Registered number
04442245
NNB LIMITED
Filleted Accounts
31 May 2024
NNB LIMITED
Registered number: 04442245
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,240,910 7,264,255
Current assets
Debtors 4 44,579 52,440
Cash at bank and in hand 123,200 244,145
167,779 296,585
Creditors: amounts falling due within one year 5 (512,029) (450,840)
Net current liabilities (344,250) (154,255)
Total assets less current liabilities 6,896,660 7,110,000
Creditors: amounts falling due after more than one year 6 (6,006,626) (6,162,011)
Net assets 890,034 947,989
Capital and reserves
Called up share capital 100 100
Profit and loss account 889,934 947,889
Shareholders' funds 890,034 947,989
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Raheel Bhatti
Director
Approved by the board on 24.02.2025
NNB LIMITED
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Reducing balance
Motor Vehicle 20% Reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 7,140,134 15,250 150,454 7,305,838
Additions - 1,849 - 1,849
At 31 May 2024 7,140,134 17,099 150,454 7,307,687
Depreciation
At 1 June 2023 - 11,492 30,091 41,583
Charge for the year - 1,122 24,072 25,194
At 31 May 2024 - 12,614 54,163 66,777
Net book value
At 31 May 2024 7,140,134 4,485 96,291 7,240,910
At 31 May 2023 7,140,134 3,758 120,363 7,264,255
4 Debtors 2024 2023
£ £
Trade debtors 31,623 37,117
Other debtors 12,956 15,323
44,579 52,440
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 447,096 333,079
Obligations under finance lease and hire purchase contracts 21,958 21,958
Trade creditors - 43,260
Other creditors 42,975 52,543
512,029 450,840
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,681,189 4,805,197
Obligations under finance lease and hire purchase contracts 82,349 98,776
Other creditors 1,243,088 1,258,038
6,006,626 6,162,011
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 5,128,286 5,138,277
Mortgage-interest only loan from Norwich & Peterborough Building Society secured against some of the Company property portfolio which is repayable in 2027 & From Shawbrook Bank repayable by 2025
8 Controlling party
The directors together with her close family members control the company by virtue of a controlling interest of 100% (directly or indirectly) of the issued ordinary share capital.
9 Other information
NNB LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
436 Katherine road
London
E7 8NP
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