| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 March 2024 |
| for |
| Immingham Industrial Estates Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 9 |
| Retained earnings |
| 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 |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents accrued rent excluding VAT and is recognised in the period to which it relates. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| 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 |
| Additions |
| At 31 March 2024 |
| DEPRECIATION |
| At 1 April 2023 |
| Charge for year |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| At 31 March 2023 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2023 |
| Additions |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| At 31 March 2023 |
| 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 |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 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 |
| Transfer of deferred tax | (1,182,362 | ) |
| At 31 March 2024 |
| 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. |
| for and on behalf of |
| 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 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 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. |