Newton Fallowell (Skegness) Limited 03710262 false 2022-02-01 2023-05-03 2023-05-03 The principal activity of the company is to be that of chartered surveyors, estate agents and bank agents Digita Accounts Production Advanced 6.30.9574.0 true 03710262 2022-02-01 2023-05-03 03710262 2023-05-03 03710262 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-05-03 03710262 core:CurrentFinancialInstruments 2023-05-03 03710262 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-03 03710262 core:Non-currentFinancialInstruments 2023-05-03 03710262 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-03 03710262 core:Goodwill 2023-05-03 03710262 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-03 03710262 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-03 03710262 core:MotorVehicles 2023-05-03 03710262 core:PlantMachinery 2023-05-03 03710262 bus:SmallEntities 2022-02-01 2023-05-03 03710262 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-05-03 03710262 bus:FullAccounts 2022-02-01 2023-05-03 03710262 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-05-03 03710262 bus:RegisteredOffice 2022-02-01 2023-05-03 03710262 bus:Director4 2022-02-01 2023-05-03 03710262 bus:Director5 2022-02-01 2023-05-03 03710262 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-02-01 2023-05-03 03710262 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-05-03 03710262 1 2022-02-01 2023-05-03 03710262 core:ComputerSoftware 2022-02-01 2023-05-03 03710262 core:Goodwill 2022-02-01 2023-05-03 03710262 core:NetGoodwill 2022-02-01 2023-05-03 03710262 core:PatentsTrademarksLicencesConcessionsSimilar 2022-02-01 2023-05-03 03710262 core:Land 2022-02-01 2023-05-03 03710262 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-01 2023-05-03 03710262 core:LeaseholdImprovements 2022-02-01 2023-05-03 03710262 core:MotorVehicles 2022-02-01 2023-05-03 03710262 core:PlantMachinery 2022-02-01 2023-05-03 03710262 1 2022-02-01 2023-05-03 03710262 countries:EnglandWales 2022-02-01 2023-05-03 03710262 2022-01-31 03710262 core:Goodwill 2022-01-31 03710262 core:PatentsTrademarksLicencesConcessionsSimilar 2022-01-31 03710262 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-31 03710262 core:MotorVehicles 2022-01-31 03710262 core:PlantMachinery 2022-01-31 03710262 2021-02-01 2022-01-31 03710262 2022-01-31 03710262 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-01-31 03710262 core:CurrentFinancialInstruments 2022-01-31 03710262 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 03710262 core:Non-currentFinancialInstruments 2022-01-31 03710262 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 03710262 core:Goodwill 2022-01-31 03710262 core:PatentsTrademarksLicencesConcessionsSimilar 2022-01-31 03710262 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-31 03710262 core:MotorVehicles 2022-01-31 03710262 core:PlantMachinery 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03710262

Newton Fallowell (Skegness) Limited
(formerly Turner Evans Stevens Limited)

Annual Report and Unaudited Financial Statements

for the Period from 1 February 2022 to 3 May 2023

 

Newton Fallowell (Skegness) Limited
(formerly Turner Evans Stevens Limited)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Newton Fallowell (Skegness) Limited
(formerly Turner Evans Stevens Limited)

Company Information

Directors

B J Oglesbee

M W Holland

Registered office

26 Wide Bargate
Boston
Lincolnshire
PE21 6RX

 

Newton Fallowell (Skegness) Limited
(formerly Turner Evans Stevens Limited)

(Registration number: 03710262)
Balance Sheet as at 3 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

589

Tangible assets

5

2,250

219,570

 

2,250

220,159

Current assets

 

Debtors

6

69,050

127,431

Cash at bank and in hand

 

54,667

553,271

 

123,717

680,702

Creditors: Amounts falling due within one year

7

(122,967)

(298,927)

Net current assets

 

750

381,775

Total assets less current liabilities

 

3,000

601,934

Creditors: Amounts falling due after more than one year

7

-

(49,831)

Provisions for liabilities

-

(38)

Net assets

 

3,000

552,065

Capital and reserves

 

Called up share capital

9

3,000

3,000

Revaluation reserve

-

89,658

Retained earnings

-

459,407

Shareholders' funds

 

3,000

552,065

For the financial period ending 3 May 2023 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 period 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Newton Fallowell (Skegness) Limited
(formerly Turner Evans Stevens Limited)

(Registration number: 03710262)
Balance Sheet as at 3 May 2023

Approved and authorised by the Board on 18 January 2024 and signed on its behalf by:
 

.........................................
B J Oglesbee
Director

.........................................
M W Holland
Director

 

Newton Fallowell (Skegness) Limited
(formerly Turner Evans Stevens Limited)

Notes to the Financial Statements for the Period from 1 February 2022 to 3 May 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales, registration number 03710262.

The address of its registered office is:
26 Wide Bargate
Boston
Lincolnshire
PE21 6RX
England

These financial statements cover the individual entity, Turner Evans Stevens Limited.

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 including 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

Disclosure of long or short period

The company has changed its year end to 3rd May, 2023 due to the sale of the company's entire share capital on that date. The comparatives are therefore not entirely comparable.

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.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Newton Fallowell (Skegness) Limited
(formerly Turner Evans Stevens Limited)

Notes to the Financial Statements for the Period from 1 February 2022 to 3 May 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets excluding freehold property are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Freehold property is carried at fair value, derived from the current market prices for comparable properties determined annually by the directors who are internal to the company. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the statement of comprehensive income.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings freehold

2% straight line basis

Tenant's improvements

10% reducing balance

Plant and machinery

20% straight line basis

Investment property

Investment property was carried at fair value, derived from the current market prices for comparable properties determined annually by the directors who are internal to the company . The directors used observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value leave recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Website costs and separately acquired goodwill are shown at historical cost.

Website costs and goodwill have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Newton Fallowell (Skegness) Limited
(formerly Turner Evans Stevens Limited)

Notes to the Financial Statements for the Period from 1 February 2022 to 3 May 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% and 20% straight line basis

Website costs

20% and 33% straight line basis

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.

Trade debtors

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

Trade debtors are recognised at the transaction price 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 at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Newton Fallowell (Skegness) Limited
(formerly Turner Evans Stevens Limited)

Notes to the Financial Statements for the Period from 1 February 2022 to 3 May 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the period, was 34 (2022 - 39).

4

Intangible assets

Goodwill
 £

Website costs
£

Total
£

Cost or valuation

At 1 February 2022

86,300

13,432

99,732

At 3 May 2023

86,300

13,432

99,732

Amortisation

At 1 February 2022

86,300

12,843

99,143

Amortisation charge

-

589

589

At 3 May 2023

86,300

13,432

99,732

Carrying amount

At 3 May 2023

-

-

-

At 31 January 2022

-

589

589

 

Newton Fallowell (Skegness) Limited
(formerly Turner Evans Stevens Limited)

Notes to the Financial Statements for the Period from 1 February 2022 to 3 May 2023

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

250,000

2,277

-

252,277

Additions

-

-

3,000

3,000

Disposals

(250,000)

-

-

(250,000)

At 3 May 2023

-

2,277

3,000

5,277

Depreciation

At 1 February 2022

30,430

2,277

-

32,707

Charge for the period

6,248

-

750

6,998

Eliminated on disposal

(36,678)

-

-

(36,678)

At 3 May 2023

-

2,277

750

3,027

Carrying amount

At 3 May 2023

-

-

2,250

2,250

At 31 January 2022

219,570

-

-

219,570

6

Debtors

Current

2023
£

2022
£

Trade debtors

31,623

114,564

Prepayments and accrued income

6,859

11,483

Other debtors

30,568

1,384

 

69,050

127,431

 

Newton Fallowell (Skegness) Limited
(formerly Turner Evans Stevens Limited)

Notes to the Financial Statements for the Period from 1 February 2022 to 3 May 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

 

-

35,221

Trade creditors

 

66,679

50,149

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

13,349

Taxation and social security

 

29,004

175,788

Other creditors

 

1,454

11,109

Accruals and deferred income

 

25,830

13,311

 

122,967

298,927

Due after one year

 

Loans and borrowings

8

-

49,831

Creditors: amounts falling due after more than one year

Creditors amounts falling due within one year on which security has been given includes bank loans of £- (2022 - £35,221)

Creditors amounts falling due after more than one year on which security has been given includes bank loans of £- (2022 - £49,831).

The bank loans and overdrafts were secured by charges over the company's assets and personal guarantees given by the company's directors.

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

49,831

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

35,221

Other borrowings

-

900

-

36,121

 

Newton Fallowell (Skegness) Limited
(formerly Turner Evans Stevens Limited)

Notes to the Financial Statements for the Period from 1 February 2022 to 3 May 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

3,000

3,000

3,000

3,000

         

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £6,828 (2022 - £12,518).