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REGISTERED NUMBER: 02667294 (England and Wales)


















Financial Statements

for the Year Ended 31 January 2025

for

Elizabeth Estates (NWB) Limited

Elizabeth Estates (NWB) Limited (Registered number: 02667294)






Contents of the Financial Statements
for the Year Ended 31 January 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Elizabeth Estates (NWB) Limited

Company Information
for the Year Ended 31 January 2025







DIRECTORS: R W Cattermole
A L Carter
R W Lang



REGISTERED OFFICE: Merchant House
33 Fore Street
Ipswich
Suffolk
IP4 1JL



REGISTERED NUMBER: 02667294 (England and Wales)



SENIOR STATUTORY AUDITOR: Jeffrey Stanley BSc(Econ) FCA



AUDITORS: Xeinadin Audit Limited
Statutory Auditor
Chartered Accountants
Lakeview House
4 Woodbrook Crescent
Billerciay
Essex
CM12 0EQ

Elizabeth Estates (NWB) Limited (Registered number: 02667294)

Balance Sheet
31 January 2025

31.1.25 31.1.24
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 224,433 231,234
Investment property 5 12,445,000 12,310,000
12,669,433 12,541,234

CURRENT ASSETS
Debtors 6 5,654,507 5,814,531
Cash at bank 142,076 394,624
5,796,583 6,209,155
CREDITORS
Amounts falling due within one year 7 6,544,174 7,224,783
NET CURRENT LIABILITIES (747,591 ) (1,015,628 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,921,842

11,525,606

CREDITORS
Amounts falling due after more than one year 8 (3,754,237 ) (3,912,867 )

PROVISIONS FOR LIABILITIES (1,039,140 ) (1,022,487 )
NET ASSETS 7,128,465 6,590,252

CAPITAL AND RESERVES
Called up share capital 11 100 100
Revaluation reserve 12 80,009 82,434
Fair value reserve 12 3,693,474 3,574,845
Retained earnings 12 3,354,882 2,932,873
SHAREHOLDERS' FUNDS 7,128,465 6,590,252

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 21 July 2025 and were signed on its behalf by:





R W Lang - Director


Elizabeth Estates (NWB) Limited (Registered number: 02667294)

Notes to the Financial Statements
for the Year Ended 31 January 2025

1. STATUTORY INFORMATION

Elizabeth Estates (NWB) 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.

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 is measured at the fair value of the rent and services consideration received or receivable net of VAT and trade discounts.

Where a premium is charged on the granting of a lease, such income is taken to the profit and loss account over the expected length of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Any revaluation gains or losses are recognised in other comprehensive income. Revaluations shall be made with sufficiently regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

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

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.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Elizabeth Estates (NWB) Limited (Registered number: 02667294)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1 February 2024
and 31 January 2025 350,000
DEPRECIATION
At 1 February 2024 118,766
Charge for year 6,801
At 31 January 2025 125,567
NET BOOK VALUE
At 31 January 2025 224,433
At 31 January 2024 231,234

Cost or valuation at 31 January 2025 is represented by:

Land and
buildings
£   
Valuation in 2025 350,000

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

31.1.25 31.1.24
£    £   
Cost 218,823 218,823
Aggregate depreciation 87,529 83,153

The freehold properties were revalued on a fair value basis as at 31 January 2023 by Countrywide, Chartered Surveyors. In the opinion of the director that value is not materially different as at the balance sheet date.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2024 12,310,000
Revaluations 135,000
At 31 January 2025 12,445,000
NET BOOK VALUE
At 31 January 2025 12,445,000
At 31 January 2024 12,310,000

Included in investment properties are £10,705,000 (2024: £10,610,000) which are pledged as security for liabilities.

Elizabeth Estates (NWB) Limited (Registered number: 02667294)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

5. INVESTMENT PROPERTY - continued

Fair value at 31 January 2025 is represented by:
£   
Valuation in 2025 12,445,000

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

31.1.25 31.1.24
£    £   
Cost 4,385,435 4,385,435

The investment properties were revalued on a fair value basis by Countrywide, Chartered Surveyors. Approximately one third of properties are revalued as at each balance sheet date. Thus all investment properties are revalued at least once in any three year period. At the year end the director assesses those properties valued in prior years to ensure the value shown has not materially changed.

Revaluation gains of £135,000 (2024: losses of £380,000) have been included in profit and loss for the year and subsequently transferred to the fair value reserve.

6. DEBTORS
31.1.25 31.1.24
£    £   
Amounts falling due within one year:
Trade debtors 192,645 246,700
Amounts owed by group undertakings 77,328 77,328
Other debtors 4,437,903 4,685,555
4,707,876 5,009,583

Amounts falling due after more than one year:
Other debtors 946,631 804,948

Aggregate amounts 5,654,507 5,814,531

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.25 31.1.24
£    £   
Bank loans and overdrafts (see note 9) 158,631 158,632
Amounts owed to group undertakings 6,056,478 6,631,453
Taxation and social security (37,915 ) 185,167
Other creditors 366,980 249,531
6,544,174 7,224,783

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.25 31.1.24
£    £   
Bank loans (see note 9) 3,754,237 3,912,867

Elizabeth Estates (NWB) Limited (Registered number: 02667294)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

9. LOANS

An analysis of the maturity of loans is given below:

31.1.25 31.1.24
£    £   
Amounts falling due within one year or on demand:
Bank loans 158,631 158,632

Amounts falling due between one and two years:
Bank loans - 1-2 years 3,754,237 158,632

Amounts falling due between two and five years:
Bank loans - 2-5 years - 3,754,235

Loan has a total balance due at the balance sheet date of £3,912,868 (2024: £4,071,499). The loan term is five years with a maturity date of 29 April 2026. The interest rate applied to the loan is at a margin of 3% fixed for a fixed rate period, changing to a floating rate at the end of this period. The loan is interest only with interest payments made quarterly and a capital repayable at the end of the term. Interest in the year on this loan amounted to £144,113 (2024: £149,397). Loan is part of a loan covenant group with another group entity loan amounting to £2,778,965.

10. SECURED DEBTS

The following secured debts are included within creditors:

31.1.25 31.1.24
£    £   
Bank loans 3,912,868 4,071,499

Bank loans are secured against a majority of the company's investment properties.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.25 31.1.24
value: £    £   
100 Ordinary £1 100 100

12. RESERVES
Fair
Retained Revaluation value
earnings reserve reserve Totals
£    £    £    £   

At 1 February 2024 2,932,873 82,434 3,574,845 6,590,152
Profit for the year 898,213 - - 898,213
Dividends (360,000 ) - - (360,000 )
Transfer (116,204 ) (2,425 ) 118,629 -
At 31 January 2025 3,354,882 80,009 3,693,474 7,128,365

Fair value reserve relates to investment property revaluations, shown net of deferred tax.

Elizabeth Estates (NWB) Limited (Registered number: 02667294)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

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

The Report of the Auditors was unqualified.

Jeffrey Stanley BSc(Econ) FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

14. PARENT UNDERTAKING

The parent undertaking is Elizabeth Holdings Plc. The parent undertaking shares its registered office with the company.

Copies of the group accounts can be obtained at Companies House, Cardiff, CF14 3UZ.

15. LOANS TO PARTICIPATORS

Included in other debtors are loans to the ultimate beneficial owner amounting to £2,205,866 (2024: £2,324,976) Interest was charged on this loan at the HMRC approved rate. No other terms have been attached to the loan.