Newcycle Investments Limited - Filleted accounts

NEWCYCLE INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2020

Company Registration Number: 04405208

NEWCYCLE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 10

NEWCYCLE INVESTMENTS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2020
DIRECTOR
I N H Allington
SECRETARY
I N H Allington
REGISTERED OFFICE
Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ
COMPANY REGISTRATION NUMBER
04405208 England and Wales

NEWCYCLE INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2020
			Notes		2020				2019
					£				£
FIXED ASSETS
Tangible assets			5				70				94
Investments			6				1,475,000				1,400,000
							1,475,070				1,400,094
CURRENT ASSETS
Debtors			7		11,813				8,948
Cash at bank and in hand					9,500				11,728
					21,313				20,676
CREDITORS: Amounts falling due
within one year			8		496,507				495,909
NET CURRENT LIABILITIES							(475,194)				(475,233)
TOTAL ASSETS LESS CURRENT LIABILITIES							999,876				924,861
Provisions for liabilities and charges							79,175				61,385
NET ASSETS							920,701				863,476
CAPITAL AND RESERVES
Called up share capital							100				100
Distributable profit and loss account							76,871				382,622
Non distributable profit and loss account							843,730				480,754
SHAREHOLDER'S FUNDS							920,701				863,476

NEWCYCLE INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2020
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
I N H Allington
Director
Date approved by the board: 11 October 2020

NEWCYCLE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
1	GENERAL INFORMATION
	Newcycle Investments Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
	Registered office				Principal place of business
	Cranbrook House				81 Sheep Street
	287-291 Banbury Road				Bicester
	Oxford				Oxfordshire
	OX2 7JQ				OX26 6JS
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of the value of rent receivable as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Computer equipment					25% Reducing balance basis
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.

NEWCYCLE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Investment properties

	Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
	Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.

	Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

NEWCYCLE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
	Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.

	Current and deferred tax assets and liabilities are not discounted.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.

NEWCYCLE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2020		2019
	Average number of employees								1		1
5	TANGIBLE ASSETS
											Computer equipment
											£
	Cost
	At 1 February 2019										490
	At 31 January 2020										490
	Accumulated depreciation and impairments
	At 1 February 2019										396
	Charge for year										24
	At 31 January 2020										420
	Net book value
	At 1 February 2019										94
	At 31 January 2020										70

NEWCYCLE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
6	FIXED ASSET INVESTMENTS
											Investment Property
											£
	Cost
	At 1 February 2019										1,400,000
	Additions										17,332
	Revaluation										57,668
	At 31 January 2020										1,475,000
	Net book value
	At 1 February 2019										1,400,000
	At 31 January 2020										1,475,000

The investment properties were revalued during the year by I N H Allington, a director of the company, on 31 Januuary 2020. The properties were revalued to a market value of £1,475,000.

	The investment property included in the above fixed asset investments have been revalued as follows:
											Investment Property
											£
	Original cost										933,719
	Revaluation in 2017										841,589
	Revaluation in 2018										(70,000)
	Revaluation in 2019										(305,308)
	Revaluation in 2020										75,000
											1,475,000
	The revaluation as disclosed affects the tax position of the company by (£17,793), 2019= £93,650.40.
7	DEBTORS
									2020		2019
									£		£
	Other debtors								11,813		8,948

NEWCYCLE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
8	CREDITORS: Amounts falling due within one year
									2020		2019
									£		£
	Trade creditors								81,170		85,930
	Taxation and social security								4,075		3,687
	Accruals and deferred income								3,313		3,914
	Other creditors								407,949		402,378
									496,507		495,909