Newgate Properties Shropshire Limited 31/05/2021 iXBRL

Newgate Properties Shropshire Limited 31/05/2021 iXBRL

NEWGATE PROPERTIES SHROPSHIRE LIMITED - Company Information

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Company registration number: 09051611
NEWGATE PROPERTIES SHROPSHIRE LIMITED
31 May 2021
HEYWOODS
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
NEWGATE PROPERTIES SHROPSHIRE LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
NEWGATE PROPERTIES SHROPSHIRE LIMITED
DIRECTORS AND OTHER INFORMATION
Director
Mr R I Cambray
Company number 09051611
Registered office Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Business address New House Farm
Pulverbatch
Shrewsbury
Shropshire
SY5 8DE
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
NEWGATE PROPERTIES SHROPSHIRE LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEWGATE PROPERTIES SHROPSHIRE LIMITED
YEAR ENDED 31 MAY 2021
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 Properties Shropshire Limited for the year ended 31 May 2021 which comprise the statement of financial position, statement of changes in equity and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Newgate Properties Shropshire Limited, as a body, in accordance with the terms of our engagement letter dated 28 June 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Newgate Properties Shropshire Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newgate Properties Shropshire Limited and its director as a body for our work or for this report.
It is your duty to ensure that Newgate Properties Shropshire 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 loss of Newgate Properties Shropshire Limited. You consider that Newgate Properties Shropshire 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 Properties Shropshire 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.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
25 October 2021
NEWGATE PROPERTIES SHROPSHIRE LIMITED
STATEMENT OF FINANCIAL POSITION
31 MAY 2021
2021 2020
Note £ £ £ £
Current assets
Stock and work-in-progress 368,720 1,950,000
Debtors 5 17,176 1,468
Cash at bank and in hand 115,707 5,118
_______ _______
501,603 1,956,586
Creditors: amounts falling due
within one year 6 ( 914,562) ( 2,258,882)
_______ _______
Net current liabilities ( 412,959) ( 302,296)
_______ _______
Total assets less current liabilities ( 412,959) ( 302,296)
_______ _______
Net liabilities ( 412,959) ( 302,296)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 413,059) ( 302,396)
_______ _______
Shareholders deficit ( 412,959) ( 302,296)
_______ _______
For the year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 October 2021 , and are signed on behalf of the board by:
Mr R I Cambray
Director
Company registration number: 09051611
NEWGATE PROPERTIES SHROPSHIRE LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MAY 2021
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2019 100 ( 111,357) ( 111,257)
Loss for the year ( 191,039) ( 191,039)
_______ _______ _______
Total comprehensive income for the year - ( 191,039) ( 191,039)
_______ _______ _______
At 31 May 2020 and 1 June 2020 100 ( 302,396) ( 302,296)
Loss for the year ( 110,663) ( 110,663)
_______ _______ _______
Total comprehensive income for the year - ( 110,663) ( 110,663)
_______ _______ _______
At 31 May 2021 100 ( 413,059) ( 412,959)
_______ _______ _______
NEWGATE PROPERTIES SHROPSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2021
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Countrywide House, Knights Way, Shrewsbury, Shropshire, SY1 3AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Going concern
The company is insolvent and is dependant upon the continued support of the director.
Turnover
Turnover is measured at the value of the consideration received or receivable for services supplied, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2020: 2 ).
5. Debtors
2021 2020
£ £
Trade debtors 1,100 -
Other debtors 16,076 1,468
_______ _______
17,176 1,468
_______ _______
6. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts - 1,170,690
Corporation tax 21 21
Other creditors 914,541 1,088,171
_______ _______
914,562 2,258,882
_______ _______