2014 Companies House Accounts - pinacle (P14IXCHSE)

2014 Companies House Accounts - pinacle (P14IXCHSE)

NEWGREEN ESTATES LTD - Company Information

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NEWGREEN ESTATES LTD
 
 
 
 
 
 
ABBREVIATED ACCOUNTS
 
 
 
 
 
YEAR ENDED 31 MARCH 2014
 
 
 
 
 
 
 
 
 
 
 
COMPANY REGISTRATION NUMBER - 4926927
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                                                                                                                           
 
                                                                                                                                                                           
1 .
NEWGREEN ESTATES LTD
Company Number - 4926927
 
ABBREVIATED BALANCE SHEET
 
31 March 2014
 
2014 2013
Notes £ £ £ £
 
FIXED ASSETS
 
Tangible assets 2 6,839,511 6,839,948
Cost of Investments,
-Joint Syndicates 3 3,000 3,000
Investments-Joint Syndicates 4 204,197 451,397
7,046,708 7,294,345
 
CURRENT ASSETS
 
Debtors 5 100,975 42,177
Cash at Bank 72,106 7,337
173,081 49,514
CURRENT LIABILITIES
 
Creditors - Amounts falling
due within one year 6 897,980 887,826
NET CURRENT LIABILITIES (724,899 ) (838,312 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,321,809 6,456,033
CREDITORS - Amounts falling
due after more than one year 6 5,458,823 5,451,826
NET ASSETS 862,986 1,004,207
                                                                                                                                                                           
2 .
NEWGREEN ESTATES LTD
Company Number - 4926927
 
ABBREVIATED BALANCE SHEET
 
31 March 2014
 
2014 2013
Notes £ £ £ £
 
 
CAPITAL AND RESERVES
 
Called up share capital 7 4 4
Revaluation reserve 1,652,625 1,652,625
Profit and loss account (789,643 ) (648,422 )
SHAREHOLDERS' FUNDS 862,986 1,004,207
 
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective April 2008).
 
For the financial year ended 31 March 2014, the company was entitled to exemption from audit under section 477 of the Companies Act 2006; and no notice has been deposited under section 476.
The members have not required the company to obtain an audit.
 
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.
 
 
Approved by the board on 19 May 2015.
 
)
......................... ) B NEUMANN
Director
 
                                                                                                                                                                           
3 .
NEWGREEN ESTATES LTD
 
NOTES TO THE ABBREVIATED ACCOUNTS
 
FOR THE YEAR ENDED 31 MARCH 2014
 
1 . ACCOUNTING POLICIES
 
BASIS OF ACCOUNTING
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
 
Tangible assets other than freehold land and investment properties are depreciated at
the following annual rates in order to write off each asset over its estimated useful
life.
 
Fixtures and fittings - 15% reducing balance
 
 
TANGIBLE FIXED ASSETS-INVESTMENT PROPERTY
No depreciation is provided on property owned by the company in accordance with
the Financial Reporting Standard for Smaller Entities as this is investment property.
In so doing the company is invoking the true and fair override permitted by the
Financial Reporting Standard For Smaller Entities.
 
GOING CONCERN
The accounts have been prepared on a going concern basis although this may not be
appropriate as the company has net current liabilities of £724,899 at the year end
and some of its properties are in administratative receivership for one of its lenders.
The directors believe they have the resources to continue trading as a going concern
and remedy the present situation.
 
PROVISIONS
Provisions are set up only where it is probable that a present obligation exists as a
result of an event prior to the balance sheet date and that a payment will be required
in settlement that can be estimated reliably. Where material, provisions are
calculated on a discount basis.
 
DEFERRED TAXATION
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
   
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
   
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
 
COMPANY PROPERTIES
The properties are valued annually by the directors at the end of the financial year
on an open market basis assuming they are tenanted, with the company's share of
any resulting surplus or deficit being transferred to the revaluation reserve.
 
                                                                                                                                                                           
4 .
NEWGREEN ESTATES LTD
 
NOTES TO THE ABBREVIATED ACCOUNTS
 
FOR THE YEAR ENDED 31 MARCH 2014
 
TURNOVER
Turnover represents rents receivable,commissions and profits on joint property ventures.
 
 
INVESTMENTS IN JOINT PROPERTY SYNDICATES
This represents capital introduced by the company into the syndicates plus accrued
surpluses less deficiencies but without revaluing the syndicate properties.
 
Some of the syndicates in which the company is a participator have borrowings
which are secured on the syndicate's properties.
 
The company accounts for its syndicate investments under the "equity accounting"
basis and thus the company's share of such borrowings is not included in these
accounts.
 
2 . FIXED ASSETS
Tangible
fixed
assets
£
Cost or valuation
At 1 April 2013 6,846,456
and 31 March 2014
 
Depreciation
At 1 April 2013 6,508
Charge for year 437
At 31 March 2014 6,945
 
Net Book Values
At 31 March 2014 6,839,511
 
At 1 April 2013 6,839,948
 
3 . COST OF INVESTMENTS IN JOINT PROPERTY SYNDICATES
 
This represents the cost of the company's investment
in various joint property syndicates.
 
                                                                                                                                                                           
5 .
NEWGREEN ESTATES LTD
 
NOTES TO THE ABBREVIATED ACCOUNTS
 
FOR THE YEAR ENDED 31 MARCH 2014
 
4 . INVESTMENT IN JOINT PROPERTY SYNDICATES
 
Investment at 1 April 2013 451,398
Additions 41,124
Deficit for the Year (270,354 )
222,168
Repaid (17,971 )
Investment at 31 March 2014 204,197
 
5 . DEBTORS
 
Included in debtors is a director's current account in respect of D Greenblatt.
 
The liability under the loan at the beginning and end of the year respectively was £- and
£69,942.
The maximum amount of the loan outstanding during the year was £69,942.
 
 
2014 2013
£ £
6 . CREDITORS
 
Included in creditors are the following:
 
Bank loans repayable :-
Within one year 6,711 19,072
After more than one year 5,458,823 5,451,826
5,465,534 5,470,898
Bank overdraft 179,591 193,861
5,645,125 5,664,759
 
 
The bank loan and overdraft are secured.
 
 
7 . CALLED UP SHARE CAPITAL
2014 2013
£ £
 
There was no change in share capital during the year.
 
Allotted, called up and fully paid
Ordinary shares of £1 each 4 4