Newcycle Investments Limited - Filleted accounts

NEWCYCLE INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2022

Company Registration Number: 04405208

NEWCYCLE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
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 2022
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 2022
			Notes		2022				2021
					£				£
FIXED ASSETS
Tangible assets			5				39				52
Investments			6				1,300,000				1,475,000
							1,300,039				1,475,052
CURRENT ASSETS
Debtors			7		144,021				1,588
Cash at bank and in hand					8,799				21,727
					152,820				23,315
CREDITORS: Amounts falling due
within one year			8		440,018				484,715
NET CURRENT LIABILITIES							(287,198)				(461,400)
TOTAL ASSETS LESS CURRENT LIABILITIES							1,012,841				1,013,652
CREDITORS: Amounts falling due
after more than one year			9				9,520				11,913
Provisions for liabilities and charges							55,327				45,155
NET ASSETS							947,994				956,584
CAPITAL AND RESERVES
Called up share capital							100				100
Distributable profit and loss account							460,094				387,188
Non distributable profit and loss account							487,800				569,296
SHAREHOLDER'S FUNDS							947,994				956,584

NEWCYCLE INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2022
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 2022 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: 21 October 2022

NEWCYCLE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
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 represents rent receivable.
	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 2022
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.

	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 2022
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

	The director has made key assumptions in determination of the fair value of its investment properties in respect of the state of the property market in the location where the properties are situated and in respect of the range of reasonable fair value estimates of the assets.

4	EMPLOYEES
	The average number of persons employed by the company (including the director) during the year was:
									2022		2021
	Average number of employees								1		1

NEWCYCLE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
5	TANGIBLE ASSETS
											Computer equipment
											£
	Cost
	At 1 February 2021										490
	At 31 January 2022										490
	Accumulated depreciation and impairments
	At 1 February 2021										438
	Charge for year										13
	At 31 January 2022										451
	Net book value
	At 1 February 2021										52
	At 31 January 2022										39
6	FIXED ASSET INVESTMENTS
											Investment properties
											£
	Cost
	At 1 February 2021										1,475,000
	Additions										16,321
	Impairment										(71,321)
	Disposals										(120,000)
	At 31 January 2022										1,300,000
	Net book value
	At 1 February 2021										1,475,000
	At 31 January 2022										1,300,000
	In the opinion of the director, all investment properties have been stated at fair value.
7	DEBTORS
									2022		2021
									£		£
	Other debtors								144,021		1,588

NEWCYCLE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
8	CREDITORS: Amounts falling due within one year
									2022		2021
									£		£
	Bank loans and overdrafts								2,392		587
	Trade creditors								942		-
	Taxation and social security								4,338		5,672
	Accruals and deferred income								3,314		3,314
	Other creditors								429,032		475,142
									440,018		484,715
9	CREDITORS: Amounts falling due after more than one year
									2022		2021
									£		£
	Bank loans and overdrafts								9,520		11,913
10	RELATED PARTY TRANSACTIONS
	During the year, the following transactions with related parties took place:
	I N H Allington
	Director								2022		2021
									£		£
	Advances to company		The director made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount:						42,143		268,343
	C Dell
	Former shareholder								2022		2021
									£		£
	Advances to company		The former shareholder made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the former shareholder the following amount:						221,719		14,843

NEWCYCLE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
10	RELATED PARTY TRANSACTIONS (continued…)
	S Clench
	Former shareholder								2022		2021
									£		£
	Advances to company		The former shareholder made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the former shareholder the following amount:						146,479		-
	H Allington
	Former shareholder								2022		2021
									£		£
	Advances to company		The former shareholder made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the former shareholder the following amount:						6,528		-
	M G H Allington
	Connected party								2022		2021
									£		£
	Advances to company		The connected party made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the connected party the following amount:						12,163		15,763
	Broadribb Limited
	Connected company								2022		2021
									£		£
	Advances to company		The connected company made advances to the Newcycle Investments Limited which are repayable on demand. No interest has been charged on these advances. At the year end, Newcycle Investments Limited owed the connected company the following amount:						-		96,693

NEWCYCLE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
10	RELATED PARTY TRANSACTIONS (continued…)
	Broadribb Limited
	Connected company								2022		2021
									£		£
	Advances to company		Newcycle Investments Limited made advances to the connected company which are repayable on demand. No interest has been charged on these advances. At the year end, the connected company owed Newcycle Investments Limited the following amount:						141,116		-
	Broadribb Cycles Limited
	Connected company								2022		2021
									£		£
	Advances to company		The connected company made advances to the Newcycle Investments Limited which are repayable on demand. No interest has been charged on these advances. At the year end, Newcycle Investments Limited owed the connected company the following amount:						-		79,500