Newton Orwell Properties Ltd Accounts

NEWTON ORWELL PROPERTIES LTD - Company Information






Newton Orwell Properties Ltd

	Company No. 11853137
		Information for Filing with The Registrar
		28 February 2021

The Director presents her report and the accounts for the year ended 28 February 2021.

Principal activities
The principal activity of the company during the year under review was Real Estate.




Director

The Director who served at any time during the year was as follows:

L. Byrne





































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

L. Byrne
Director
14 January 2022

at	28 February 2021
Company No.		11853137	Notes	2021	2020
				£	£
Fixed assets

	Tangible assets		4	881,318	885,818


				881,318	885,818
Current assets

	Debtors		5	76,500	22,500

	Cash at bank and in hand			109,595	160,089
				186,095	182,589
Creditors: Amount falling due within one year			6	(7,745)	(4,766)
Net current assets				178,350	177,823
Total assets less current liabilities				1,059,668	1,063,641
Creditors: Amounts falling due after more than one year			7	(1,047,196)	(1,071,473)



Net assets/(liabilities)				12,472	(7,832)

Capital and reserves
	Called up share capital			25	25



	Profit and loss account		8	12,447	(7,857)

Total equity				12,472	(7,832)



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 14 January 2022
And signed on its behalf by:
L. Byrne
Director
14 January 2022

for the year ended 28 February 2021

General information

Its registered number is: 11853137

Its registered office is:

62 Brackens Drive

Warley

Brentwood

Essex

CM14 5UE

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.

Investments

Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2021	2020
			Number	Number
		The average monthly number of employees (including directors) during the year was:	1	1

4	Tangible fixed assets
			Land and buildings	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 March 2020	860,818	25,000	885,818




		At 28 February 2021	860,818	25,000	885,818
		Depreciation

		Charge for the year	-	4,500	4,500



		At 28 February 2021	-	4,500	4,500
		Net book values
		At 28 February 2021	860,818	20,500	881,318
		At 29 February 2020	860,818	25,000	885,818

5	Debtors
			2021	2020
			£	£
		Trade debtors	76,500	22,500







			76,500	22,500

6	Creditors:
		amounts falling due within one year
			2021	2020
			£	£






		Corporation tax	2,920	-
		Other taxes and social security	1,500	1,500
		Loans from directors	1,476	1,916

		Accruals and deferred income	1,849	1,350
			7,745	4,766

7	Creditors:
		amounts falling due after more than one year
			2021	2020
			£	£

		Bank loans and overdrafts	549,196	573,473
		Other loans	498,000	498,000





			1,047,196	1,071,473

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.