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NEWTOWN ROAD LOANCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
Newtown Road Loanco Limited is a private company limited by shares and registered in England and Wales. The Company's registered number is 13689749. Its registered office is 50 Great Marlborough Street, London W1F 7JS.
The principal activity of the Company is that of a financial intermediary.
The Company's functional and presentational currency is GBP.
2.Accounting policies
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Basis of preparation of financial statements
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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:
The financial statements have been prepared on the going concern basis which, inter alia, is based on the director's reasonable expectation that the Company has adequate resources to continue to operate as a going concern for at least twelve months from the date of approval.
In making the assessment of the appropriateness of this basis, the director has considered the trading of the Company since the year end and the facilities that are either committed to the Company for a period of at least twelve months from the date of approval of the financial statements or which he considers will probably be available to the Company during such period.
After careful consideration, the director considers that there are reasonable grounds to believe that the Company can be regarded as a going concern and, for this reason continues to adopt the going concern basis in preparing the Company’s financial statements.
Revenue consists of interest receivable and other fees.
Interest receivable on loans and advances at amortised cost is calculated using the effective interest method which allocates interest, and direct and incremental costs, over the life of the assets.
Revenue from other fees receivable, such as recharges, are measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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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