Newig Ltd - Accounts to registrar (filleted) - small 18.2
Newig Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2019 |
for |
Newig Ltd |
Newig Ltd (Registered number: 01940005) |
Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report | 8 |
Newig Ltd |
Company Information |
for the Year Ended 31 March 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |
Newig Ltd (Registered number: 01940005) |
Statement of Financial Position |
31 March 2019 |
31.3.19 | 31.3.18 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 3 |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors on |
Newig Ltd (Registered number: 01940005) |
Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
1. | STATUTORY INFORMATION |
Newig Ltd is a |
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 the provisions of Section 1A "Small Entities" |
of 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. |
Monetary amounts in these financial statements are rounded to the nearest £. |
The principal accounting policies adopted are set out below. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates |
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
are recognised in the period in which the estimate is revised where the revision affects only that period, or in the |
period of the revision and future periods where the revision affects both current and future periods. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company |
has adequate resources to continue in operational existence for the foreseeable future. Thus the directors |
continue to adopt the going concern basis of accounting in preparing the financial statements. |
Investment property |
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is |
provided on these gains at the rate expected to apply when the property is sold. |
Newig Ltd (Registered number: 01940005) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
2. | ACCOUNTING POLICIES - continued |
Provisions |
A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result |
of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. If |
the effect is material, provisions are determined by discounting the expected future cash flows at the current time |
value of money. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, |
other short-term liquid investments with original maturities of three months or less, and bank overdrafts. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company |
becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is |
a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to |
realise the net asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised costs using the effective interest |
method 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. Financial assets classified as |
receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint |
ventures, are initially measured at fair value, which is normally the transaction price. Such assets are |
subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that |
investments in equity instruments that are not publically traded and whose fair values cannot be measured |
reliably are measured at cost less impairment. |
Newig Ltd (Registered number: 01940005) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
2. | ACCOUNTING POLICIES - continued |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of |
impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership |
to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has |
transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
the company after deducting all of its liabilities. |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable 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. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of |
the company. |
Foreign currencies |
Transactions in foreign currency are translated at exchange rates approximating to the rate ruling at the date of |
the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are |
translated at the foreign exchange rate ruling at that date. Foreign exchange differences are recognised in the |
profit and loss account. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are |
required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement |
is recognised in the period in which the employee's services are received. Termination benefits are recognised |
immediately as an expense when the company is demonstrably committed to terminate the employment of an |
employee or to provide termination benefits. |
Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
Newig Ltd (Registered number: 01940005) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
2. | ACCOUNTING POLICIES - continued |
Current tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported |
in the profit and loss account because it excludes items of income and expense that are taxable or deductible in |
other years and it further excludes items that are never taxable or deductible. The company's liability for current |
tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
Deferred tax |
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised |
to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other |
future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill |
or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor |
the accounting profit. |
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it |
is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be |
recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is |
settled or the asset is realised. Deferred tax is charged or credited in the profit or loss account, except when it |
relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. |
Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current |
tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
3. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2018 |
and 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
Fair value at 31 March 2019 is represented by: |
£ |
Valuation in 2017 | 525,000 |
If the investment property had not been revalued it would have been included at the following historical cost: |
31.3.19 | 31.3.18 |
£ | £ |
Cost | 594,840 | 594,840 |
The investment property was valued on an open market basis on 31 March 2014 by Fisher German Chartered Surveyors |
. |
The directors have reviewed the market value at the year end date and no adjustment is considered necessary. |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
VAT |
Newig Ltd (Registered number: 01940005) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Shareholder loans | 672,975 | 678,867 |
Corporation tax |
VAT | - | 2,675 |
Accrued expenses |
6. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 31.3.19 | 31.3.18 |
value: | £ | £ |
Share capital 1 | £1 | 1,000,000 | 1,000,000 |
7. | GOING CONCERN |
The trustees of the parent undertaking, the M A Brown Accumulation and Maintenance Trust have indicated that |
they will continue to support financially the company by way of their shareholder loans and the directors feel it is |
appropriate to prepare these accounts on a going concern basis. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Newig Ltd |
The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and |
certain other primary statements and the Report of the Directors are not required to be filed with the Registrar |
of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Newig Ltd for the year ended 31 March 2019 which comprise the Statement of Comprehensive |
Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's |
accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Newig Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Newig Ltd and state those matters that we have agreed to state to the Board of Directors of Newig Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newig Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Newig Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Newig Ltd. You consider that Newig Ltd is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Newig Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |