Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-3110893177010892677002023-06-01falseNo description of principal activity0falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03135216 2023-06-01 2024-05-31 03135216 2022-06-01 2023-05-31 03135216 2024-05-31 03135216 2023-05-31 03135216 2022-06-01 03135216 c:PriorPeriodIncreaseDecrease 2022-06-01 2023-05-31 03135216 d:CompanySecretary1 2023-06-01 2024-05-31 03135216 d:Director1 2023-06-01 2024-05-31 03135216 d:Director3 2023-06-01 2024-05-31 03135216 d:Director4 2023-06-01 2024-05-31 03135216 d:RegisteredOffice 2023-06-01 2024-05-31 03135216 d:Agent1 2023-06-01 2024-05-31 03135216 c:PlantMachinery 2023-06-01 2024-05-31 03135216 c:PlantMachinery 2024-05-31 03135216 c:PlantMachinery 2023-05-31 03135216 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03135216 c:FreeholdInvestmentProperty 2023-06-01 2024-05-31 03135216 c:FreeholdInvestmentProperty 2024-05-31 03135216 c:FreeholdInvestmentProperty 2023-05-31 03135216 c:LeaseholdInvestmentProperty 2023-06-01 2024-05-31 03135216 c:LeaseholdInvestmentProperty 2024-05-31 03135216 c:LeaseholdInvestmentProperty 2023-05-31 03135216 c:CurrentFinancialInstruments 2024-05-31 03135216 c:CurrentFinancialInstruments 2023-05-31 03135216 c:Non-currentFinancialInstruments 2024-05-31 03135216 c:Non-currentFinancialInstruments 2023-05-31 03135216 c:CurrentFinancialInstruments c:WithinOneYear 2024-05-31 03135216 c:CurrentFinancialInstruments c:WithinOneYear 2023-05-31 03135216 c:Non-currentFinancialInstruments c:AfterOneYear 2024-05-31 03135216 c:Non-currentFinancialInstruments c:AfterOneYear 2023-05-31 03135216 c:ShareCapital 2023-06-01 2024-05-31 03135216 c:ShareCapital 2024-05-31 03135216 c:ShareCapital 2022-06-01 2023-05-31 03135216 c:ShareCapital 2023-05-31 03135216 c:ShareCapital 2022-06-01 03135216 c:RevaluationReserve 2023-06-01 2024-05-31 03135216 c:RevaluationReserve 2024-05-31 03135216 c:RevaluationReserve 2022-06-01 2023-05-31 03135216 c:RevaluationReserve 2023-05-31 03135216 c:RevaluationReserve c:PriorPeriodIncreaseDecrease 2022-06-01 2023-05-31 03135216 c:RevaluationReserve 2022-06-01 03135216 c:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 03135216 c:RetainedEarningsAccumulatedLosses 2024-05-31 03135216 c:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 03135216 c:RetainedEarningsAccumulatedLosses 2023-05-31 03135216 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2022-06-01 2023-05-31 03135216 c:RetainedEarningsAccumulatedLosses 2022-06-01 03135216 d:FRS102 2023-06-01 2024-05-31 03135216 d:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 03135216 d:FullAccounts 2023-06-01 2024-05-31 03135216 d:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03135216 c:Subsidiary1 2023-06-01 2024-05-31 03135216 c:Subsidiary1 1 2023-06-01 2024-05-31 03135216 c:WithinOneYear 2024-05-31 03135216 c:WithinOneYear 2023-05-31 03135216 c:BetweenOneFiveYears 2024-05-31 03135216 c:BetweenOneFiveYears 2023-05-31 03135216 c:MoreThanFiveYears 2024-05-31 03135216 c:MoreThanFiveYears 2023-05-31 03135216 2 2023-06-01 2024-05-31 03135216 6 2023-06-01 2024-05-31 03135216 c:AcceleratedTaxDepreciationDeferredTax 2024-05-31 03135216 c:AcceleratedTaxDepreciationDeferredTax 2023-05-31 03135216 c:TaxLossesCarry-forwardsDeferredTax 2024-05-31 03135216 c:TaxLossesCarry-forwardsDeferredTax 2023-05-31 03135216 c:RetirementBenefitObligationsDeferredTax 2024-05-31 03135216 c:RetirementBenefitObligationsDeferredTax 2023-05-31 03135216 e:PoundSterling 2023-06-01 2024-05-31 03135216 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2022-06-01 2023-05-31 03135216 c:RevaluationReserve c:PreviouslyStatedAmount 2022-06-01 03135216 c:PreviouslyStatedAmount 2022-06-01 iso4217:GBP xbrli:pure

Registered number: 03135216









NORTH WEST INDUSTRIAL ESTATES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
COMPANY INFORMATION


Directors
L Randle 
A P Mason 
C I Mason 




Company secretary
B D Harvey



Registered number
03135216



Registered office
C/o Mason & Partners
The Corn Exchange

Brunswick Street

Liverpool

L2 0PJ




Accountants
Grant Thornton UK LLP
Chartered Accountants

Royal Liver Building

Liverpool

L3 1PS




Bankers
The Royal Bank of Scotland Plc
1 Dale Street

Liverpool

L2 2PP




Solicitors
Hill Dickinson LLP
No 1 St Paul's Square

Liverpool

L3 9SL





 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 

CONTENTS



Page
Accountant's Report
 
1
Statement of Financial Position
 
2 - 3
Statement of Changes in Equity
 
4
Notes to the Financial Statements
 
5 - 19


  
  img7d84.png
Report to the directors on the preparation of the unaudited statutory financial statements of North West Industrial Estates Limited for the year ended 31 May 2024 

We have compiled the accompanying financial statements of North West Industrial Estates Limited (the ‘company’)  based on the information you have provided. These financial statements comprise the Statement of Financial Position of North West Industrial Estates Limited as at 31 May 2024, the Statement of Changes in Equity for the year then ended and a summary of significant accounting policies and other explanatory information.

We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.

We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standardsincluding Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Waleswe are subject to its ethical and other professional requirements which are detailed at www.icaew.com.

These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.

Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

This report is made solely to the Company's directors, as a body,  in accordance with the terms of our engagement letter dated 3 October 2024Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Company's directors, as a body,  in this report in accordance with our engagement letter dated 3 October 2024. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its directors, as a body,  for our work or for this report.




Grant Thornton UK LLP
 
Chartered Accountants
  
Liverpool

25 February 2025
Page 1

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
REGISTERED NUMBER:03135216

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
Restated 2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
38,880
-

Investments
 6 
539,004
531,004

Investment property
 7 
54,465,885
54,463,385

  
55,043,769
54,994,389

Current assets
  

Debtors: amounts falling due within one year
 8 
4,377,402
4,220,203

Cash at bank and in hand
  
84,516
144,473

  
4,461,918
4,364,676

Creditors: amounts falling due within one year
 9 
(2,081,174)
(1,930,656)

Net current assets
  
 
 
2,380,744
 
 
2,434,020

Total assets less current liabilities
  
57,424,513
57,428,409

Creditors: amounts falling due after more than one year
 10 
(25,500,000)
(25,500,000)

 
Provisions for liabilities
  

Deferred tax
 11 
(1,646,896)
(1,637,563)

  
 
 
(1,646,896)
 
 
(1,637,563)

Net assets
  
30,277,617
30,290,846


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Revaluation reserve
  
21,170,426
21,170,426

Profit and loss account
  
9,106,191
9,119,420

  
30,277,617
30,290,846


Page 2

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
REGISTERED NUMBER:03135216
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 by: 




L Randle
Director

Date: 24 February 2025

The notes on pages 5 to 19 form part of these financial statements.

Page 3

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Fair value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 June 2022 (as previously stated)
1,000
20,627,827
8,709,051
29,337,878

Prior year adjustment
-
542,599
-
542,599


At 1 June 2022 (as restated)
1,000
21,170,426
8,709,051
29,880,477


Comprehensive income for the year

Profit for the year
-
-
1,160,369
1,160,369
Total comprehensive income for the year
-
-
1,160,369
1,160,369

Dividends: Equity capital
-
-
(750,000)
(750,000)



At 1 June 2023 (as restated)
1,000
21,170,426
9,119,420
30,290,846


Comprehensive income for the year

Profit for the year
-
-
736,771
736,771
Total comprehensive income for the year
-
-
736,771
736,771

Dividends: Equity capital
-
-
(750,000)
(750,000)


At 31 May 2024
1,000
21,170,426
9,106,191
30,277,617


The notes on pages 5 to 19 form part of these financial statements.

Page 4

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

The company is a private company limited by shares and is registered in England and Wales.
Registered Number: 03135216.
Registered Office: C/o Mason & Partners, The Corn Exchange, Brunswick Street, Liverpool, L2 0PJ.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors believe it is appropriate for the financial statements to be prepared on a going concern basis.
The company's bank loan facilities have been extended to December 2026. The company's forecast and projections, taking into account reasonably possible changes in the company's trading performance show that the company should be able to operate for the foreseeable future.
Although there are inevitably inherent uncertainties in the foreseeable future, the directors believe that the company's financial statements should be prepared on the going concern basis.

 
2.3

Turnover

Turnover is the total amount of rent receivable, service charge receivable and insurance receivable by the company, excluding VAT, and is attributable to the continuing activity of property investment.
Turnover is recognised in the period to which it relates, taking into account provisions for lease incentives. Lease incentives are spread on a straight-line basis over the period to the first rent review date.
Turnover also includes income in respect of dilapidations received and these are recognised on a received basis.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 5

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
10%

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 profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors guided by external valuations 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 the profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
 
Page 6

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
Page 7

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.10

Government grants

Government grants relating to tangible fixed assets are deducted from the cost of the relevant asset and released to the profit or loss on disposal. Other grants are credited to the profit or loss as the related expenditure is incurred.
This is a departure from the Companies Act 2006, which requires assets to be shown at their purchase price or production cost and hence grants to be presented as deferred income. This departure from the requirement of the Act is, in the opinion of the directors, necessary to give a true and fair view as no provision is made for depreciation of investment properties and accordingly no basis exists on which to recognise grants as deferred income. The effect of this departure is that the historical cost net book value of freehold investment properties is £1,769,372 lower than it would otherwise have been.

 
2.11

Interest income

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

 
2.12

Borrowing costs

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

Page 8

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.13

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 reporting 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 reporting 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 reporting date.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The Company has no employees other than the 3 directors (2023: 3) who did not receive any remuneration (2023: £Nil).


4.


Dividends

2024
2023
£
£


Dividends paid of £750.00 per A Ordinary share (2023: £750.00)
375,000
375,000


Dividends paid of £750.00 per B Ordinary share (2023: £750.00)
375,000
375,000

750,000
750,000

Page 9

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Plant & machinery

£



Cost


Additions
43,200



At 31 May 2024

43,200



Depreciation


Charge for the year on owned assets
4,320



At 31 May 2024

4,320



Net book value



At 31 May 2024
38,880



At 31 May 2023
-



Page 10

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Fixed asset investments





Investments in subsidiary companies
Loans to related companies
Total

£
£
£



Cost or valuation


At 1 June 2023
4
531,000
531,004


Additions
-
8,000
8,000



At 31 May 2024

4
539,000
539,004






Net book value



At 31 May 2024
4
539,000
539,004



At 31 May 2023
4
531,000
531,004


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

The Oaks Office Park (Little Stanney) Management Company Limited
Property management
Ordinary
100%

Page 11

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 June 2023
13,418,385
41,045,000
54,463,385


Additions at cost
2,500
-
2,500



At 31 May 2024
13,420,885
41,045,000
54,465,885


The 2021 valuations were made by an independent third party, on a fair value for existing use basis. The directors consider the fair value of investment property to remain consistent as at 31 May 2024.





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

2024
2023
£
£


Historic cost less any permanent diminution
31,741,749
31,739,249

Page 12

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Debtors

2024
2023
£
£


Trade debtors
182,596
251,181

Amounts owed by related parties
3,227,757
2,984,066

Prepayments and accrued income
967,049
984,956

4,377,402
4,220,203



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
430,388
342,746

Amounts owed to related parties
-
4,054

Corporation tax
235,393
274,265

Other taxation and social security
172,531
114,812

Other creditors
386,188
398,997

Accruals and deferred income
856,674
795,782

2,081,174
1,930,656



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
25,500,000
25,500,000


The bank loans are secured by a fixed and floating charge over the company's investment property assets and negative pledge, and is repayable in July 2026. Interest is charged at 2.35% per annum, over LIBOR.

Page 13

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Deferred taxation




2024
Restated 2023


£

£






At beginning of year
(1,637,563)
(1,633,698)


Charged to profit or loss
(9,333)
(3,865)



At end of year
(1,646,896)
(1,637,563)

The provision for deferred taxation is made up as follows:

2024
Restated 2023
£
£


Fixed asset timing differences
(107,438)
(93,980)

Capital losses/(gain)
(1,553,708)
(1,553,708)

Short term timing differences
14,250
10,125

(1,646,896)
(1,637,563)

Page 14

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Financial commitments

The company has a contingent liability to the European Regional Development Fund for £903,047 (2023: £903,047) in respect of a grant received for the development of a certain investment property. This amount is repayable in the event the company ceases to comply with certain criteria within a 20 year period from December 2005.
The company has a contingent liability to the North West Development Agency for £866,325 (2023: £866,325) in respect of a grant received for the development of a certain investment property. This amount is repayable in the event the company ceases to comply with certain criteria within a 20 year period from December 2006.
In addition, during the year ended 31 May 2006, the company disposed of two properties, for which grant funding totalling £346,378 had been received.  Under the terms of the agreement, the grant funding received can be recalled by the grant body as the company no longer owns the assets and, as such, a provision of £108,456 (2023: £108,456) has been made within the financial statements and is included within other creditors.  The remaining amount may be recalled if further conditions are not met.
The operating leases represent leases of investment property to third parties. The leases are negotiated over various terms of the lease.


At 31 May 2024 the Company had future minimum lease rental receipts due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
2,635,433
3,444,736

Later than 1 year and not later than 5 years
4,957,618
8,014,079

Later than 5 years
274,991
1,851,409

7,868,042
13,310,224

Page 15

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Related party transactions

Services provided to North West Industrial Estates Limited
Services provided by North West Industrial Estates Limited
Owed by North West Industrial Estates Limited
Owed to North West Industrial Estates Limited
        £
        £
        £
        £
31 May 2024

Mason Partners LLP

1,286,362

-

-
 
3,002,830
 
Brunswick Business Park Limited

97,511

-

-
 
5,527
 
The Corn Exchange Consortium

-

-

-
 
218,000
 
The Oaks Management Company Limited

12,241

-

-
 
1,400
 

1,396,114

-

-
 
3,227,757
 


Business Homes Cardonald Park Limited

-

-

-
 
539,000
 
Total

1,396,114

-

-
 
3,766,757
 

Page 16

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

Page 17

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Related party transactions (continued)

Services provided to North West Industrial Estates Limited
Services provided by North West Industrial Estates Limited
Owed by North West Industrial Estates Limited
Owed to North West Industrial Estates Limited
        £
        £
        £
        £
31 May 2023

Mason Partners LLP

-

-

-
 
2,059,903
 
North West Retail Investments Limited

-

-

-
 
529,763
 
Brunswick Business Park Limited

-

-

4,054
 
-
 
The Corn Exchange Consortium

-

-

-
 
218,000
 
Perrers Properties Limited

-

-

-
 
175,000
 
The Oaks Management Company Limited

-

-

-
 
1,400
 

-

-

4,054
 
2,984,066
 


Business Homes Cardonald Park Limited

-

-

-
 
531,000
 
Total

-

-

4,054
 
3,515,066
 

A provision for bad debts has been included, amounting to £1,375,123 (2023: £1,375,123) in relation to monies owed from Liverpool Film Studios Limited. The balance of £Nil (2023: £Nil) is receivable after the provision has been made.
The balance owed from North West Retail Investments Limited includes an unsecured loan amounting to £Nil (2023: £398,084) provided to the company. There is no fixed repayment date and interest is charged at 2% above the bank's base rate. Interest receivable from North West Retail Investments Limited during the year amounted to £2,023 (2023: £1,298).
Included within amounts owed by related parties is a client account due from Mason Partners LLP amounting to £3,002,830 (2023: £2,059,903). There is no fixed repayment date and interest is charged quarterly at 2% above the bank's base rate. Included in the amount owed was interest receivable from Mason Partners LLP during the year amounting to £30,741 (2023: £10,936) which remains unpaid at 31 May 2024. 
The balance owed from Business Homes Cardonald Park Limited includes a loan made by North West Industrial Estates Limited, which has a carrying amount of £539,000 (2023: £531,000). The total loan balance owed from Business Homes Cardonald Park Limited amounts to £895,227 (2023: £885,227). A provision for bad debts has been included, amounting to £356,227 (2023: £354,227) in relation to monies owed from Business Homes Cardonald Park Limited. The balance is disclosed as an investment in the notes to the financial statements. The loan is unsecured. 

Page 18

 
NORTH WEST INDUSTRIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

14.


Prior year adjustment

Deferred tax has previously not included unused capital losses amounting to £542,599. Under accounting standards, this can be offset against future capital gains and therefore a prior year adjustment has been processed to reduce the deferred tax provision and increase the revaluation reserve by £542,599.

 
Page 19