ACCOUNTS - Final Accounts preparation

FAI FARMS HOLDINGS LTD - Company Information

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Registered number: 12415784

NEWCORP LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2021

NEWCORP LIMITED

REGISTERED NUMBER: 12415784

BALANCE SHEET

AS AT 31 JANUARY 2021

		2021
Note		£

Fixed assets
Investments	5		1
			1
Current assets
Cash at bank and in hand	6	111,502
		111,502
Creditors: amounts falling due within one year	7	(67,789)
Net current assets			43,713
Total assets less current liabilities			43,714

Net assets			43,714

Capital and reserves
Called up share capital			8
Profit and loss account			43,706
Shareholders' funds			43,714

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NEWCORP LIMITED

REGISTERED NUMBER: 12415784

BALANCE SHEET (CONTINUED)

AS AT 31 JANUARY 2021

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question 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 financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

James Banfield

Director

Date: 21 October 2021

The notes on pages 4 to 7 form part of these financial statements.

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NEWCORP LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 JANUARY 2021

	Called up share capital	Profit and loss account	Total equity
	£	£	£
Comprehensive income for the period
Profit for the period	-	43,706	43,706
Other comprehensive income for the period	-	-	-
Total comprehensive income for the period	-	43,706	43,706
Shares issued during the period	8	-	8
Total transactions with owners	8	-	8
At 31 January 2021	8	43,706	43,714

The notes on pages 4 to 7 form part of these financial statements.

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NEWCORP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2021

1.	General information

Newcorp Limited is a private company limited by share capital, incorporated in England and Wales. The company's registration number is 12415784. The address of the registered office is The Barn, Wytham, Oxford, OX2 8QJ. The company was incorporated on 21 January 2020 to facilitate the acquisition of its now subsidiary, FAI Farms Limited.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The accounts have been prepared on a going concern basis.
The directors have a reasonable expectation that the company has adequate resources to continue its operations for a period of at least 12 months from the date that the financial statements are approved. The key method for assessing going concern is through the business planning process which considers profitability, liquidity and solvency.
The business planning process considers the company's business activities, together with factors likely to affect its future development, successful performance and position, and key risks in the current economic climate. These plans have been updated to take into consideration the current information available in respect of the COVID-19 outbreak and Brexit.
The directors remain committed to supporting the company financially for the foreseeable future, together with the associated group companies.

2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

2.4

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

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NEWCORP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2021

2.Accounting policies (continued)

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

2.7

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.

2.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

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 amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following items in the financial statements contain estimates or judgments:-
Fixed asset investments
This represents the value of investments in subsidiaries. Investments are initially held at cost and reviewed for impairment losses at each financial reporting period. The directors assess the value of the company's investments by reference to the future benefits expected to flow to the company from its subsidiary undertaking.

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NEWCORP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2021

Employees

The average monthly number of employees, including the directors, during the period was as follows:

			2021
			No.

		Directors	8

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	Additions	1
	At 31 January 2021	1

6.	Cash and cash equivalents
		2021
		£

	Cash at bank and in hand	111,502

7.	Creditors: Amounts falling due within one year
		2021
		£

	Amounts owed to group undertakings	24,673
	Corporation tax	10,523
	Other creditors	30,000
	Accruals and deferred income	2,593
		67,789

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NEWCORP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2021

8.	Financial instruments
		2021
		£

	Financial assets
	Financial assets measured at fair value through profit or loss	111,502

Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.

9.	Related party transactions
	At the balance sheet date, the other creditors balance of £30,000 was wholly made up of loans from directors. These loans are interest free and repayable on demand.

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