023-06-2808620660ns10:FullAccounts2022-06-292023-06-2808620660ns10:OrdinaryShareClass12022-06-292023-06-2808620660ns10:Director22022-06-292023-06-2808620660ns10:RegisteredOffice2022-06-292023-06-280862066012022-06-292023-06-280862066012021-06-292022-06-2808620660ns5:CurrentFinancialInstruments2023-06-2808620660ns5:CurrentFinancialInstruments2022-06-2808620660ns5:Non-currentFinancialInstruments2023-06-2808620660ns5:Non-currentFinancialInstruments2022-06-2808620660ns5:ShareCapital2023-06-2808620660ns5:ShareCapital2022-06-2808620660ns5:RevaluationReserve2023-06-2808620660ns5:RevaluationReserve2022-06-2808620660ns5:RetainedEarningsAccumulatedLosses2023-06-2808620660ns5:RetainedEarningsAccumulatedLosses2022-06-2808620660ns5:ShareCapital2021-06-2808620660ns5:RetainedEarningsAccumulatedLosses2021-06-2808620660ns5:RevaluationReserve2021-06-2808620660ns5:RetainedEarningsAccumulatedLosses2021-06-292022-06-2808620660ns5:RevaluationReserve2021-06-292022-06-2808620660ns5:RetainedEarningsAccumulatedLosses2022-06-292023-06-2808620660ns5:RevaluationReserve2022-06-292023-06-2808620660ns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-06-292023-06-2808620660ns5:PlantMachinery2022-06-292023-06-2808620660ns5:MotorVehicles2022-06-292023-06-2808620660ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-06-292023-06-2808620660ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2021-06-292022-06-2808620660ns5:OwnedAssets2022-06-292023-06-2808620660ns5:OwnedAssets2021-06-292022-06-2808620660ns5:LandBuildings2022-06-2808620660ns5:PlantMachinery2022-06-2808620660ns5:FurnitureFittings2022-06-2808620660ns5:MotorVehicles2022-06-2808620660ns5:LandBuildings2022-06-292023-06-2808620660ns5:FurnitureFittings2022-06-292023-06-2808620660ns5:LandBuildings2023-06-2808620660ns5:PlantMachinery2023-06-2808620660ns5:FurnitureFittings2023-06-2808620660ns5:MotorVehicles2023-06-2808620660ns5:LandBuildings2022-06-2808620660ns5:PlantMachinery2022-06-2808620660ns5:FurnitureFittings2022-06-2808620660ns5:MotorVehicles2022-06-2808620660ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-2808620660ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-2808620660ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-06-2808620660ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-06-2808620660ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-06-2808620660ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-06-2808620660ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-2808620660ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-2808620660ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-06-2808620660ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-06-2808620660ns5:HirePurchaseContracts2023-06-2808620660ns5:HirePurchaseContracts2022-06-2808620660ns5:Secured2023-06-2808620660ns5:Secured2022-06-2808620660ns5:DeferredTaxation2022-06-2808620660ns5:DeferredTaxation2022-06-292023-06-2808620660ns5:DeferredTaxation2023-06-2808620660ns10:OrdinaryShareClass12023-06-2808620660ns5:RetainedEarningsAccumulatedLosses2022-06-2808620660ns5:RevaluationReserve2022-06-28

REGISTERED NUMBER: 08620660 (England and Wales)
















REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 JUNE 2023

FOR


NINE ESTATES LIMITED



NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)



CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 JUNE 2023











Page




Company information  

1




Report of the directors  

2




Report of the independent auditors  

3




Income statement  

5




Other comprehensive income  

6




Balance sheet  

7




Statement of changes in equity  

8




Cash flow statement  

9




Notes to the cash flow statement  

10




Notes to the financial statements

11





NINE ESTATES LIMITED



COMPANY INFORMATION

FOR THE YEAR ENDED 28 JUNE 2023









DIRECTORS:

Mr G S Chadha


Mrs J K Chadha







REGISTERED OFFICE:

Vivek House


65-67 Clarendon Road


Watford


Hertfordshire


WD17 1DU







REGISTERED NUMBER:

08620660 (England and Wales)







AUDITORS:

Macalvins Limited


Chartered Accountants


and Statutory Auditors


7 St John's Road


Harrow


Middlesex


HA1 2EY



NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)



REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 28 JUNE 2023



The directors present their report with the financial statements of the company for the year ended 28 June 2023.


DIVIDENDS

No dividends will be distributed for the year ended 28 June 2023.


DIRECTORS

The directors shown below have held office during the whole of the period from 29 June 2022 to the date of this report.


Mr G S Chadha

Mrs J K Chadha


DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Report of the directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Pursuant to Section 487(2) of the Companies Act 2006, the auditors,  Macalvins Limited, will be deemed to be re-appointment and therefore will continue in office..


ON BEHALF OF THE BOARD:






Mr G S Chadha - Director



12 August 2024


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NINE ESTATES LIMITED



Opinion

We have audited the financial statements of Nine Estates Limited (the 'company') for the year ended 28 June 2023 which comprise the Income statement, Other comprehensive income, Balance sheet, Statement of changes in equity, Cash flow statement and Notes to the cash flow statement, Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 28 June 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Report of the directors has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NINE ESTATES LIMITED



Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;


These matters were discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.


We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.


Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Shailesh Patel (Senior Statutory Auditor)

for and on behalf of Macalvins Limited

Chartered Accountants

and Statutory Auditors

7 St John's Road

Harrow

Middlesex

HA1 2EY


20 August 2024



NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)



INCOME STATEMENT

FOR THE YEAR ENDED 28 JUNE 2023



2023


2022


Notes

£   

£   



TURNOVER

3,071,683


2,588,209




Cost of sales

867,751


898,112



GROSS PROFIT

2,203,932


1,690,097




Administrative expenses

1,303,453


1,020,296



900,479


669,801




Other operating income

-


11,724



OPERATING PROFIT

4

900,479


681,525





Interest payable and similar expenses

5

248,954


107,911



PROFIT BEFORE TAXATION

651,525


573,614




Tax on profit

6

42,605


360,368



PROFIT FOR THE FINANCIAL YEAR

608,920


213,246





NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)



OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 28 JUNE 2023



2023


2022


Notes

£   

£   



PROFIT FOR THE YEAR

608,920


213,246





OTHER COMPREHENSIVE INCOME  


Uplift of Freehold property & Loss on

2,250,000


-



Investment Property

Income tax relating to other comprehensive

income

(562,500

)

-



OTHER COMPREHENSIVE INCOME FOR

THE YEAR, NET OF INCOME TAX

1,687,500


-



TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

2,296,420


213,246





NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)



BALANCE SHEET

28 JUNE 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

7

9,253,698


5,911,336



Investment property

8

2,060,000


3,010,000



11,313,698


8,921,336




CURRENT ASSETS

Debtors

9

4,280,569


2,883,881



Cash at bank and in hand

269,649


378,302



4,550,218


3,262,183



CREDITORS

Amounts falling due within one year

10

2,544,617


2,445,021



NET CURRENT ASSETS

2,005,601


817,162



TOTAL ASSETS LESS CURRENT

LIABILITIES

13,319,299


9,738,498




CREDITORS

Amounts falling due after more than one year

11

(4,088,893

)

(3,324,000

)



PROVISIONS FOR LIABILITIES

15

(1,543,968

)

(1,024,480

)


NET ASSETS

7,686,438


5,390,018




CAPITAL AND RESERVES

Called up share capital

16

2


2



Revaluation reserve

17

5,642,246


3,392,246



Retained earnings

17

2,044,190


1,997,770



SHAREHOLDERS' FUNDS

7,686,438


5,390,018




The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2024 and were signed on its behalf by:






Mr G S Chadha - Director




NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)



STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 28 JUNE 2023



Called up



share


Retained


Revaluation


Total


capital


earnings


reserve


equity

£   

£   

£   

£   


Balance at 29 June 2021

2


1,784,524


3,392,246


5,176,772




Changes in equity

Total comprehensive income

-


213,246


-


213,246



Balance at 28 June 2022

2


1,997,770


3,392,246


5,390,018




Changes in equity

Total comprehensive income

-


46,420


2,250,000


2,296,420



Balance at 28 June 2023

2


2,044,190


5,642,246


7,686,438





NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)



CASH FLOW STATEMENT

FOR THE YEAR ENDED 28 JUNE 2023



2023


2022


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

948,933


380,903



Interest paid

(248,954

)

(107,911

)


Tax paid

(134,177

)

(92,078

)


Net cash from operating activities

565,802


180,914




Cash flows from investing activities

Purchase of tangible fixed assets

(274,362

)

-



Net cash from investing activities

(274,362

)

-




Cash flows from financing activities

New loans in year

400,000


-



Loan repayments in year

-


(276,000

)


Capital repayments in year

100,711


-



Amount withdrawn by directors

(900,804

)

-



Net cash from financing activities

(400,093

)

(276,000

)



Decrease in cash and cash equivalents

(108,653

)

(95,086

)


Cash and cash equivalents at beginning of year

2

378,302


473,388




Cash and cash equivalents at end of year

2

269,649


378,302





NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)



NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 28 JUNE 2023



1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


2023


2022

£   

£   



Profit before taxation

651,525


573,614




Depreciation charges

132,000


132,000




Finance costs

248,954


107,911



1,032,479


813,525




Increase in trade and other debtors

(495,884

)

(553,357

)



Increase in trade and other creditors

412,338


120,735




Cash generated from operations

948,933


380,903




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash flow statement in respect of cash and cash equivalents are in respect of these Balance sheet amounts:



Year ended 28 June 2023


28.6.23


29.6.22

£   

£   



Cash and cash equivalents

269,649


378,302




Year ended 28 June 2022


28.6.22


29.6.21

£   

£   



Cash and cash equivalents

378,302


473,388





3.

ANALYSIS OF CHANGES IN NET DEBT



At 29.6.22

Cash flow

At 28.6.23

£   

£   

£   



Net cash



Cash at bank and in hand

378,302


(108,653

)

269,649



378,302


(108,653

)

269,649




Debt


Finance leases

-


(100,711

)

(100,711

)



Debts falling due within 1 year

(276,000

)

276,000


-




Debts falling due after 1 year

(3,324,000

)

(676,000

)

(4,000,000

)


(3,600,000

)

(500,711

)

(4,100,711

)



Total

(3,221,698

)

(609,364

)

(3,831,062

)




NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 JUNE 2023



1.

STATUTORY INFORMATION



Nine Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.  



Turnover


Under FRS 102, the turnover represents the total revenue generated by the hotel from its operating activities. This includes, but is not limited to, room sales, food and beverage services, and other ancillary services provided to guests. The recognition of turnover under FRS 102 is subject to the following criteria:



1. Revenue Recognition: Revenue is measure at the fair value of the consideration received or receivable, taking into account the amount of any trade discounts and volume rebates allowed by the hotel



2. Measurement of Revenue: Revenue is measured at the fair value of the consideration received or receivable, taking into account the amount of any trade discounts and volume rebates allowed by the hotel.



3. Room Sales: Revenue from room sales is recognized on a daily basis when the rooms are occupied and the service is provided.



4. Food and Beverages Services: Revenue from food and beverage services is recognized at the point of sale when the service is rendered to the customer.



This policy ensures that the turnover is recognized in a manner that accurately reflects the hotel’s performance and is consistent with the principles of FRS 102. The hotel applies the accruals concept in recognizing revenue, ensuring that it is matched with the period in which the service is provided.



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property

-

2% Straight line


Plant and machinery

-

25% on cost


Motor vehicles

-

25% reducing balance


Tangible fixed assets are presented under the cost model, other than freehold property and investment property which 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.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.


Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.



NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 JUNE 2023



2.

ACCOUNTING POLICIES - continued


Taxation


Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.



Current or deferred taxation assets and liabilities are not discounted.



Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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


Finance leases


Where substantially all risks and rewards of ownership of a leased asset are borne by the entity, the asset is recorded as property, plant and equipment and a corresponding liability is recorded. The value at which both are recognised is the lower of the fair value of the asset or the present value of the minimum lease payments, discounted using the interest rate implicit in the lease.



Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.


Government grants


Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.


3.

EMPLOYEES AND DIRECTORS


2023


2022

£   

£   



Wages and salaries

467,434


470,316




Social security costs

33,546


33,734




Other pension costs

4,896


4,564



505,876


508,614





The average number of employees during the year was as follows:


2023


2022



Employees

33


33





4.

OPERATING PROFIT



The operating profit is stated after charging:



2023


2022

£   

£   



Hire of plant and machinery

8,495


6,675




Other operating leases

-


41




Depreciation - owned assets

132,000


132,000




Auditors remuneration

9,000


12,000





NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 JUNE 2023



5.

INTEREST PAYABLE AND SIMILAR EXPENSES



2023


2022

£   

£   



Bank interest

248,954


105,190




Interest on over due tax

-


2,721



248,954


107,911




6.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2023


2022

£   

£   



Current tax:


UK corporation tax

85,617


114,493





Deferred tax

(43,012

)

245,875




Tax on profit

42,605


360,368





Tax effects relating to effects of other comprehensive income




2023



Gross


Tax


Net


£   

£   

£   



Uplift of Freehold property & Loss on

2,250,000


(562,500

)

1,687,500




Investment Property

2,250,000


(562,500

)

1,687,500




7.

TANGIBLE FIXED ASSETS


Fixtures



Freehold


Plant and


and


Motor



property


machinery


fittings


vehicles


Totals

£   

£   

£   

£   

£   



Cost or valuation


At 29 June 2022

6,600,000


78,774


-


-


6,678,774




Additions

-


-


173,651


100,711


274,362




Revaluations

3,200,000


-


-


-


3,200,000




At 28 June 2023

9,800,000


78,774


173,651


100,711


10,153,136




Depreciation


At 29 June 2022

688,665


78,773


-


-


767,438




Charge for year

132,000


-


-


-


132,000




At 28 June 2023

820,665


78,773


-


-


899,438




Net book value


At 28 June 2023

8,979,335


1


173,651


100,711


9,253,698




At 28 June 2022

5,911,335


1


-


-


5,911,336





NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 JUNE 2023



7.

TANGIBLE FIXED ASSETS - continued



Cost or valuation at 28 June 2023 is represented by:



Fixtures



Freehold


Plant and


and


Motor



property


machinery


fittings


vehicles


Totals

£   

£   

£   

£   

£   



Valuation in 2021

3,772,245


-


-


-


3,772,245




Valuation in 2023

3,200,000


-


-


-


3,200,000




Cost

2,827,755


78,774


173,651


100,711


3,180,891



9,800,000


78,774


173,651


100,711


10,153,136





If freehold property had not been revalued it would have been included at the following historical cost:


2023

2022


£   

£   



Cost

2,827,755


2,827,755




Aggregate depreciation

820,665


556,665




8.

INVESTMENT PROPERTY


Total

£   



Fair value


At 29 June 2022

3,010,000




Revaluations

(950,000

)



At 28 June 2023

2,060,000




Net book value


At 28 June 2023

2,060,000




At 28 June 2022

3,010,000





Fair value at 28 June 2023 is represented by:

£   



Valuation in 2021

841,009




Valuation in 2023

(950,000

)



Cost

2,168,991



2,060,000





If investment property had not been revalued it would have been included at the following historical cost:


2023

2022


£   

£   



Cost

2,060,000


2,168,991





Investment property was valued on an open market basis on 28 June 2023 by Gerald Eve .



NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 JUNE 2023



9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

25,435


46,414




Other debtors

3,326,285


2,821,722




Director's current account

900,804


-




Prepayments

28,045


15,745



4,280,569


2,883,881




10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Bank loans and overdrafts (see note 12)

-


276,000




Hire purchase contracts  (see note 13)

11,818


-




Trade creditors

294,004


160,940




Corporation Tax payable

214,684


263,244




Social security and other taxes

162


999




VAT

48,656


61,436




Other creditors

1,659,621


1,624,809




Accrued expenses

315,672


57,593



2,544,617


2,445,021




11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR


2023

2022


£   

£   



Bank loans (see note 12)

4,000,000


3,324,000




Hire purchase contracts  (see note 13)

88,893


-



4,088,893


3,324,000




12.

LOANS



An analysis of the maturity of loans is given below:


2023

2022


£   

£   



Amounts falling due within one year or on demand:


Bank loans

-


276,000





Amounts falling due between one and two years:


Bank loans - 1-2 years

-


276,000





Amounts falling due between two and five years:


Bank loans - 2-5 years

-


828,000





Amounts falling due in more than five years:


Repayable otherwise than by instalments


Bank loans more 5 yrs non-inst

4,000,000


2,220,000





NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 JUNE 2023



13.

LEASING AGREEMENTS



Minimum lease payments under hire purchase fall due as follows:


2023

2022


£   

£   



Net obligations repayable:


Within one year

11,818


-




Between one and five years

88,893


-



100,711


-




14.

SECURED DEBTS



The following secured debts are included within creditors:


2023

2022


£   

£   



Bank loans

4,000,000


3,600,000




15.

PROVISIONS FOR LIABILITIES

2023

2022


£   

£   



Deferred tax

1,543,968


1,024,480





Deferred



tax


£   



Balance at 29 June 2022

1,024,480




Provided during year

519,488




Balance at 28 June 2023

1,543,968




Deferred tax arises on uplift in value of freehold land and buildings and investment property.

16.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



2

Ordinary shares

£2

2


2




17.

RESERVES


Retained


Revaluation



earnings


reserve


Totals

£   

£   

£   




At 29 June 2022

1,997,770


3,392,246


5,390,016




Profit for the year

608,920


608,920




Movement in the year

-


2,250,000


2,250,000




No description

(562,500

)

-


(562,500

)



At 28 June 2023

2,044,190


5,642,246


7,686,436





NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 JUNE 2023



18.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES


Included within other debtors is a balance of £900,804 (2022: £71,688) due from the director. This balance has been paid after the year-end.

19.

RELATED PARTY DISCLOSURES



Included within other debtors is a balance of £3,138,933 (2022: £2,460,857) due from companies where the directors have an interest in, either as director, or participator, with which transactions have taken place.



Included within other creditors is a balance of £1,298,121 (2022: £1,562,928) due to companies where the directors have an interest in either as a director or participator, with which transactions have taken place.


20.

SECURITY



The assets held by the entity are secured to Natwest Bank for a loan granted to an entity where the directors have an interest in, either as director, or participator. The total loan balance year end is £3,499,700. Additionally all inter-company borrowings are subordinated to the Bank.