Newgate Investments Limited Filleted accounts for Companies House (small and micro)

NEWGATE INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00641304

NEWGATE INVESTMENTS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2020

NEWGATE INVESTMENTS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

CONTENTS	PAGES

Officers and professional advisers	1

Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3 to 4

Notes to the financial statements	5 to 9

NEWGATE INVESTMENTS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr J A Edkins
	Mrs S Edkins
	Mrs G Edkins

Company secretary	Mr J A Edkins

Registered office	3 Saddler Street
	Bishop Auckland
	Co Durham
	DL14 7BH

Accountants	Allen Sykes Ltd
	Chartered Accountants
	5 Henson Close
	South Church Enterprise Park
	Bishop Auckland
	County Durham
	DL14 6WA

Bankers	Barclays Bank Plc
	Jenkins House
	Bob Hardisty Drive
	Bishop Auckland
	County Durham
	DL14 8YL

NEWGATE INVESTMENTS LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newgate Investments Limited for the year ended 31 December 2020, which comprise the statement of financial position 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the directors of Newgate Investments Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Newgate Investments Limited and state those matters that we have agreed to state you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newgate Investments Limited and its directors for our work or for this report.

It is your duty to ensure that Newgate Investments 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 Newgate Investments Limited. You consider that Newgate Investments 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 Newgate Investments 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.

Allen Sykes Ltd Chartered Accountants

5 Henson Close South Church Enterprise Park Bishop Auckland County Durham DL14 6WA

7 July 2021

NEWGATE INVESTMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2020

	2020		2019
Note	£	£	£

FIXED ASSETS

Tangible assets	5	507,394	507,484
Investments	6	25,000	25,000
		----------	----------
		532,394	532,484

CURRENT ASSETS

Stocks		28,522	28,498
Debtors	7	551	676
Investments	8	293,011	308,692
Cash at bank and in hand		8,640	14,623
		----------	----------
		330,724	352,489

CREDITORS: amounts falling due within one year	9	12,585		14,904
		----------		----------
NET CURRENT ASSETS			318,139	337,585
			----------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES			850,533	870,069

CREDITORS: amounts falling due after more than one year	10		8,235	6,848

PROVISIONS

Taxation including deferred tax	459	472
	----------	----------
NET ASSETS	841,839	862,749
	----------	----------

NEWGATE INVESTMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2020

	2020		2019
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	2,000	2,000
Revaluation reserve	246,396	246,396
Profit and loss account	593,443	614,353
	----------	----------
SHAREHOLDERS FUNDS	841,839	862,749
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2020 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 6 July 2021 , and are signed on behalf of the board by:

Mr J A Edkins
Director

Company registration number: 00641304

NEWGATE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Saddler Street, Bishop Auckland, Co Durham, DL14 7BH.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Current asset investments

These are shares held in United Kingdom listed companies, are held for their short term investment potential and are valued at their fair value.

Revenue recognition

The turnover shown in the profit and loss account represents: - amounts invoiced during the year exclusive of value added tax - rents receivable by the company during the year.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

All fixed assets are initially recorded at cost with the exception of investment property which is shown at valuation.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% reducing balance
Office Equipment	-	15% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost and subsequently stated at fair value.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 3 (2019: 3 ).

5. TANGIBLE ASSETS

	Investment properties	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2020	505,000	1,880	6,630	513,510
Additions	–	379	–	379
	----------	-------	-------	----------
At 31 December 2020	505,000	2,259	6,630	513,889
	----------	-------	-------	----------
Depreciation
At 1 January 2020	–	1,535	4,491	6,026
Charge for the year	–	126	343	469
	----------	-------	-------	----------
At 31 December 2020	–	1,661	4,834	6,495
	----------	-------	-------	----------
Carrying amount
At 31 December 2020	505,000	598	1,796	507,394
	----------	-------	-------	----------
At 31 December 2019	505,000	345	2,139	507,484
	----------	-------	-------	----------

Investment property was valued at 31 December 2020 on an open market basis at the amounts as shown above by the directors.

6. INVESTMENTS

	Other investments other than loans
	£
Cost
At 1 January 2020 and 31 December 2020	25,000
	---------
Impairment
At 1 January 2020 and 31 December 2020	–
	---------

Carrying amount
At 31 December 2020	25,000
	---------
At 31 December 2019	25,000
	---------

The company holds 12.5% of the issued share capital in Castle Estates (Brancepeth) Limited, a company administered by the Edkins family. The company acquired the shares at a cost of £25,000 and this is still considered to be their realisable value.

7. DEBTORS

	2020	2019
	£	£
Other debtors	551	676
	----	----

8. INVESTMENTS

	2020	2019
	£	£
Investments	293,011	308,692
	----------	----------

The original cost of the listed investments as at the balance sheet date was £256,716 (2019: £294,528).

9. CREDITORS: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	60	72
Social security and other taxes	1,269	1,005
Other creditors	11,256	13,827
	---------	---------
	12,585	14,904
	---------	---------

10. CREDITORS: amounts falling due after more than one year

	2020	2019
	£	£
Other creditors	8,235	6,848
	-------	-------