| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 October 2024 |
| for |
| Nedging Hall Estate Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 October 2024 |
| for |
| Nedging Hall Estate Limited |
| Nedging Hall Estate Limited (Registered number: 03905674) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Nedging Hall Estate Limited |
| Company Information |
| for the Year Ended 31 October 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Lake House |
| Market Hill |
| Royston |
| Hertfordshire |
| SG8 9JN |
| Nedging Hall Estate Limited (Registered number: 03905674) |
| Balance Sheet |
| 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Share premium | 14 |
| Revaluation reserve | 14 |
| Retained earnings | 14 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Nedging Hall Estate Limited (Registered number: 03905674) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| Nedging Hall Estate Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| At the year end the company reports net liabilities of £137,662 (2023: £74,370). The directors are satisfied that the company has adequate cash resources in order to pay all of its creditors as they fall due for the foreseeable future and for at least 12 months from the date of signing of these financial statements. Furthermore, the parent company, Heathpatch Limited has offered further financial support if required. On the basis of continuing financial support from its parent company, the directors consider it is appropriate to prepare the accounts on the going concern basis. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management ot make judgements, estimates and assumptions which impact on the reported amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factored, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ form these estimates. |
| The estimates and underlying assumptions are review on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| The estimates and assumptions that have a significant risk of causing a material adjustments to carrying amounts of assets and liabilities within the next financial year are addressed below. |
| Valuation of investment properties |
| The valuation of the investment properties is on the basis of a valuation carried out by a third party specialist and directors. The valuation was made on an open market basis by reference to market evidence of transaction prices. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover from food and drink is recognised at the point in which the food and drink are provided to the consumer based on the till receipts. |
| Accommodation revenue is recognised on a daily basis based on occupancy. |
| Brewery revenue is reconsider at the point of delivery of goods to the consumer. |
| Nedging Hall Estate Limited (Registered number: 03905674) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Intangible assets |
| Intangible assets are initially recorded at cost and subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by references to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. |
| Intangible assets are acquired as part of a business combination are recorded at the fair value at the acquisition date. |
| Intellectual property rights - Over the useful economic life of that asset |
| If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Freehold property | Buildings depreciate 0% due to repairs programme |
| Plant and machinery | 5% or 10% on a straight line basis |
| Fixtures and fittings | 15% on a reducing balance basis |
| Motor vehicles | 25% on a straight line basis |
| Short leasehold | 15% on a straight line basis |
| The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
| No charge has been made for depreciation on freehold building. This is due to the residual value of the buildings being considered to be not less than the current net book value having regard to the continued refurbishment works that have occurred and that are continuing to take place in forthcoming years. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Nedging Hall Estate Limited (Registered number: 03905674) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Basic financial assets |
| Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Nedging Hall Estate Limited (Registered number: 03905674) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 November 2023 |
| Additions |
| At 31 October 2024 |
| AMORTISATION |
| At 1 November 2023 |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| The other intangible assets relate to Intellectual property rights. |
| 5. | TANGIBLE FIXED ASSETS |
| Freehold | Short | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2023 |
| Additions |
| Disposals |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Nedging Hall Estate Limited (Registered number: 03905674) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| The company's freehold investment property and freehold land and buildings were reviewed for revaluation as at 31 October 2024 by the directors. The directors consider that no material revaluation was necessary for the year ended 31 October 2024. The valuation was undertaken through use of available market data and advice taken from an independent firm of professional valuers. |
| Cost or valuation at 31 October 2024 is represented by: |
| Freehold | Short | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| Valuation in 2024 | 206,284 | - | - |
| Cost | 2,706,212 | 328,117 | 277,593 |
| 2,912,496 | 328,117 | 277,593 |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| Valuation in 2024 | - | - | 206,284 |
| Cost | 269,556 | 42,350 | 3,623,828 |
| 269,556 | 42,350 | 3,830,112 |
| 6. | STOCKS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Stocks |
| Nedging Hall Estate Limited (Registered number: 03905674) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Trade debtors |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | 69,267 | 28,660 |
| Other creditors |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Amounts owed to group undertakings |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Between one and five years |
| 11. | SECURED DEBTS |
| The company has given a cross guarantee and debenture between Global Machinery Solutions Limited and Heathpatch Limited dated 15 September 2020 to Barclays Bank Plc. |
| The company has entered into a Composite Accounting Agreement with an unlimited guarantee to Barclays Bank Plc. The participating companies in the guarantee are: Global Machinery Solutions Limited, Camden Boss limited and the ultimate parent company, Heathpatch Limited.The agreement allows for interest to be set off and debit balances to be used in reducing liabilities within the Composite Accounting System. |
| 12. | PROVISIONS FOR LIABILITIES |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Deferred tax | 52,199 | 52,199 |
| Nedging Hall Estate Limited (Registered number: 03905674) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 12. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 |
| Balance at 31 October 2024 |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.10.24 | 31.10.23 |
| value: | £ | £ |
| Ordinary | £1 | 200,100 | 200,100 |
| 14. | RESERVES |
| Retained | Share | Revaluation |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 November 2023 | ( |
) | 3,122,885 |
| Deficit for the year | ( |
) | - | - | ( |
) |
| At 31 October 2024 | ( |
) | 2,526,981 |
| 15. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 16. | PENSION COMMITMENTS |
| The pension cost charge represents contributions payable by the company to the fund and amounted to £18,265 (2023: £17,561). At the end of the year 31 October 2024 there was a balance of £4,057 (2023: £3,553) outstanding to be paid. |
| 17. | PARENT COMPANY AND ULTIMATE CONTROLLING PARTY |
| The ultimate parent company is Heathpatch Limited, a company registered in England and Wales. The largest and smallest group of undertakings for which group accounts have been drawn up is that headed by Heathpatch Limited and copies are available from the Registrar of Companies (www.companieshouse.gov.uk). There is no overall controlling party. |