New London Gate Limited - Period Ending 2017-02-28

Registration number: 08900267

New London Gate Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2017

Thomas Quinn
Accountants
15 Station Road
15 Station Road
St Ives
Cambridgeshire
PE27 5BH

New London Gate Limited

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Statement of Income and Retained Earnings	4
Balance Sheet	5
Notes to the Financial Statements	6 to 8

New London Gate Limited

Company Information

Directors	Mr Spencer Frank Wrench Mrs Regina Clara Wrench

Registered office

The Station House 15 Station Road St Ives Cambridgeshire PE27 5BH

Accountants

Thomas Quinn Accountants 15 Station Road 15 Station Road St Ives Cambridgeshire PE27 5BH

Page 1

New London Gate Limited

Directors' Report for the Year Ended 28 February 2017

The directors present their report and the financial statements for the year ended 28 February 2017.

Directors of the company

The directors who held office during the year were as follows:

Mr Spencer Frank Wrench

Mrs Regina Clara Wrench

Principal activity

The principal activity of the company is a property management company

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 27 November 2017 and signed on its behalf by:

Mr Spencer Frank Wrench
Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
New London Gate Limited
for the Year Ended 28 February 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of New London Gate Limited for the year ended 28 February 2017 as set out on pages 4 to 8 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 Board of Directors of New London Gate Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of New London Gate Limited and state those matters that we have agreed to state to the Board of Directors of New London Gate Limited, 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 New London Gate Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that New London Gate Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of New London Gate Limited. You consider that New London Gate 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 accounts of New London Gate 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 accounts.

Thomas Quinn
Accountants
15 Station Road
15 Station Road
St Ives
Cambridgeshire
PE27 5BH

27 November 2017

Page 3

New London Gate Limited

Statement of Income and Retained Earnings for the Year Ended 28 February 2017

	Note	2017 £	2016 £
Turnover		90,298	66,475
Cost of sales		(56,470)	(41,672)
Gross profit		33,828	24,803
Administrative expenses		(33,828)	(24,803)
Operating profit/(loss)		-	-
Profit/(loss) before tax	4	-	-
Profit/(loss) for the financial year		-	-
Retained earnings brought forward		-	-
Retained earnings carried forward		-	-

The notes on pages 6 to 8 form an integral part of these financial statements.

Page 4

New London Gate Limited

(Registration number: 08900267)
Balance Sheet as at 28 February 2017

	Note	2017 £	2016 £
Current assets
Debtors	5	68,874	29,763
Cash at bank and in hand		(7,737)	(4,008)
		61,137	25,755
Creditors: Amounts falling due within one year	6	(16,597)	(11,456)
Total assets less current liabilities		44,540	14,299
Provisions for liabilities		(44,390)	(14,149)
Net assets		150	150
Capital and reserves
Called up share capital		150	150
Total equity		150	150

For the financial year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 27 November 2017 and signed on its behalf by:
 

 

Mr Spencer Frank Wrench

Director

The notes on pages 6 to 8 form an integral part of these financial statements.

Page 5

New London Gate Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

1	General information

The company is a private company limited by share capital incorporated in UK.

The address of its registered office is:
The Station House
15 Station Road
St Ives
Cambridgeshire
PE27 5BH
United Kingdom

The principal place of business is:
Orchard House
2 Suttons Lane
Deeping Gate
Peterborough
Cambs
PE6 9AA
United Kingdom

The accounts were authorised for issue on the date shown on the Director's report.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 6

New London Gate Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

4	Profit/loss before tax

Arrived at after charging/(crediting)

2017 £

2016 £

5

Debtors

	2017 £	2016 £
Trade debtors	50,400	-
Other debtors	18,474	29,763
Total current trade and other debtors	68,874	29,763

Page 7

New London Gate Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

6

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		4,700	54
Other creditors		11,897	11,402
		16,597	11,456

7	Parent and ultimate parent undertaking

The ultimate controlling party is the Directors who own 100% of the called up share capital.

Page 8

New London Gate Limited

Detailed Profit and Loss Account for the Year Ended 28 February 2017

	2017 £	2016 £
Turnover (analysed below)	90,298	66,475
Cost of sales (analysed below)	56,470	41,672
Gross profit	33,828	24,803
Gross profit (%)	37.46%	37.31%
Administrative expenses
Establishment costs (analysed below)	27,842	16,748
General administrative expenses (analysed below)	5,825	7,903
Finance charges (analysed below)	161	152
	33,828	24,803
Operating profit/(loss)	-	-
Profit/(loss) before tax	-	-

This page does not form part of the statutory financial statements.

Page 9

New London Gate Limited

Detailed Profit and Loss Account for the Year Ended 28 February 2017

2017 £

2016 £

Turnover
Sales, UK	90,298	66,475

Cost of sales
Materials	17,440	9,277
Wages and salaries	-	2,221
Subcontract cost	2,230	7,405
Repairs and maintenance	36,800	22,769
	56,470	41,672

Establishment costs
Water rates	913	1,424
Light, heat and power	12,723	11,546
Insurance	13,571	3,200
Telephone and fax	635	578
	27,842	16,748

General administrative expenses
Sundry expenses	-	445
Cleaning	687	3,508
Accountancy fees	1,488	-
Management fees	3,650	3,650
Legal and professional fees	-	300
	5,825	7,903

Finance charges
Bank charges	161	152

This page does not form part of the statutory financial statements.

Page 10