REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
NDC Group Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
NDC Group Ltd |
NDC Group Ltd (Registered number: 01548710) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
NDC Group Ltd |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
BANKERS: |
97 Lumley Road |
SKEGNESS |
Lincolnshire |
PE25 3LY |
NDC Group Ltd (Registered number: 01548710) |
Abridged Statement of Financial Position |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors: amounts falling due within one year |
Debtors: amounts falling due after more than one year |
6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
NDC Group Ltd (Registered number: 01548710) |
Abridged Statement of Financial Position - continued |
30 June 2024 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
NDC Group Ltd (Registered number: 01548710) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
NDC Group Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about NDC Group Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover represents the amount derived from the provision of goods and services falling within the company's ordinary activities after deduction of trade discounts and value added tax. Turnover is recognised at the date of completion in respect of speculative build and in accordance with the term of the underlying contract for other construction turnover. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
NDC Group Ltd (Registered number: 01548710) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: |
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. |
Cash at bank is classified as a basic financial instrument and is measured at transaction price. |
Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
NDC Group Ltd (Registered number: 01548710) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance lease are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period. |
Rentals payable under operating leases are charged against income on straight line basis over the lease term. |
The company owns investment property for rental income. Rental income from operating leases is recognised on a straight-line basis over the term of 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. |
Investment properties |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
NDC Group Ltd (Registered number: 01548710) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
Additions | 74,600 |
At 30 June 2024 | 74,600 |
DEPRECIATION |
Charge for year | 3,730 |
At 30 June 2024 | 3,730 |
NET BOOK VALUE |
At 30 June 2024 | 70,870 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST OR VALUATION |
At 1 July 2023 |
and 30 June 2024 | 2,078,550 |
NET BOOK VALUE |
At 30 June 2024 | 2,078,550 |
At 30 June 2023 | 2,078,550 |
Cost or valuation at 30 June 2024 is represented by: |
Totals |
£ |
Valuation in 2024 | 417,450 |
Cost | 1,661,100 |
2,078,550 |
NDC Group Ltd (Registered number: 01548710) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,660,899 | 1,660,899 |
Aggregate provisions | (432,334 | ) | (399,698 | ) |
Investment properties were valued on an open market basis on 30 June 2024 by the directors . |
If the investment properties were sold at this value there would be an additional charge to corporation tax of approximately £36,788 (2023- £36,788). |
During the year investment properties valued at £1,711,335 (2023 - £1,711,335) were let under operating leases. Rent received for the year was £104,953 (2023- £105,510). The remaining properties of £367,014 (2023- £367,014) are equity share interests in owned properties. |
The open market value is based on similar freehold properties in the area. |
6. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
NDC Group Ltd (Registered number: 01548710) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
7. | RELATED PARTY DISCLOSURES |
Mr R M Overton |
Included in other creditors is a director's loan account balance of £1,464,584 (2023 - £29,325). This is an unsecured interest free loan. |
During the year Mr R M Overton sold a plot of land into the company for £2m. |
Miss S Bray |
Included in other creditors is a director's loan account balance of £160,000 (2023 - £160,000). This is an unsecured loan. Interest has been charged at 4%. |
C N Overton Limited |
The above is a company in which Mr R M Overton owns 25% of the issued ordinary shares and CN Overton Holdings Ltd owns 75% of the issued ordinary shares. |
- Included in amounts owed by group undertakings is a balance of £1,349,710 (2023 - £1,210,031). |
This is an unsecured, interest free loan which is payable on demand. |
C N Overton Holdings Limited |
NDC Group Limited is a 100% subsidiary of the above company. |
- Included in amounts owed by group undertakings is a balance of £153,500 (2023 - £212,000). This is an unsecured, interest free loan which is payable on demand. |
Wellingore Estates Limited |
The above company is wholly owned subsidiary of N D C Group Limited. |
- Included in amounts owed from group undertakings is £449,535 (2023 - £460,085.) This is an unsecured, interest free loan which is payable on demand. |
All related party sales and purchase transactions were undertaken at arms length and at market value. |