Newgold Investments Limited Filleted accounts for Companies House (small and micro)

NEWGOLD INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06591562

Newgold Investments Limited

Filleted Unaudited Financial Statements

31 May 2022

Newgold Investments Limited

Statement of Financial Position

31 May 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	4	303,490	303,490
Investments	5	1,760,002	1,760,002
		------------	------------
		2,063,492	2,063,492

Current assets

Debtors	6	89,339	164,818
Cash at bank and in hand		4,410	3,566
		--------	---------
		93,749	168,384

Creditors: amounts falling due within one year	7	1,197,773		1,274,608
		------------		------------
Net current liabilities			1,104,024	1,106,224
			------------	------------
Total assets less current liabilities			959,468	957,268

Creditors: amounts falling due after more than one year	8	219,267	218,437
		---------	---------
Net assets		740,201	738,831
		---------	---------

Capital and reserves

Called up share capital	1	1
Revaluation reserve	622,634	622,634
Profit and loss account	117,566	116,196
	---------	---------
Shareholders funds	740,201	738,831
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 May 2022 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Newgold Investments Limited

Statement of Financial Position (continued)

31 May 2022

These financial statements were approved by the board of directors and authorised for issue on 29 August 2023 , and are signed on behalf of the board by:

Dr R.E. Lawrence
Director

Company registration number: 06591562

Newgold Investments Limited

Notes to the Financial Statements

Year ended 31 May 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 ODH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

4. Tangible assets

	Land and buildings
	£
Cost
At 1 June 2021 and 31 May 2022	303,490
	---------
Depreciation
At 1 June 2021 and 31 May 2022	–
	---------
Carrying amount
At 31 May 2022	303,490
	---------
At 31 May 2021	303,490
	---------

5. Investments

	Other investments other than loans
	£
Cost
At 1 June 2021 and 31 May 2022	1,760,002
	------------
Impairment
At 1 June 2021 and 31 May 2022	–
	------------

Carrying amount
At 31 May 2022	1,760,002
	------------
At 31 May 2021	1,760,002
	------------

6. Debtors

	2022	2021
	£	£
Loan debtors	89,339	164,758
Other debtors	–	60
	--------	---------
	89,339	164,818
	--------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Loan Creditors	1,191,113	1,269,200
Corporation tax	531	210
Other creditors	6,129	5,198
	------------	------------
	1,197,773	1,274,608
	------------	------------

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	219,267	218,437
	---------	---------

9. Related party transactions

The company was under the control of Dr Robin Edward Lawrence throughout the current and previous year. Dr Lawrence is the managing director and majority shareholder. The company charged 96 Harley Street Limited,a related company, £75,000 (2021 - £75,000) for management services provided during the year.