NEWSPOINT LIMITED
NEWSPOINT LIMITED
Company No:
NEWSPOINT LIMITED
Unaudited Financial Statements
For the financial year ended 30 November 2021
Pages for filing with the registrar
For the financial year ended 30 November 2021
Pages for filing with the registrar
Unaudited Financial Statements
Contents
COMPANY INFORMATION
COMPANY INFORMATION (continued)
DIRECTORS | Mr D G Nugent |
Mr C Owen |
SECRETARY | Mrs G Nugent |
REGISTERED OFFICE | 19 The Terrace |
Torquay | |
TQ1 1BN | |
United Kingdom |
COMPANY NUMBER | 03544034 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Sigma House | |
Oak View Close | |
Edginswell Park | |
Torquay | |
Devon TQ2 7FF |
BALANCE SHEET
BALANCE SHEET (continued)
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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2,380,000 | 2,380,000 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand | 5 |
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602,016 | 481,101 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 407,348 | 294,315 | ||
Total assets less current liabilities | 2,787,348 | 2,674,315 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
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Provisions for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
-
The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476; -
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.
The financial statements of Newspoint Limited (registered number:
Mr D G Nugent
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
General information and basis of accounting
Newspoint Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 19 The Terrace, Torquay, TQ1 1BN, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover
Taxation
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
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 financial statements. 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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Investment property
Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Provisions
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2. Employees
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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3. Investment property
Investment property | |
£ | |
Valuation | |
As at 01 December 2020 |
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As at 30 November 2021 |
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There has been no valuation of investment property by an independent valuer.
4. Debtors
2021 | 2020 | ||
£ | £ | ||
Other debtors |
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5. Cash and cash equivalents
2021 | 2020 | ||
£ | £ | ||
Cash at bank and in hand |
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6. Creditors: amounts falling due within one year
2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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7. Creditors: amounts falling due after more than one year
2021 | 2020 | ||
£ | £ | ||
Bank loans |
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8. Called-up share capital
2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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9. Reserves
Included in the profit and loss account balance carried forward are non-distributable reserves of £780,920 (2020 - £811,397). These reserves represent the cumulative revaluation gains, after provision for deferred tax, on the company's investment property.
10. Ultimate controlling party
Parent Company:
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