Newtrench Limited - Accounts to registrar (filleted) - small 18.2

NEWTRENCH LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

J D Smith

Mrs J M Smith

SECRETARY:

Mrs J M Smith

REGISTERED OFFICE:

4 Quay Walls

Berwick Upon Tweed

Northumberland

TD15 1HD

REGISTERED NUMBER:

02018615 (England and Wales)

ACCOUNTANTS:

JRW

Chartered Accountants

19 Buccleuch Street

Hawick

Roxburghshire

TD9 0HL

FIXED ASSETS

Tangible assets

4

97,574

94,654

Investment property

5

234,069

234,069

331,643

328,723

CURRENT ASSETS

Stocks

6

12,571

7,883

Debtors

7

36,957

10,486

Investments

8

50

50

Cash at bank

20,250

26,281

69,828

44,700

CREDITORS

Amounts falling due within one year

9

221,449

215,984

NET CURRENT LIABILITIES

(151,621

)

(171,284

)

TOTAL ASSETS LESS CURRENT LIABILITIES

180,022

157,439

CREDITORS

Amounts falling due after more than one year

10

97,708

86,260

NET ASSETS

82,314

71,179

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

82,214

71,079

SHAREHOLDERS' FUNDS

82,314

71,179

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th July 2022 and were signed on its behalf by:

J D Smith - Director

Mrs J M Smith - Director

1.	STATUTORY INFORMATION

Newtrench 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The company's turnover consists of contracting, rental, renewable energy and agricultural subsidy income.

For contracting services, revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract can be measured reliably. Stage of completion is based on the labour hours incurred to date as a percentage of total estimated labour for each contract/comparing costs incurred to date to the total estimated contract costs/period of time for which services have been provided.

For rental income, revenue is recognised in the accounting period to which the rent relates.

For renewable energy, turnover represents net invoiced sales of renewable electricity and associated green credits, excluding value added tax. Turnover is accrued when the company obtains the right to consideration prior to raising sales invoices.

Income from government grants and subsidies is recognised when the company has entitlement to the funds, any performance conditions attached have been met, it is probable that the income will be received and the amount can be measured reliably.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Agricultural vehicles

-

25% on reducing balance

Implements & equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Wind turbine development

-

Straight line over 20 years

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.

Stock

Stocks are valued at the lower of cost and net realisable value. For livestock, cost is defined as actual cost of purchase plus estimated costs of feeding and keep to date.

Financial assets

Basic financial assets, including trade and other debtors and bank balances, are initially recognised transaction price.

At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Pension costs and other post-retirement benefits

The Company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in funds administered by Trustees.

The Scheme provides money purchase benefits for certain Directors based on the accumulated contribution paid on behalf of each member.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Wind

Agricultural

Implements

Motor

turbine

vehicles

& equipment

vehicles

development

Totals

£

£

£

£

£

COST

At 1st April 2021

53,855

74,966

44,156

129,593

302,570

Additions

-

-

27,500

-

27,500

Disposals

-

-

(24,616

)

-

(24,616

)

At 31st March 2022

53,855

74,966

47,040

129,593

305,454

DEPRECIATION

At 1st April 2021

51,531

65,698

32,367

58,320

207,916

Charge for year

582

1,853

7,876

6,480

16,791

Eliminated on disposal

-

-

(16,827

)

-

(16,827

)

At 31st March 2022

52,113

67,551

23,416

64,800

207,880

NET BOOK VALUE

At 31st March 2022

1,742

7,415

23,624

64,793

97,574

At 31st March 2021

2,324

9,268

11,789

71,273

94,654

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2021

and 31st March 2022

234,069

NET BOOK VALUE

At 31st March 2022

234,069

At 31st March 2021

234,069

6.

STOCKS

2022

2021

£

£

Livestock

9,460

5,410

Other stocks

3,111

2,473

12,571

7,883

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

2,333

3,095

Other debtors

34,624

7,391

36,957

10,486

8.	CURRENT ASSET INVESTMENTS

2022

2021

£

£

Scott Country Lamb Ltd

50

50

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

9,000

8,248

Hire purchase contracts

5,946

5,723

Trade creditors

2,859

1,104

Taxation and social security

2,090

6,895

Other creditors

201,554

194,014

221,449

215,984

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

76,915

85,158

Hire purchase contracts

20,793

1,102

97,708

86,260

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

71,614

77,158

Bounce back loan

5,301

8,000

76,915

85,158

11.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

85,915

93,406

Bank borrowing is secured by a standard security over Whitehill Farm, Nenthorn, which is owned by the Directors.

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 Balance Sheet. Readers are cautioned that the Income Statement 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 Newtrench Limited for the year ended 31st March 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Newtrench Limited, 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 Newtrench Limited and state those matters that we have agreed to state to the Board of Directors of Newtrench Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Newtrench Limited 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 Newtrench Limited. You consider that Newtrench Limited 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 Newtrench Limited. 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.

JRW

Chartered Accountants

19 Buccleuch Street

Hawick

Roxburghshire

TD9 0HL

13th July 2022