NEEB Holdings Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 625529

NEEB Holdings Ltd

Filleted Unaudited Financial Statements

For the Year Ended

31 March 2025

NEEB Holdings Ltd

Independent Chartered Accountants Review Report to the Directors of NEEB Holdings Ltd

Year Ended 31st March 2025

We have reviewed the financial statements of NEEB Holdings Ltd for the year ended 31 March 2025 which comprise the statement of financial position, statement of changes in equity and the related notes 1 to 14. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter dated 28th October 2024. Our review has been undertaken so that we may state to the company's directors, as a body, those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the company and the company's directors, as a body, for our work, for this report or the conclusions we have formed.

Directors Responsibility for the Financial Statements

As explained more fully in the directors responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants Responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements, and ICAEW Technical Release TECH 09/13AAF. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of Assurance Review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe the financial statements have not been prepared:

- so as to give a true and fair view of the state of the company's affairs as at 31 March 2025 , and of its loss for the year then ended;

- in accordance with the United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice); and

- in accordance with the Companies Act 2006.

PEYTON TYLER MEARS Chartered accountants

Middleborough House 16 Middleborough Colchester Essex CO1 1QT

23 December 2025

NEEB Holdings Ltd

Statement of Financial Position

31 March 2025

	2025		2024
			(restated)
Note	£	£	£

Fixed Assets

Tangible assets	5	34,386,335	33,599,218
Investments	6	7,142,231	6,822,377
		--------------	--------------
		41,528,566	40,421,595

Current Assets

Stocks		1,374,895	1,157,005
Debtors	8	112,940	94,506
Cash at bank and in hand		704,166	1,465,568
		-------------	-------------
		2,192,001	2,717,079

Creditors: amounts falling due within one year	9	5,577,640		8,116,532
		-------------		-------------
Net Current Liabilities			3,385,639	5,399,453
			--------------	--------------
Total Assets Less Current Liabilities			38,142,927	35,022,142

Creditors: amounts falling due after more than one year	10		3,583,333	–

Provisions

Taxation including deferred tax	395,984	395,984
	--------------	--------------
Net Assets	34,163,610	34,626,158
	--------------	--------------

NEEB Holdings Ltd

Statement of Financial Position (continued)

31 March 2025

	2025		2024
			(restated)
Note	£	£	£

Capital and Reserves

Called up share capital	12	43,745	43,745
Non-distributable reserve	13	4,323,442	4,323,442
Capital redemption reserve	13	6,255	6,255
Other reserves	13	600	600
Profit and loss account	13	29,789,568	30,252,116
		--------------	--------------
Shareholders Funds		34,163,610	34,626,158
		--------------	--------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31st March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

R W Raymond	R C Raymond
Director	Director

Company registration number: 625529

NEEB Holdings Ltd

Statement of Changes in Equity

Year Ended 31st March 2025

		Called up share capital	Non-distributable reserve	Capital redemption reserve	Other reserves	Profit and loss account	Total
Note		£	£	£	£	£	£
At 1st April 2023 (as Previously Reported)		43,745	4,323,442	6,255	600	29,487,614	33,861,656
Prior period adjustments	11	–	–	–	–	631,847	631,847
		---------	-------------	-------	----	--------------	--------------
At 1st April 2023 (Restated)		43,745	4,323,442	6,255	600	30,119,461	34,493,503
		---------	-------------	-------	----	--------------	--------------

Profit for the year						132,655	132,655
		---------	-------------	-------	----	--------------	--------------
Total Comprehensive Income for the Year		–	–	–	–	132,655	132,655

At 31st March 2024 (as Previously Reported)		43,745	4,323,442	6,255	600	29,851,613	34,225,655
Prior period adjustments	11	–	–	–	–	400,503	400,503
		---------	-------------	-------	----	--------------	--------------
At 31st March 2024 (Restated)		43,745	4,323,442	6,255	600	30,252,116	34,626,158
		---------	-------------	-------	----	--------------	--------------

Loss for the year						( 462,548)	( 462,548)
		---------	-------------	-------	----	--------------	--------------
Total Comprehensive Income for the Year		–	–	–	–	( 462,548)	( 462,548)

		---------	-------------	-------	----	--------------	--------------
At 31st March 2025		43,745	4,323,442	6,255	600	29,789,568	34,163,610
		---------	-------------	-------	----	--------------	--------------

NEEB Holdings Ltd

Notes to the Financial Statements

Year Ended 31st March 2025

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss.

Other Operating Income

Other operating income comprises service charges, management charges and miscellaneous income on an invoice basis.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to the market values attributed to investment properties.

Revenue Recognition

Turnover represents sales of properties and rents receivable net of Value Added Tax. Rents are invoiced quarterly in advance and sales of properties are recognised on legal completion.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment properties are included on the balance sheet at fair value. The value of these properties is reviewed annually by the directors. The basis of the valuation is the expected rent yield. Any increase in the carrying value of the properties is recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The net gain after deferred taxation is transferred to a non-distributable fair value reserve.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	20% straight line
Fixtures & fittings	-	20% straight line
Freehold property	-	2% straight line

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stock and Work in Progress

Stock includes stock of land and roads for potential future development and work in progress for current developments. Stock and work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock and work in progress to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial Instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Pension contributions relate to employees other than the directors under automatic enrolment rules.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 10 (2024: 10 ).

5. Tangible Assets

	Investment properties	Plant and machinery	Fixtures and fittings	Freehold property	Total
	£	£	£	£	£
Valuation/cost
At 1st April 2024 (as restated)	33,059,365	394,269	141,089	450,000	34,044,723
Additions	818,818	25,115	7,493	–	851,426
	--------------	----------	----------	----------	--------------
At 31st March 2025	33,878,183	419,384	148,582	450,000	34,896,149
	--------------	----------	----------	----------	--------------
Depreciation
At 1st April 2024	–	304,267	105,238	36,000	445,505
Charge for the year	–	44,533	10,776	9,000	64,309
	--------------	----------	----------	----------	--------------
At 31st March 2025	–	348,800	116,014	45,000	509,814
	--------------	----------	----------	----------	--------------
Carrying amount
At 31st March 2025	33,878,183	70,584	32,568	405,000	34,386,335
	--------------	----------	----------	----------	--------------
At 31st March 2024	33,059,365	90,002	35,851	414,000	33,599,218
	--------------	----------	----------	----------	--------------

6. Investments

	Shares in group undertakings	Loans to group undertakings	Other investments other than loans	Total
	£	£	£	£
Cost
At 1st April 2024 as restated	5,543,743	717,426	561,208	6,822,377
Additions	–	224,024	121,330	345,354
Disposals	–	( 25,500)	–	(25,500)
	-------------	----------	----------	-------------
At 31st March 2025	5,543,743	915,950	682,538	7,142,231
	-------------	----------	----------	-------------
Impairment
At 1st April 2024 as restated and 31st March 2025	–	–	–	–
	-------------	----------	----------	-------------

Carrying amount
At 31st March 2025	5,543,743	915,950	682,538	7,142,231
	-------------	----------	----------	-------------
At 31st March 2024	5,543,743	717,426	561,208	6,822,377
	-------------	----------	----------	-------------

7. Investment in Subsidiaries

The company's subsidiaries are Frincon (Colchester) Ltd and Raymond Finance Ltd. Both are 100% owned by NEEB Holdings Ltd and their registered office is 3 The Cedars, Apex 12, Old Ipswich Road, Ardleigh, Colchester CO7 7QR.

Aggregate capital and Reserves

Frincon (Colchester) Ltd £20,068,357

Raymond Finance Ltd £353,587

Profit/(loss) after tax for the year

Frincon (Colchester) Ltd £653,219

Raymond Finance Ltd £13,559

8. Debtors

	2025	2024
		(restated)
	£	£
Trade debtors	1,444	3,375
Other debtors	111,496	91,131
	----------	---------
	112,940	94,506
	----------	---------

9. Creditors: amounts falling due within one year

	2025	2024
		(restated)
	£	£
Bank loans and overdrafts	1,320,399	4,250,000
Trade creditors	910,632	836,259
Amounts owed to group undertakings and undertakings in which the company has a participating interest	3,232,572	2,606,572
Corporation tax	–	210,896
Social security and other taxes	23,823	79,784
Other creditors	90,214	133,021
	-------------	-------------
	5,577,640	8,116,532
	-------------	-------------

The bank has a legal charge over Apex 12 dated 24th July 2014, over 910 The Crescent and 770 The Crescent both dated 1st May 2013 and over The Matchyns dated 13th August 2019. Total secured liabilities amount to £333,333 (2024: £4,250.000).

Included in trade creditors is £688,793 (2024: £666,362) for a sinking fund established by the company so that tenants can set aside funds for future major repairs. The fund is operated in accordance with RICS rules and the liability for future costs lies with the tenants. Funds received are held in a separate bank account which is included on the company balance sheet. At the year end the bank balance was £684,057 with the deficit corrected in September 2025.

10. Creditors: amounts falling due after more than one year

	2025	2024
		(restated)
	£	£
Bank loans and overdrafts	3,583,333	–
	-------------	----

The bank has a legal charge over Apex 12 dated 24th July 2014, over 910 The Crescent and 770 The Crescent both dated 1st May 2013 and over The Matchyns dated 13th August 2019. Total secured liabilities amount to £3,583,333 (2024: £Nil).

11. Prior Period Adjustments

The comparative figures have been restated to correct errors found whereby capital items had been treated as revenue costs and the corporation tax consequences of this adjustment.

12. Called Up Share Capital

Authorised share capital

	2025		2024
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	50,000	50,000	50,000	50,000
	---------	---------	---------	---------

Issued, called up and fully paid

	2025		2024
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	43,745	43,745	43,745	43,745
	---------	---------	---------	---------

13. Reserves

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses. Non-distributable reserve - This reserve records the value of investment property revaluations at fair value movements less deferred tax recognised in other comprehensive income.

14. Related Party Transactions

During the year Raymond Finance Limited, a subsidiary company repaid net advances of £25,500 to an interest free loan and received a further loan of £220,524. Management fees of £3,500 were charged to the subsidiary and at the year end the subsidiary owed the parent company £915,950 as shown in current asset investments. The loan represents an investment by the parent company as there are no fixed repayment terms. the payments are made to enable the subsidiary to trade. During the year advances of £775,000 were made to the company by Frincon (Colchester) Limited, a subsidiary company as an interest free loan. Management and maintenance fees totalling £149,000 were charged to the subsidiary and at the year end the subsidiary was owed £3,232,572 by the parent company.