| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 January 2025 |
| for |
| Elizabeth Estates (NWB) Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| 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 |
| 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 |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| 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 |
| 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 |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Land and buildings | - |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Land and |
| buildings |
| £ |
| COST OR VALUATION |
| At 1 February 2024 |
| and 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 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 |
| Revaluations | 135,000 |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 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 |
| Amounts owed by group undertakings |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Amounts owed to group undertakings |
| Taxation and social security | ( |
) |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Bank loans (see note 9) |
| 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 |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 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 |
| 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: | £ | £ |
| 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 | - | - |
| Dividends | ( |
) | - | - | ( |
) |
| 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. |
| for and on behalf of |
| 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. |