New Living Developments UK Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 12657878 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

FOR

NEW LIVING DEVELOPMENTS UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A P Deering

REGISTERED OFFICE:

National House

Wellington Road North

Stockport

Greater Manchester

SK4 1HW

REGISTERED NUMBER:

12657878 (England and Wales)

ACCOUNTANTS:

KJG

100 Barbirolli Square

Manchester

M2 3BD

FIXED ASSETS

Tangible assets

4

37,475

1,772

Investment property

5

4,210,065

3,963,522

4,247,540

3,965,294

CURRENT ASSETS

Debtors

6

100

100

Cash at bank

610

7,389

710

7,489

CREDITORS

Amounts falling due within one year

7

1,971,989

1,800

NET CURRENT (LIABILITIES)/ASSETS

(1,971,279

)

5,689

TOTAL ASSETS LESS CURRENT LIABILITIES

2,276,261

3,970,983

CREDITORS

Amounts falling due after more than one year

8

2,337,761

3,988,022

NET LIABILITIES

(61,500

)

(17,039

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

(61,600

)

(17,139

)

SHAREHOLDERS' FUNDS

(61,500

)

(17,039

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 June 2023 and were signed by:

A P Deering - Director

1.	STATUTORY INFORMATION

New Living Developments UK Limited is a private company, limited by shares, registered in England and Wales, registration number 12657878. The address of the registered office and principle place of business is National House, Wellington Road North, Stockport, Cheshire, United Kingdom, SK4 1HW.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the reporting date, the company's liabilities exceed its assets. The company has received assurance from the director that they will continue to give financial support to the company for twelve months from the date of approval of these financial statements.

On this basis, the director considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis is used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the rent received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company holds properties that are leased to tenants under operating leases. The rental income receivable under these leases is recognised through profit or loss on a straight-line basis over the term of the lease. Since the risks and rewards of ownership have not been transferred to the lessee, the assets held under the leases continue to be recognised in the company's financial statements.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets are charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Fixtures and Fittings

-

20% on reducing balance

At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2021

1,933

Additions

37,310

At 30 June 2022

39,243

DEPRECIATION

At 1 July 2021

161

Charge for year

1,607

At 30 June 2022

1,768

NET BOOK VALUE

At 30 June 2022

37,475

At 30 June 2021

1,772

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2021

3,963,522

Additions

246,543

At 30 June 2022

4,210,065

NET BOOK VALUE

At 30 June 2022

4,210,065

At 30 June 2021

3,963,522

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Other debtors

100

100

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Trade creditors

33,248

-

Other creditors

1,938,741

1,800

1,971,989

1,800

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.22

30.6.21

£

£

Other creditors

2,337,761

3,988,022

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.22

30.6.21

£

£

Debentures

656,000

624,500

Michael Noblett holds a charge dated 18 December 2020, creating a fixed and floating charge of the assets held by the company, including a negative pledge.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.22

30.6.21

value:

£

£

100

Ordinary A

£1

100

100

11.	RELATED PARTY DISCLOSURES

During the year, interest of £42,500 (2021 - £24,500) was charged by a shareholder of the company.