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Registration number: 14099506

Warkworth (NE) Limited

Annual Report and Unaudited Financial Statements

for the Period from 11 May 2022 to 31 May 2023

 

Warkworth (NE) Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Warkworth (NE) Limited
for the Period Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Warkworth (NE) Limited for the period ended 31 May 2023 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Warkworth (NE) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Warkworth (NE) Limited and state those matters that we have agreed to state to the Board of Directors of Warkworth (NE) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Warkworth (NE) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Warkworth (NE) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Warkworth (NE) Limited. You consider that Warkworth (NE) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Warkworth (NE) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Wellway Accountants Limited
Borough Hall
Wellway
Morpeth
Northumberland
NE61 1BN

8 February 2024

 

Warkworth (NE) Limited

(Registration number: 14099506)
Balance Sheet as at 31 May 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

1,491

Investment property

5

47,080

 

48,571

Current assets

 

Cash at bank and in hand

 

1,822

Creditors: Amounts falling due within one year

6

(62,335)

Net current liabilities

 

(60,513)

Net liabilities

 

(11,942)

Capital and reserves

 

Called up share capital

7

1

Retained earnings

(11,943)

Shareholders' deficit

 

(11,942)

For the financial period ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 February 2024
 

.........................................
Miss G F Chambers
Director

 

Warkworth (NE) Limited

Notes to the Unaudited Financial Statements for the Period from 11 May 2022 to 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Dissington Old Hall
Medburn
Ponteland
Newcastle upon Tyne
NE18 0BW

These financial statements were authorised for issue by the director on 8 February 2024.

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 Section 1A
smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland'
and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

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.

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.

 

Warkworth (NE) Limited

Notes to the Unaudited Financial Statements for the Period from 11 May 2022 to 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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
reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Plant & Machinery

25% Reducing Balance

Improvements to Property

5% Straight Line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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 profit or loss.

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Warkworth (NE) Limited

Notes to the Unaudited Financial Statements for the Period from 11 May 2022 to 31 May 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

4

Tangible assets

Improvements to Property
£

Other tangible assets
£

Total
£

Cost or valuation

Additions

1,100

514

1,614

At 31 May 2023

1,100

514

1,614

Depreciation

Charge for the period

37

86

123

At 31 May 2023

37

86

123

Carrying amount

At 31 May 2023

1,063

428

1,491

5

Investment properties

2023
£

Additions

47,080

At 31 May

47,080



The director has determined the fair value of the investment property at balance sheet date. The historical cost of the property is £47,080.

There has been no valuation of investment property by an independent valuer.

 

Warkworth (NE) Limited

Notes to the Unaudited Financial Statements for the Period from 11 May 2022 to 31 May 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Accruals and deferred income

720

Other creditors

61,615

62,335

7

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary share capital of £1 each

1

1

     

8

Related party transactions

Summary of transactions with other related parties

During the period, part of costs were paid by Pavilion North East Limited, whose directors are close family members of the director of Warkworth (NE) Limited, at no profit or loss. The balance owed to Pavilion North East Limited at the year end was £15,249 from Warkworth (NE) Limited.