ACCOUNTS - Final Accounts preparation

NEWLANDS NW4 LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-04-242022-04-24false2021-04-25No description of principal activity00truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08906239 2021-04-25 2022-04-24 08906239 2020-04-25 2021-04-24 08906239 2022-04-24 08906239 2021-04-24 08906239 c:Director2 2021-04-25 2022-04-24 08906239 d:FurnitureFittings 2021-04-25 2022-04-24 08906239 d:FurnitureFittings 2022-04-24 08906239 d:FurnitureFittings 2021-04-24 08906239 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-04-25 2022-04-24 08906239 d:CurrentFinancialInstruments 2022-04-24 08906239 d:CurrentFinancialInstruments 2021-04-24 08906239 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-24 08906239 d:CurrentFinancialInstruments d:WithinOneYear 2021-04-24 08906239 d:ShareCapital 2022-04-24 08906239 d:ShareCapital 2021-04-24 08906239 d:RetainedEarningsAccumulatedLosses 2022-04-24 08906239 d:RetainedEarningsAccumulatedLosses 2021-04-24 08906239 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-04-24 08906239 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-04-24 08906239 c:OrdinaryShareClass1 2021-04-25 2022-04-24 08906239 c:OrdinaryShareClass1 2022-04-24 08906239 c:OrdinaryShareClass1 2021-04-24 08906239 c:FRS102 2021-04-25 2022-04-24 08906239 c:AuditExempt-NoAccountantsReport 2021-04-25 2022-04-24 08906239 c:FullAccounts 2021-04-25 2022-04-24 08906239 c:PrivateLimitedCompanyLtd 2021-04-25 2022-04-24 08906239 2 2021-04-25 2022-04-24 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08906239

NEWLANDS NW4 LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 APRIL 2022

NEWLANDS NW4 LIMITED

REGISTERED NUMBER: 08906239

BALANCE SHEET

AS AT 24 APRIL 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		834		-
			834		-
Current assets
Stocks		2,690,398		2,690,398
Debtors: amounts falling due within one year	5	-		77,364
Cash at bank and in hand	6	22,118		13,890
		2,712,516		2,781,652
Creditors: amounts falling due within one year	7	(3,445,787)		(3,538,564)
Net current liabilities			(733,271)		(756,912)
Total assets less current liabilities			(732,437)		(756,912)

Net liabilities			(732,437)		(756,912)

Capital and reserves
Called up share capital	9	90	90
Profit and loss account		(732,527)	(757,002)
		(732,437)	(756,912)

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 year 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 comprehensive income 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:

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NEWLANDS NW4 LIMITED

REGISTERED NUMBER: 08906239

BALANCE SHEET (CONTINUED)

AS AT 24 APRIL 2022

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

Benjamin John Charles Mire

Director

Date: 12 January 2023

The notes on pages 3 to 8 form part of these financial statements.

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NEWLANDS NW4 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 APRIL 2022

1.	General information

Newlands NW4 Limited is a private company, limited by shares, registered in England and Wales.
The company's registered number and registered office address are as below:
Registered number: 08906239
|
Registered office: The Courtyard, 14a Sydenham Road, Croydon, England, CR0 2EE.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙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 Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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NEWLANDS NW4 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 APRIL 2022

2.Accounting policies (continued)

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings

20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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NEWLANDS NW4 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 APRIL 2022

2.Accounting policies (continued)

2.9

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.

2.10

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.

2.11

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.

Investments in non-derivative instruments that are equity to the issuer are measured:

∙at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;

∙at cost less impairment for all other investments.

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 comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet 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 amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Employees

The average monthly number of employees, including directors, during the year was 0 (2021 - 0).

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NEWLANDS NW4 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 APRIL 2022

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	Additions	949
	At 24 April 2022	949
	Depreciation
	Charge for the year on owned assets	115
	At 24 April 2022	115
	Net book value
	At 24 April 2022	834
	At 24 April 2021	-

Debtors

					2022	2021
					£	£


Other debtors	-	68,463
Prepayments and accrued income	-	8,901
	-	77,364

6.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	22,118	13,890
	22,118	13,890

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NEWLANDS NW4 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 APRIL 2022

7.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Bank loans	875,000	875,000
Other loans	2,059,070	2,141,389
Trade creditors	787	345
Other creditors	-	9,400
Accruals and deferred income	510,930	512,430
	3,445,787	3,538,564

8.	Financial instruments
		2022	2021
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	22,118	13,890

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

9.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

90 (2021 - 90) Ordinary shares of £1.00 each	90	90

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NEWLANDS NW4 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 APRIL 2022

10.

Related party transactions

Included in other loans is a loan of £636,665 (2021: £636,665) and interest payable of £149,346 due to Lakeside Developments Limited, shareholder of the company.
Included in other loans is a loan of £636,666 (2021: £636,666) and interest payable of £149,557 due to Residential Ground Rent Investors Limited. J L Finegold and B J C Mire have a material interest in this company.
Included in other loans is a loan of £636,665 (2020: £636,665) and interest payable of £148,855 due to Cyril Freedman Limited, a shareholder of the company. J L Finegold has a material interest in this company.
Included in other loan is a loan of £149,074 (2021: £163,431) and interest payable of £0.00 (2021: £0.00) due to Linea Homes Ltd. A Stark and G Sherman have a material interest in the Linea Homes group companies

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