Immingham Industrial Estates Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01129170 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Immingham Industrial Estates Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Dibdin

Mrs C R Barnett

Mrs G Lee

REGISTERED OFFICE:

The Ice House

Victor Street

Grimsby

DN32 7QN

REGISTERED NUMBER:

01129170 (England and Wales)

ACCOUNTANTS:

Xeinadin Audit Limited

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

FIXED ASSETS

Tangible assets

4

723

98,587

Investment property

5

14,625,000

12,629,625

14,625,723

12,728,212

CURRENT ASSETS

Debtors

6

420,770

388,332

Cash at bank

15,339

28,658

436,109

416,990

CREDITORS

Amounts falling due within one year

7

4,325,365

4,693,275

NET CURRENT LIABILITIES

(3,889,256

)

(4,276,285

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

10,736,467

8,451,927

PROVISIONS FOR LIABILITIES

2,118,076

1,643,698

NET ASSETS

8,618,391

6,808,229

CAPITAL AND RESERVES

Called up share capital

16

Fair value reserve

9

6,750,864

5,254,333

Retained earnings

1,867,511

1,553,880

8,618,391

6,808,229

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 22 December 2025 and were signed on its behalf by:

J Dibdin - Director

1.	STATUTORY INFORMATION

Immingham Industrial 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" 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.

Preparation of consolidated financial statements

The financial statements contain information about Immingham Industrial Estates Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, The Matt 6.3 Charitable Trust, Ice House, Victor Street Grimsby, DN32 7QN.

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.

Turnover

Turnover represents accrued rent excluding VAT and is recognised in the period to which it relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Investment property

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

The methods and significant assumptions used to ascertain the fair value for the year are as follows:

-rental yield obtainable using market data and similar properties sold or on the market in the area.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

106,200

Disposals

(99,700

)

At 31 March 2025

6,500

DEPRECIATION

At 1 April 2024

7,613

Charge for year

241

Eliminated on disposal

(2,077

)

At 31 March 2025

5,777

NET BOOK VALUE

At 31 March 2025

723

At 31 March 2024

98,587

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

12,629,625

Revaluations

1,995,375

At 31 March 2025

14,625,000

NET BOOK VALUE

At 31 March 2025

14,625,000

At 31 March 2024

12,629,625

Fair value at 31 March 2025 is represented by:

£

Valuation in 2016

547,843

Valuation in 2017

744,507

Valuation in 2018

(10,000

)

Valuation in 2021

(60,568

)

Valuation in 2022

1,064,551

Valuation in 2023

4,201,074

Valuation in 2025

1,995,375

Cost

6,142,218

14,625,000

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

31.3.25

31.3.24

£

Cost

6,142,218

The investment properties were subject to valuation at the balance sheet date by an independent firm of Chartered Surveyors. The methods and significant assumptions used to ascertain the fair value was as follows:

-rental yield obtainable using market data and similar properties sold or on the market in the area.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Trade debtors

80,609

72,229

Amounts owed by group undertakings

182,039

192,039

Other debtors

158,122

124,064

420,770

388,332

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Trade creditors

23,860

68,383

Amounts owed to group undertakings

4,013,165

4,367,695

Taxation and social security

163,671

43,368

Other creditors

124,669

213,829

4,325,365

4,693,275

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

Loan from Matt 6.3 Charitable

3,989,165

4,367,695

The Trustees of the MATT 6.3 Charitable Trust have fixed and floating charges over the assets of the company as security in respect of the loan advanced.

9.

RESERVES

Fair

value

reserve

£

At 1 April 2024

5,254,333

Deferred tax on revaluations

(498,844

)

Transfer of revaluation

1,995,375

At 31 March 2025

6,750,864

10.	CONTINGENT LIABILITIES

The company received grants of £1.2m in 2008 for the development of land and property. There is a condition relating to the grant stating that if the use of the land and property changes substantially from that stated in the grant agreement in the 20 year period after the grant was paid, any or all of the grant could become repayable.

The directors are not aware of any change of use of the related land and buildings to the current date, that would trigger the repayment of the grant and this has been released to P&L.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

31.3.25

31.3.24

£

J Dibdin

Balance outstanding at start of year

20,000

-

Amounts advanced

80,000

20,000

Amounts repaid

(20,000

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

80,000

20,000

Mrs G Lee

Balance outstanding at start of year

79,268

-

Amounts advanced

-

80,069

Amounts repaid

(44,602

)

(801

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

34,666

79,268

12.	RELATED PARTY DISCLOSURES

31.3.25

31.3.24

£

Purchases from related parties

5,000

Consultancy fees paid to related parties

13,755

9,900

13.	GOING CONCERN

The financial statements have been drawn up on a going concern basis. There is a large intercompany loan owed to the parent charity, The Matt 6.3 Charitable Trust, the use of going concern relies on the parent charity not calling in the loan, as the parent charity depends on Immingham Industrial Estates Limited for financial support there is no reason that it would call in the loan. Therefore the use of the going concern is considered to be appropriate.

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

Disclaimer of opinion

We do not express an opinion on the accompanying financial statements of the company. Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

Basis for disclaimer of opinion

We were unable to obtain sufficient appropriate audit evidence in a number of key areas.

The company is a wholly owned trading subsidiary of the Matt 6.3 Charitable Trust (registered charity number 1069985). During the course of our audit of the charity and it's trading subsidiaries we noted significant matters (which included, but were not limited to):

-Lack of internal controls and governance

-Material unauthorised payments to related and connected parties which appear to have no commercial substance

-No recognition or management of conflicts of interest or trustee benefit

Due to the uncertainty regarding the matters above and our inability to determine how these might be we resolved, we concluded that we could not obtain sufficient appropriate audit evidence that there were no material misstatements in the financial statements, arising from either intentional misstatement or error.

Due to the nature of these matters, we were also unable to determine the full value of any adjustments that would have been necessary to the Income Statement, the Balance Sheet or associated disclosures. We have concluded that the possible effects on the financial statements from these matters could be material and pervasive.

We are therefore unable to form an opinion on the financial statements as a whole.

Mark Stothard BA (Hons) FCA (Senior Statutory Auditor)

For and on behalf of Xeinadin Audit Limited