New Start Associates Limited - Accounts to registrar (filleted) - small 18.2
New Start Associates Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2019 |
| FOR |
| NEW START ASSOCIATES LIMITED |
| NEW START ASSOCIATES LIMITED (REGISTERED NUMBER: 06670164) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST AUGUST 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| NEW START ASSOCIATES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST AUGUST 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| 11 Stratford Road |
| Shirley |
| Solihull |
| West Midlands |
| B90 3LU |
| BANKERS: |
| Threadneedle House |
| Alcester Walk |
| Redditch |
| Worcestershire |
| B98 8AJ |
| NEW START ASSOCIATES LIMITED (REGISTERED NUMBER: 06670164) |
| BALANCE SHEET |
| 31ST AUGUST 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| 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 |
| Fair value reserve | 10 |
| Retained earnings | 10 | ( |
) |
| 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. |
| NEW START ASSOCIATES LIMITED (REGISTERED NUMBER: 06670164) |
| BALANCE SHEET - continued |
| 31ST AUGUST 2019 |
| 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 signed on its behalf by: |
| NEW START ASSOCIATES LIMITED (REGISTERED NUMBER: 06670164) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST AUGUST 2019 |
| 1. | STATUTORY INFORMATION |
| New Start Associates 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 |
| company's principal place of business is 49A Oak Tree Lane, Cookhill, Alcester, Warwickshire, B49 5LH. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents rental income receivable for the accounting period, and completed sales of properties in the |
| accounting period. |
| Tangible fixed assets |
| Motor vehicles | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
| fair value is recognised in profit or loss. |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
| bringing stocks to their present location and condition. |
| 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. |
| NEW START ASSOCIATES LIMITED (REGISTERED NUMBER: 06670164) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2019 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Motor |
| vehicles |
| £ |
| COST |
| At 1st September 2018 |
| Additions |
| Disposals | ( |
) |
| At 31st August 2019 |
| DEPRECIATION |
| At 1st September 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31st August 2019 |
| NET BOOK VALUE |
| At 31st August 2019 |
| At 31st August 2018 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1st September 2018 |
| Revaluations | (40,000 | ) |
| At 31st August 2019 |
| NET BOOK VALUE |
| At 31st August 2019 |
| At 31st August 2018 |
| Fair value at 31st August 2019 is represented by: |
| £ |
| Valuation in 2019 | 620,000 |
| If the investment properties had not been revalued they would have been included at the following historical cost: |
| 2019 | 2018 |
| £ | £ |
| Cost | 315,256 | 315,256 |
| The investment properties were valued on an open market basis on 31st August 2019 by the directors . |
| NEW START ASSOCIATES LIMITED (REGISTERED NUMBER: 06670164) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2019 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Mortgage loan |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Mortgage loan |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Mortgage loans | 570,230 | 321,538 |
| The mortgage loans are secured on the investment properties owned by the company. |
| NEW START ASSOCIATES LIMITED (REGISTERED NUMBER: 06670164) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2019 |
| 10. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1st September 2018 | 282,036 |
| Deficit for the year | ( |
) | ( |
) |
| Transfer net change in fair value for year from Retained earnings to Fair value reserve |
( |
) |
| At 31st August 2019 | ( |
) | 246,005 |
| The Fair value reserve comprises: |
| 2018 | 2018 |
| £ | £ |
| Total gains to date on revaluation of investment property | 304,744 | 344,744 |
| Less deferred tax on revaluation gains | (57,901 | ) | (65,501 | ) |
| 246,843 | 279,243 |