IRIS Accounts Production v25.1.4.42 08620660 Board of Directors 29.6.23 28.6.24 28.6.24 Medium entities hoteliers. false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Fair value model Ordinary shares 2.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh086206602023-06-28086206602024-06-28086206602023-06-292024-06-28086206602022-06-28086206602022-06-292023-06-28086206602023-06-2808620660ns15:EnglandWales2023-06-292024-06-2808620660ns14:PoundSterling2023-06-292024-06-2808620660ns10:Director12023-06-292024-06-2808620660ns10:PrivateLimitedCompanyLtd2023-06-292024-06-2808620660ns10:MediumEntities2023-06-292024-06-2808620660ns10:Audited2023-06-292024-06-2808620660ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-06-292024-06-2808620660ns10:Medium-sizedCompaniesRegimeForAccounts2023-06-292024-06-2808620660ns10:FullAccounts2023-06-292024-06-2808620660ns10:OrdinaryShareClass12023-06-292024-06-2808620660ns10:Director22023-06-292024-06-2808620660ns10:RegisteredOffice2023-06-292024-06-280862066012023-06-292024-06-280862066012022-06-292023-06-2808620660ns5:CurrentFinancialInstruments2024-06-2808620660ns5:CurrentFinancialInstruments2023-06-2808620660ns5:Non-currentFinancialInstruments2024-06-2808620660ns5:Non-currentFinancialInstruments2023-06-2808620660ns5:ShareCapital2024-06-2808620660ns5:ShareCapital2023-06-2808620660ns5:RevaluationReserve2024-06-2808620660ns5:RevaluationReserve2023-06-2808620660ns5:RetainedEarningsAccumulatedLosses2024-06-2808620660ns5:RetainedEarningsAccumulatedLosses2023-06-2808620660ns5:ShareCapital2022-06-2808620660ns5:RetainedEarningsAccumulatedLosses2022-06-2808620660ns5:RevaluationReserve2022-06-2808620660ns5:RetainedEarningsAccumulatedLosses2022-06-292023-06-2808620660ns5:RevaluationReserve2022-06-292023-06-2808620660ns5:RetainedEarningsAccumulatedLosses2023-06-292024-06-2808620660ns5:RevaluationReserve2023-06-292024-06-2808620660ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-06-292024-06-2808620660ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-06-292023-06-2808620660ns5:OwnedAssets2023-06-292024-06-2808620660ns5:OwnedAssets2022-06-292023-06-2808620660ns5:LandBuildings2023-06-2808620660ns5:PlantMachinery2023-06-2808620660ns5:FurnitureFittings2023-06-2808620660ns5:MotorVehicles2023-06-2808620660ns5:LandBuildings2023-06-292024-06-2808620660ns5:PlantMachinery2023-06-292024-06-2808620660ns5:FurnitureFittings2023-06-292024-06-2808620660ns5:MotorVehicles2023-06-292024-06-2808620660ns5:LandBuildings2024-06-2808620660ns5:PlantMachinery2024-06-2808620660ns5:FurnitureFittings2024-06-2808620660ns5:MotorVehicles2024-06-2808620660ns5:LandBuildings2023-06-2808620660ns5:PlantMachinery2023-06-2808620660ns5:FurnitureFittings2023-06-2808620660ns5:MotorVehicles2023-06-2808620660ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-2808620660ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-2808620660ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-06-2808620660ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-06-2808620660ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-06-2808620660ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-06-2808620660ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-06-2808620660ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-06-2808620660ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-06-2808620660ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-06-2808620660ns5:HirePurchaseContracts2024-06-2808620660ns5:HirePurchaseContracts2023-06-2808620660ns5:DeferredTaxation2023-06-2808620660ns5:DeferredTaxation2023-06-292024-06-2808620660ns5:DeferredTaxation2024-06-2808620660ns10:OrdinaryShareClass12024-06-2808620660ns5:RetainedEarningsAccumulatedLosses2023-06-2808620660ns5:RevaluationReserve2023-06-28
REGISTERED NUMBER: 08620660 (England and Wales)















REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 JUNE 2024

FOR

NINE ESTATES LIMITED

NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 JUNE 2024










Page

Company information 1

Report of the directors 2

Report of the independent auditors 3

Income statement 5

Other comprehensive income 6

Balance sheet 7

Statement of changes in equity 8

Notes to the financial statements 9


NINE ESTATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 JUNE 2024







DIRECTORS: Mr G S Chadha
Mrs J K Chadha





REGISTERED OFFICE: Vivek House
65-67 Clarendon Road
Watford
Hertfordshire
WD17 1DU





REGISTERED NUMBER: 08620660 (England and Wales)





AUDITORS: Macalvins Limited
Chartered Accountants
and Statutory Auditors
7 St John's Road
Harrow
Middlesex
HA1 2EY

NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 28 JUNE 2024


The directors present their report with the financial statements of the company for the year ended 28 June 2024.

DIVIDENDS
No dividends will be distributed for the year ended 28 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 29 June 2023 to the date of this report.

Mr G S Chadha
Mrs J K Chadha

POST BALANCE SHEET EVENTS
No information relating to events since the end of the year has been identified for disclosure in the financial statements.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Report of the directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
Pursuant to Section 487(2) of the Companies Act 2006, the auditors, Macalvins Limited, will be deemed to be re-appointment and therefore will continue in office..

ON BEHALF OF THE BOARD:





Mr G S Chadha - Director


10 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NINE ESTATES LIMITED


Opinion
We have audited the financial statements of Nine Estates Limited (the 'company') for the year ended 28 June 2024 which comprise the Income statement, Other comprehensive income, Balance sheet, Statement of changes in equity and Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 28 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NINE ESTATES LIMITED


Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

These matters were discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Shailesh Patel (Senior Statutory Auditor)
for and on behalf of Macalvins Limited
Chartered Accountants
and Statutory Auditors
7 St John's Road
Harrow
Middlesex
HA1 2EY

16 July 2025

NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)

INCOME STATEMENT
FOR THE YEAR ENDED 28 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 2,751,192 3,071,683

Cost of sales 609,169 867,751
GROSS PROFIT 2,142,023 2,203,932

Administrative expenses 1,164,492 1,303,453
977,531 900,479

Other operating income 24,898 -
OPERATING PROFIT 4 1,002,429 900,479


Interest payable and similar expenses 5 289,110 248,954
PROFIT BEFORE TAXATION 713,319 651,525

Tax on profit 6 704,898 42,605
PROFIT FOR THE FINANCIAL YEAR 8,421 608,920

NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 8,421 608,920


OTHER COMPREHENSIVE INCOME
Uplift of Freehold property & Loss on - 2,250,000
Investment Property
Income tax relating to other comprehensive
income

-

(562,500

)
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

1,687,500
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

8,421

2,296,420

NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)

BALANCE SHEET
28 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 9,025,728 9,253,698
Investment property 8 2,060,000 2,060,000
11,085,728 11,313,698

CURRENT ASSETS
Debtors 9 4,114,668 4,280,569
Cash at bank and in hand 295,355 269,649
4,410,023 4,550,218
CREDITORS
Amounts falling due within one year 10 1,823,802 2,544,617
NET CURRENT ASSETS 2,586,221 2,005,601
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,671,949

13,319,299

CREDITORS
Amounts falling due after more than one year 11 (3,940,818 ) (4,088,893 )

PROVISIONS FOR LIABILITIES 14 (2,036,272 ) (1,543,968 )
NET ASSETS 7,694,859 7,686,438

CAPITAL AND RESERVES
Called up share capital 15 2 2
Revaluation reserve 16 5,079,746 5,079,746
Retained earnings 16 2,615,111 2,606,690
SHAREHOLDERS' FUNDS 7,694,859 7,686,438

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2025 and were signed on its behalf by:





Mr G S Chadha - Director


NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 JUNE 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 29 June 2022 2 1,997,770 3,392,246 5,390,018

Changes in equity
Total comprehensive income - 608,920 1,687,500 2,296,420
Balance at 28 June 2023 2 2,606,690 5,079,746 7,686,438

Changes in equity
Total comprehensive income - 8,421 - 8,421
Balance at 28 June 2024 2 2,615,111 5,079,746 7,694,859

NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 JUNE 2024


1. STATUTORY INFORMATION

Nine 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Under FRS 102, the turnover represents the total revenue generated by the hotel from its operating activities. This includes, but is not limited to, room sales, food and beverage services, and other ancillary services provided to guests. The recognition of turnover under FRS 102 is subject to the following criteria:

1. Revenue Recognition: Revenue is measure at the fair value of the consideration received or receivable, taking into account the amount of any trade discounts and volume rebates allowed by the hotel

2. Measurement of Revenue: Revenue is measured at the fair value of the consideration received or receivable, taking into account the amount of any trade discounts and volume rebates allowed by the hotel.

3. Room Sales: Revenue from room sales is recognized on a daily basis when the rooms are occupied and the service is provided.

4. Food and Beverages Services: Revenue from food and beverage services is recognized at the point of sale when the service is rendered to the customer.

This policy ensures that the turnover is recognized in a manner that accurately reflects the hotel’s performance and is consistent with the principles of FRS 102. The hotel applies the accruals concept in recognizing revenue, ensuring that it is matched with the period in which the service is provided.

Tangible fixed assets
Definition: Fixed assets, also known as property, plant, and equipment (PPE), are tangible items that:
-Are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes.
-Are expected to be used during more than one accounting period.
Recognition Criteria: An item of PPE is recognized as an asset if, and only if:
-It is probable that future economic benefits associated with the item will flow to the entity.
-The cost of the item can be measured reliably.
Initial Measurement: Fixed assets are initially measured at cost. The cost includes the purchase price and any costs directly attributable to bringing the asset to its location and condition necessary for it to be capable of operating in the manner intended by management.
Subsequent Measurement: After initial recognition, fixed assets, besides Freehold Property, are measured using the cost model. Under the cost model, an asset is carried at its cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation: Depreciation is charged to write off the cost of the asset, less its residual value, over its useful life. The depreciation method used reflects the pattern in which the asset's future economic benefits are expected to be consumed by the entity, being on the straight-line method, as per the useful lives summary shown below.
Freehold property - 2% Straight line (over remaining useful life when revalued)
Plant and machinery - 25% on cost
Motor Vehicles - 25% reducing balance

NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 JUNE 2024


2. ACCOUNTING POLICIES - continued

Investment property
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.

Financial instruments
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Financial assets

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.


NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 JUNE 2024


2. ACCOUNTING POLICIES - continued
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.

Finance leases
Where substantially all risks and rewards of ownership of a leased asset are borne by the entity, the asset is recorded as property, plant and equipment and a corresponding liability is recorded. The value at which both are recognised is the lower of the fair value of the asset or the present value of the minimum lease payments, discounted using the interest rate implicit in 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.

Government grants
Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 439,186 467,434
Social security costs 32,342 33,546
Other pension costs 5,275 4,896
476,803 505,876

The average number of employees during the year was as follows:
2024 2023

Employees 20 33


4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 3,986 8,495
Depreciation - owned assets 244,199 132,000
Auditors remuneration 9,000 9,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 280,602 248,954
Bank loan interest 8,508 -
289,110 248,954

NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 JUNE 2024


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 212,594 85,617

Deferred tax 492,304 (43,012 )
Tax on profit 704,898 42,605

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 713,319 651,525
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19.940%)

178,330

129,914

Effects of:
Capital allowances in excess of depreciation - (44,297 )
Depreciation in excess of capital allowances 36,135 -
Adjustments to tax charge in respect of previous periods (1,871 ) -
Deferred tax 492,304 (43,012 )
Total tax charge 704,898 42,605

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 28 June 2024.

2023
Gross Tax Net
£    £    £   
Uplift of Freehold property & Loss on 2,250,000 (562,500 ) 1,687,500
Investment Property
2,250,000 (562,500 ) 1,687,500

NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 JUNE 2024


7. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost or valuation
At 29 June 2023 9,800,000 78,774 173,651 100,711 10,153,136
Additions - - 16,229 - 16,229
At 28 June 2024 9,800,000 78,774 189,880 100,711 10,169,365
Depreciation
At 29 June 2023 820,665 78,773 - - 899,438
Charge for year 172,600 - 47,470 24,129 244,199
At 28 June 2024 993,265 78,773 47,470 24,129 1,143,637
Net book value
At 28 June 2024 8,806,735 1 142,410 76,582 9,025,728
At 28 June 2023 8,979,335 1 173,651 100,711 9,253,698

Cost or valuation at 28 June 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2021 3,772,245 78,774 173,651 100,711 4,125,381
Valuation in 2023 3,200,000 - - - 3,200,000
Valuation in 2024 - - 16,229 - 16,229
Cost 2,827,755 - - - 2,827,755
9,800,000 78,774 189,880 100,711 10,169,365

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,827,755 2,827,755
Aggregate depreciation 952,665 820,665

8. INVESTMENT PROPERTY
Total
£   
Fair value
At 29 June 2023
and 28 June 2024 2,060,000
Net book value
At 28 June 2024 2,060,000
At 28 June 2023 2,060,000

NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 JUNE 2024


8. INVESTMENT PROPERTY - continued

Fair value at 28 June 2024 is represented by:
£   
Valuation in 2021 841,009
Valuation in 2023 (950,000 )
Cost 2,168,991
2,060,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,168,991 2,168,991

Investment property was valued on an open market basis on 28 June 2023 by Gerald Eve .

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 81,612 25,435
Other debtors 4,001,910 3,326,285
Director's current account 7,487 900,804
Prepayments 23,659 28,045
4,114,668 4,280,569

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 12) 66,446 -
Hire purchase contracts (see note 13) 80,001 11,818
Trade creditors 272,945 294,004
Corporation Tax payable 427,278 214,684
Social security and other taxes 1,564 162
VAT 9,732 48,656
Other creditors 932,540 1,659,621
Director's current account 695 -
Accrued expenses 32,601 315,672
1,823,802 2,544,617

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 12) 3,933,554 4,000,000
Hire purchase contracts (see note 13) 7,264 88,893
3,940,818 4,088,893

NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 JUNE 2024


12. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 66,446 -

Amounts falling due between one and two years:
Bank loans - 1-2 years 94,352 -

Amounts falling due between two and five years:
Bank loans - 2-5 years 327,362 -

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 3,511,840 4,000,000

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 80,001 11,818
Between one and five years 7,264 88,893
87,265 100,711

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 2,036,272 1,543,968

Deferred
tax
£   
Balance at 29 June 2023 1,543,968
Provided during year 492,304
Balance at 28 June 2024 2,036,272

Deferred tax arises on uplift in value of freehold land and buildings and investment property.

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary shares £2 2 2

NINE ESTATES LIMITED (REGISTERED NUMBER: 08620660)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 JUNE 2024


16. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 29 June 2023 2,606,690 5,079,746 7,686,436
Profit for the year 8,421 8,421
At 28 June 2024 2,615,111 5,079,746 7,694,857

17. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other debtors is a balance of £7,488 (2023: £901,500) due from the director. This balance has been paid after the year-end.

Included within other creditors is a balance of £696 (2023: £696) due to the director. This balance has been paid after the year-end.

18. RELATED PARTY DISCLOSURES

Included within other debtors is a balance of £3,964,399 (2023: £3,290,933) due from companies where the directors have an interest in, either as director, or participator, with which transactions have taken place.

Included within other creditors is a balance of £796,650 (2023: £1,299,021) due to companies where the directors have an interest in either as a director or participator, with which transactions have taken place.

19. SECURITY

The assets held by the entity are pledged to Natwest Bank for a loan granted to an entity where the directors have an interest in, either as director, or participator. The total loan balance year end is £3,499,700. Additionally all inter-company borrowings are subordinated to the Bank.