Registration number:
Newton Fallowell (Skegness) Limited
(formerly
for the Period from 1 February 2022 to 3 May 2023
Newton Fallowell (Skegness) Limited
(formerly
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Newton Fallowell (Skegness) Limited
(formerly
Company Information
Directors |
B J Oglesbee M W Holland |
Registered office |
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Newton Fallowell (Skegness) Limited
(formerly
(Registration number: 03710262)
Balance Sheet as at 3 May 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
3,000 |
3,000 |
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Revaluation reserve |
- |
89,658 |
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Retained earnings |
- |
459,407 |
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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:
• |
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• |
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
(Registration number: 03710262)
Balance Sheet as at 3 May 2023
Approved and authorised by the
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Newton Fallowell (Skegness) Limited
(formerly
Notes to the Financial Statements for the Period from 1 February 2022 to 3 May 2023
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:
England
These financial statements cover the individual entity, Turner Evans Stevens Limited.
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
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
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
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
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
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.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the period, was
Intangible assets |
Goodwill |
Website costs |
Total |
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Cost or valuation |
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At 1 February 2022 |
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At 3 May 2023 |
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Amortisation |
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At 1 February 2022 |
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Amortisation charge |
- |
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At 3 May 2023 |
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Carrying amount |
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At 3 May 2023 |
- |
- |
- |
At 31 January 2022 |
- |
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Newton Fallowell (Skegness) Limited
(formerly
Notes to the Financial Statements for the Period from 1 February 2022 to 3 May 2023
Tangible assets |
Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 February 2022 |
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- |
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Additions |
- |
- |
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Disposals |
( |
- |
- |
( |
At 3 May 2023 |
- |
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Depreciation |
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At 1 February 2022 |
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- |
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Charge for the period |
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- |
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Eliminated on disposal |
( |
- |
- |
( |
At 3 May 2023 |
- |
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Carrying amount |
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At 3 May 2023 |
- |
- |
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At 31 January 2022 |
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- |
- |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Newton Fallowell (Skegness) Limited
(formerly
Notes to the Financial Statements for the Period from 1 February 2022 to 3 May 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Bank loans and overdrafts |
- |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
25,830 |
13,311 |
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Due after one year |
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Loans and borrowings |
- |
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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.
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
- |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
- |
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Other borrowings |
- |
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- |
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Newton Fallowell (Skegness) Limited
(formerly
Notes to the Financial Statements for the Period from 1 February 2022 to 3 May 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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3,000 |
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3,000 |
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 £