Company Registration No. 10416799 (England and Wales)
NEW GUARD HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
LITHGOW PERKINS LLP
Chartered Accountants
Crown Chambers
Princes Street
Harrogate
NEW GUARD HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NEW GUARD HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
19,250
-
0
Investment properties
5
780,458
780,458
Investments
6
420,075
420,075
1,219,783
1,200,533
Current assets
Debtors
7
5,000
-
0
Cash at bank and in hand
76
44
5,076
44
Creditors: amounts falling due within one year
8
(490,923)
(549,952)
Net current liabilities
(485,847)
(549,908)
Total assets less current liabilities
733,936
650,625
Creditors: amounts falling due after more than one year
9
(293,448)
(307,211)
Net assets
440,488
343,414
Capital and reserves
Called up share capital
10
5,000
5,000
Profit and loss reserves
435,488
338,414
Total equity
440,488
343,414
NEW GUARD HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 12 August 2022 and are signed on its behalf by:
B P Cooper
Director
Company Registration No. 10416799
NEW GUARD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information

New Guard Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sandbeck Way, WETHERBY, LS22 7DN.

1.1
Accounting convention

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for management charges provided in the normal course of business.

 

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

NEW GUARD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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.

Classification of financial liabilities

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

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.

NEW GUARD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
-
0
-
0
NEW GUARD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
4
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2021
-
0
Additions
21,000
At 31 March 2022
21,000
Depreciation and impairment
At 1 April 2021
-
0
Depreciation charged in the year
1,750
At 31 March 2022
1,750
Carrying amount
At 31 March 2022
19,250
At 31 March 2021
-
0
5
Investment property
2022
£
Fair value
At 1 April 2021 and 31 March 2022
780,458

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors, who have expertise to value the property for the purpose of these accounts. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
420,075
420,075

Investments in subsidiary company shares are initially recorded at cost.

7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
5,000
-
0
NEW GUARD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
25,796
23,061
Amounts owed to group undertakings and undertakings in which the company has a participating interest
391,432
526,891
Other creditors
73,695
-
0
490,923
549,952

Creditors amounting to £29,881 (2021 £23,061) are secured.

9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
278,775
307,211
Other creditors
14,673
-
0
293,448
307,211

Creditors due after more than one year are secured.

10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
50,001
50,001
5,000
5,000
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