Company registration number 00847025 (England and Wales)
NEWTONS INDUSTRIES (LIVERPOOL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
NEWTONS INDUSTRIES (LIVERPOOL) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
NEWTONS INDUSTRIES (LIVERPOOL) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,956
3,914
Investment properties
4
3,861,399
3,861,399
3,863,355
3,865,313
Current assets
Debtors
5
63,472
125,286
Cash at bank and in hand
235,504
168,632
298,976
293,918
Creditors: amounts falling due within one year
6
(70,441)
(70,340)
Net current assets
228,535
223,578
Total assets less current liabilities
4,091,890
4,088,891
Provisions for liabilities
(720,711)
(720,711)
Net assets
3,371,179
3,368,180
Capital and reserves
Called up share capital
8,100
8,100
Share premium account
100
100
Capital redemption reserve
24,016
24,016
Profit and loss reserves
3,338,963
3,335,964
Total equity
3,371,179
3,368,180
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 December 2021 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.
NEWTONS INDUSTRIES (LIVERPOOL) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 August 2022 and are signed on its behalf by:
Mr PS M Newton
Director
Company Registration No. 00847025
NEWTONS INDUSTRIES (LIVERPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Newtons Industries (Liverpool) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 122 South Street, Liverpool, United Kingdom, L8 3TN.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents gross invoiced sales of services.
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:
Fixtures and fittings
10% straight line method
Computers
15% reducing balance method
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
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
NEWTONS INDUSTRIES (LIVERPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Pension costs and other post-retirement benefits
Payments in respect of other post-retirement benefits are charged to profit or loss in the period to which they relate.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021 and 31 December 2021
34,878
Depreciation and impairment
At 1 January 2021
30,964
Depreciation charged in the year
1,958
At 31 December 2021
32,922
Carrying amount
At 31 December 2021
1,956
At 31 December 2020
3,914
NEWTONS INDUSTRIES (LIVERPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
4
Investment property
2021
£
Fair value
At 1 January 2021 and 31 December 2021
3,861,399
The historical cost of the investment property was £95,893.
The directors have based their valuation of the investment properties as at 31st December 2021 on movements in market value in the area local to where the properties are situated.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
9,139
13,078
Other debtors
54,333
112,208
63,472
125,286
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
4,389
4,462
Corporation tax
210
Other taxation and social security
1,945
1,981
Other creditors
63,897
63,897
70,441
70,340
7
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mrs S Newton -
-
29,800
(3,400)
26,400
29,800
(3,400)
26,400