Newgate (Henley) Limited
Newgate (Henley) Limited
Registered number: 11294545
Unaudited Financial Statements
For The Year Ended
31 October 2020
Elco Accounting Limited
Newgate (Henley) Limited
Unaudited Financial Statements
For The Year Ended
31 October 2020
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
Newgate (Henley) Limited
Balance Sheet
As at
31 October 2020
Balance Sheet
Registered number:
11294545
For the year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2020 | 2019 | ||||
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Notes | £ | £ | £ | £ | |
CURRENT ASSETS | |||||
Stocks | 3 |
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Debtors | 4 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 5 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 6 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital |
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SHAREHOLDERS' FUNDS | 1 | 1 | |||
Page 1
Newgate (Henley) Limited
Balance Sheet (continued)
As at
31 October 2020
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Newgate (Henley) Limited
Notes to the Financial Statements
For The Year Ended
31 October 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Stocks and Work in Progress
Work in progress is valued at the lower of cost and net realisable value.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
1.3.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realised the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or
cancelled.
Page 3
Newgate (Henley) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2020
1.4.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and
other short-term highly liquid investments that mature in no more than three months from the date of acquisition and
that are readily convertible to known amounts of cash with insignificant risk of change in value.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2019: 2)
3.
Stocks
2020 | 2019 | ||
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£ | £ | ||
Stock - work in progress |
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4.
Debtors
2020 | 2019 | ||
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£ | £ | ||
Due within one year | |||
Other debtors | 3,934 | 27,793 | |
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5.
Creditors: Amounts Falling Due Within One Year
2020 | 2019 | ||
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£ | £ | ||
Trade creditors |
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Bank loans and overdrafts |
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Amounts owed to participating interests | 2,319 | - | |
Other creditors | 14,414 | 28,456 | |
Taxation and social security | - | 5,413 | |
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6.
Creditors: Amounts Falling Due After More Than One Year
2020 | 2019 | ||
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£ | £ | ||
Bank loans |
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7.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
Two charges were registered on 22 November 2018 and 22 December 2018 over the company's assets in relation to this loan.
2020 | 2019 | ||
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£ | £ | ||
Bank loans and overdrafts | 1,581,227 | 1,242,361 |
Page 4
Newgate (Henley) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2020
8.
General Information
Newgate (Henley) Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11294545
. The registered office is c/o Elco Accounting, 24 Church Street, Rickmansworth, Hertfordshire, WD3 1DD. Thepresentational currency of the financial statements is the Pound Sterling (£).
Page 5