Company registration number 04851199 (England and Wales)
NESS HALL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NESS HALL LTD
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 14
NESS HALL LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
3,500
4,000
Tangible assets
5
22,436,248
22,419,167
Investment property
6
7,809,487
7,281,912
Investments
7
1,139,970
464,670
31,389,205
30,169,749
Current assets
Stocks
759,600
1,247,497
Debtors
9
1,072,846
916,943
Cash at bank and in hand
432,175
25,766
2,264,621
2,190,206
Creditors: amounts falling due within one year
10
(813,744)
(815,395)
Net current assets
1,450,877
1,374,811
Total assets less current liabilities
32,840,082
31,544,560
Creditors: amounts falling due after more than one year
11
(3,009,571)
(3,020,508)
Provisions for liabilities
(515,554)
(360,084)
Net assets
29,314,957
28,163,968
Capital and reserves
Called up share capital
12
6,371,554
6,371,554
Share premium account
12,020,982
12,020,982
Revaluation reserve
2,790,852
2,790,852
Profit and loss reserves
8,131,569
6,980,580
Total equity
29,314,957
28,163,968
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 March 2024 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.
NESS HALL LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Mr R J Murray Wells
Director
Company registration number 04851199 (England and Wales)
NESS HALL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2022
6,371,554
12,020,982
5,757
5,675,864
24,074,157
Year ended 31 March 2023:
Profit
-
-
-
1,304,716
1,304,716
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
2,785,095
-
2,785,095
Total comprehensive income
-
-
2,785,095
1,304,716
4,089,811
Balance at 31 March 2023
6,371,554
12,020,982
2,790,852
6,980,580
28,163,968
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
1,150,989
1,150,989
Balance at 31 March 2024
6,371,554
12,020,982
2,790,852
8,131,569
29,314,957
NESS HALL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Ness Hall Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Ness Hall, East Ness, York, North Yorkshire, YO62 5XD.
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
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets - goodwill
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
1.4
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.
NESS HALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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 land and buildings
Is not depreciated
Plant and machinery
10% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
10% 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.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
NESS HALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
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.
1.9
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.
1.10
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.
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.
NESS HALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
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.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.
1.13
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
NESS HALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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 statement of financial position 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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
NESS HALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
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:
2024
2023
Number
Number
Total
46
42
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
175,000
Amortisation and impairment
At 1 April 2023
171,000
Amortisation charged for the year
500
At 31 March 2024
171,500
Carrying amount
At 31 March 2024
3,500
At 31 March 2023
4,000
NESS HALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
5
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
20,277,998
2,678,323
69,238
28,019
44,295
23,097,873
Additions
102,498
441,074
2,100
2,005
547,677
Disposals
(196,566)
(169,500)
(15,990)
(382,056)
At 31 March 2024
20,183,930
2,949,897
71,338
30,024
28,305
23,263,494
Depreciation and impairment
At 1 April 2023
600,280
44,778
17,917
15,731
678,706
Depreciation charged in the year
239,346
6,639
3,028
1,835
250,848
Eliminated in respect of disposals
(96,536)
(5,772)
(102,308)
At 31 March 2024
743,090
51,417
20,945
11,794
827,246
Carrying amount
At 31 March 2024
20,183,930
2,206,807
19,921
9,079
16,511
22,436,248
At 31 March 2023
20,277,998
2,078,043
24,460
10,102
28,564
22,419,167
Freehold land and buildings with a carrying amount of £20,183,930 (2023 - £20,277,998) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
Tangible assets held at valuation
The Directors have revalued freehold land and buildings by reference to their operational use having conducted detailed reviews of the properties with professional valuers and do not consider the movement being material for adjustment to the revaluation reserve this year.
6
Investment property
2024
£
Fair value
At 1 April 2023
7,281,913
Additions
527,574
At 31 March 2024
7,809,487
NESS HALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Investment property
(Continued)
- 11 -
Apex Business Centre was revalued by Frank Knight LLP, Chartered Surveyors, on 3 July 2018, by site visit and reference to their rental values and operational use and their previous ''Red Book'' valuation dated 2 December 2015.
Other properties were revalued by the Directors by reference to their rental values and operational use having conducted detailed reviews of the properties with professional valuers and the Directors consider that the movement in revaluation is not considered material and therefore no adjustments have been made.
7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
310,670
310,670
Other investments other than loans
829,300
154,000
1,139,970
464,670
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Yates' Wine Bar
Total
£
£
£
£
Cost or valuation
At 1 April 2023
310,670
154,000
-
464,670
Additions
-
-
250,000
250,000
Valuation changes
-
425,300
-
425,300
At 31 March 2024
310,670
579,300
250,000
1,139,970
Carrying amount
At 31 March 2024
310,670
579,300
250,000
1,139,970
At 31 March 2023
310,670
154,000
464,670
8
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
579,300
154,000
NESS HALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
115,925
547,353
Other debtors
323,167
369,590
439,092
916,943
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
633,754
Total debtors
1,072,846
916,943
10
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
144,054
202,164
Trade creditors
348,479
212,582
Corporation tax
71,286
122,440
Other taxation and social security
12,319
42,922
Other creditors
237,606
235,287
813,744
815,395
Included in other creditors are Hire Purchase loan agreements amounting to £75,131 (2023: £170,007).
11
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,285,018
2,431,303
Other creditors
724,553
589,205
3,009,571
3,020,508
NESS HALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Creditors: amounts falling due after more than one year
(Continued)
- 13 -
Included in other creditors: amounts falling due after more than one year are Hire Purchase agreements amounting to £241,385 (2023: £137,641) which are secured to the asset to which they relate.
Included in creditors: amounts falling due after more than one year is an amount £2,285,018 (2023: £2,431,303) in respect of liabilities payable or repayable by instalments which fall due for payment after more than 5 years from the reporting date.
At 31 March 2024, the HSBC Business Loan was repayable by instalments ending in 2033 with an effective interest rate of 2.31%. The HSBC Corporate Loan was payable by six quarterly instalments and a final balancing payment two years after the initial drawdown date and has an effective interest rate of 2.78%.
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of £1 each
6,116,521
6,116,521
6,116,521
6,116,521
'B' Ordinary shares of £1 each
255,033
255,033
255,033
255,033
6,371,554
6,371,554
6,371,554
6,371,554
13
Events after the end of the reporting period
The Directors have assessed the impact of current uncertainties on the going concern basis under which these accounts are prepared. They have reviewed the carrying values of all the assets, including the investment properties and conclude that the Company has sufficient reserves to continue funding the operations and activities and the long-term viability of the Company remains unchanged.
NESS HALL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
14
Related party transactions
Transactions and balances:-
During the year, the company engaged in the following transactions with related parties:-
Loan Account balances at 31 March 2024 were as follows:
Mr R Murray Wells debit balance of £49,832 (2023: Dr £84,143). The loan was cleared within 9 months of the year end. Interest at 2.25% has been added to the loan.
Mrs M Murray Wells credit balance of £135,377 (2023: Cr £135,377).
Mr D Murray Wells credit balance of £nil (2023: £328).
During the year, a gift of £5,500 (2023: £11,500) was paid to The Homfray Trust. Both Mr D Murray Wells and Mr R J T Murray Wells are trustees of The Homfray Trust.
The Company is in a partnership with Colston Trustees Limited, the trustees of a Self-Invested Personal Pension Scheme of which a director, Mr D Murray Wells, is the principal beneficiary. This partnership is known as Apex Management Partnership and manages one of the investment properties. During the year, Apex Management Partnership generated a profit for the Company of £143,603 (2023: £153,759) and the balance due from Apex Management Partnership at the year ended was £57,627 (2023: £12,220). Recharges to Apex Management by Ness Hall Ltd are £163,546 (2023: £118,993)
Mr R Murray Wells is a Director of Ness Trading Ltd which was incorporated on 13 October 2023. By association, he has majority shareholding, and therefore control in the company. At 31 March 2024 there was an amount outstanding to Ness Hall Ltd in the sum of £592,665.
15
Parent company
The directors consider that, in view of the disposition of shares in the company, Mr R J T Murray Wells is the ultimate controlling party.
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