NEWCOURT_RESIDENTIAL_(ORC - Accounts
NEWCOURT_RESIDENTIAL_(ORC - Accounts
Newcourt Residential (Orchard Lea) Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Front Suite, The Grange, 26 Market Square, Westerham, TN16 1HB.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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 company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
During the period £549,534 of interest costs directly attributable to the financing of freehold property developments were capitalised at the weighted average cost of the related borrowings. The total capitalised interest at 30 June 2017 was £553,220 (2016: £3,686).
The loan is secured by a fixed and floating charge over the assets, undertakings and shares of the company.
The loan is repayable on demand, but in any event repayable no later than 10 September 2018.
The ordinary and preference shares in issue carry equal voting rights. The preference shares are not redeemable.
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
No guarantees have been given or received.
The ultimate parent company of Newcourt Residential (Orchard Lea) Limited is Newcourt Residential Holdings Limited by virtue of its 51% shareholding. Newcourt Residential Holdings Limited prepares group accounts and these are available from the registered office at 46 High Street, Esher, Surrey KT10 9QY, United Kingdom.
The McMonigall family is considered to be the ultimate controlling party of Newcourt Residential (Orchard Lea) Limited by virtue of their 100% shareholding of the Ordinary 'A' shares of Newcourt Residential Holdings Limited.