Newcorp Limited - Period Ending 2022-01-31

Newcorp Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 5

Newcorp Limited

Balance Sheet

31 January 2022

	Note	2022 £	2021 £
Fixed assets
Investments	4	1	1
Current assets
Debtors	5	125	-
Cash at bank and in hand		111,502	111,502
		111,627	111,502
Creditors: Amounts falling due within one year	6	(68,449)	(67,789)
Net current assets		43,178	43,713
Net assets		43,179	43,714
Capital and reserves
Called up share capital		8	8
Profit and loss account		43,171	43,706
Shareholders' funds		43,179	43,714

Newcorp Limited

Balance Sheet

31 January 2022

For the financial year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 October 2022 and signed on its behalf by:
 

......................................... J G Banfield Director

Company Registration Number: 12415784

Newcorp Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2022

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Barn
Wytham
Oxford
OX2 8QJ
England

These financial statements were authorised for issue by the Board on 10 October 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Newcorp Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2022

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2021 - 8).

Newcorp Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2022

4	Investments

	2022 £	2021 £
Investments in subsidiaries	1	1

Subsidiaries	£
Cost or valuation
At 1 February 2021	1
Provision
Carrying amount
At 31 January 2022	1
At 31 January 2021	1

5

Debtors

	2022 £
Other debtors	125
	125

6

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Corporation tax	-	10,523
Other creditors	30,000	30,000
Accruals and deferred income	540	2,593
Owed by/(from) group undertakings	37,909	24,673
	68,449	67,789