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REGISTERED NUMBER: 01129170 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Immingham Industrial Estates Limited

Immingham Industrial Estates Limited (Registered number: 01129170)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Immingham Industrial Estates Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J Dibdin
Mrs C R Barnett
Mrs G Lee





REGISTERED OFFICE: The Ice House
Victor Street
Grimsby
DN32 7QN





REGISTERED NUMBER: 01129170 (England and Wales)





AUDITORS: Xeinadin Audit Limited
8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD

Immingham Industrial Estates Limited (Registered number: 01129170)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 98,587 1,285
Investment property 5 12,629,625 12,519,625
12,728,212 12,520,910

CURRENT ASSETS
Debtors 6 388,332 409,653
Cash at bank 28,658 48,019
416,990 457,672
CREDITORS
Amounts falling due within one year 7 4,693,275 4,653,367
NET CURRENT LIABILITIES (4,276,285 ) (4,195,695 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,451,927

8,325,215

PROVISIONS FOR LIABILITIES 1,643,698 437,010
NET ASSETS 6,808,229 7,888,205

CAPITAL AND RESERVES
Called up share capital 16 16
Fair value reserve 9 5,254,333 6,436,695
Retained earnings 1,553,880 1,451,494
6,808,229 7,888,205

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2025 and were signed on its behalf by:





J Dibdin - Director


Immingham Industrial Estates Limited (Registered number: 01129170)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Immingham Industrial 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" including the provisions of Section 1A "Small Entities" 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
Turnover represents accrued rent excluding VAT and is recognised in the period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value each reporting date with changes in fair value recognised in profit or loss.

The methods and significant assumptions used to ascertain the fair value for the year are as follows:
-rental yield obtainable using market data and similar properties sold or on the market in the area.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Immingham Industrial Estates Limited (Registered number: 01129170)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 6,500
Additions 99,700
At 31 March 2024 106,200
DEPRECIATION
At 1 April 2023 5,215
Charge for year 2,398
At 31 March 2024 7,613
NET BOOK VALUE
At 31 March 2024 98,587
At 31 March 2023 1,285

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 12,519,625
Additions 110,000
At 31 March 2024 12,629,625
NET BOOK VALUE
At 31 March 2024 12,629,625
At 31 March 2023 12,519,625

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2016 547,843
Valuation in 2017 744,507
Valuation in 2018 (10,000 )
Valuation in 2021 (60,568 )
Valuation in 2022 1,064,551
Valuation in 2023 4,201,074
Cost 6,142,218
12,629,625

Immingham Industrial Estates Limited (Registered number: 01129170)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. INVESTMENT PROPERTY - continued

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 6,142,218 6,142,218

Six investment properties were subject to valuation by PPH Commercial and Clark Weightman, the remaining investment properties were subject to valuation by Mr J Dibdin, a director who is not a professional qualified valuer, that has recent experience in the location and class of investment property being revalued. The methods are significant assumptions used to ascertain the fair value of £12,629,625 are as follows:
-rental yield obtainable using market data and similar properties sold or on the market in the area.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 72,229 102,056
Amounts owed by group undertakings 192,039 192,039
Other debtors 124,064 115,558
388,332 409,653

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 68,383 3,080
Amounts owed to group undertakings 4,367,695 4,528,443
Taxation and social security 43,368 57,600
Other creditors 213,829 64,244
4,693,275 4,653,367

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Loan from Matt 6.3 Charitable 4,367,695 4,528,443

The Trustees of the MATT 6.3 Charitable Trust have fixed and floating charges over the assets of the company as security in respect of the loan advanced.

Immingham Industrial Estates Limited (Registered number: 01129170)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. RESERVES
Fair
value
reserve
£   
At 1 April 2023 6,436,695
Transfer of deferred tax (1,182,362 )

At 31 March 2024 5,254,333

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for disclaimer of opinion
We were unable to obtain sufficient appropriate audit evidence in a number of key areas.

The company is a wholly owned trading subsidiary of the Matt 6.3 Charitable Trust (registered charity number 1069985). During the course of our audit of the charity and it's trading subsidiaries we noted significant matters (which included, but were not limited to):

-Lack of internal controls and governance
-Material unauthorised payments to related and connected parties which appear to have no commercial substance
-No recognition or management of conflicts of interest or trustee benefit


Due to the uncertainty regarding the matters above and our inability to determine how these matters might be resolved, we concluded that we could not obtain sufficient appropriate audit evidence that there were no material misstatements in the financial statements, arising from either intentional misstatement or error.

Due to the nature of these matters, we were also unable to determine the full value of any adjustments that would have been necessary to the Income Statement, the Balance Sheet or associated disclosures. We have concluded that the possible effects on the financial statements from these matters could be both material and pervasive.

We are therefore unable to form an opinion on the financial statements as a whole.

Mark Stothard BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

11. CONTINGENT LIABILITIES

The company received grants of £1.2m in 2008 for the development of land and property. There is a condition relating to the grant stating that if the use of the land and property changes substantially from that stated in the grant agreement in the 20 year period after the grant was paid, any or all of the grant could become repayable.

The directors are not aware of any change of use of the related land and buildings to the current date, that would trigger the repayment of the grant and this has been released to P&L.

Immingham Industrial Estates Limited (Registered number: 01129170)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
J Dibdin
Balance outstanding at start of year - -
Amounts advanced 20,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,000 -

Mrs G Lee
Balance outstanding at start of year - -
Amounts advanced 80,069 -
Amounts repaid (801 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 79,268 -

13. RELATED PARTY DISCLOSURES

31.3.24 31.3.23
£ £
Amounts owing from related parties - 113,000
Sales to related parties - 139,048
Purchases from related parties 5,000 -
Consultancy fees paid to related parties 9,900 9,000

14. GOING CONCERN

The financial statements have been drawn up on a going concern basis. There is a large intercompany loan owed to the parent charity, The Matt 6.3 Charitable Trust, the use of going concern relies on the parent charity not calling in the loan, as the parent charity depends on Immingham Industrial Estates Limited for financial support there is no reason that it would call in the loan. Therefore the use of the going concern is considered to be appropriate.