REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
NEW LEAF INVESTMENTS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
NEW LEAF INVESTMENTS LIMITED |
NEW LEAF INVESTMENTS LIMITED (REGISTERED NUMBER: 01371333) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
NEW LEAF INVESTMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Finchale House |
Belmont Business Park |
Durham |
DH1 1TW |
BANKERS: |
102 Grey Street |
Newcastle-Upon-Tyne |
Tyne and Wear |
NE99 1SL |
SOLICITORS: |
The Cube |
Barrack Road |
Newcastle upon Tyne |
NE4 6DB |
NEW LEAF INVESTMENTS LIMITED (REGISTERED NUMBER: 01371333) |
BALANCE SHEET |
31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
NEW LEAF INVESTMENTS LIMITED (REGISTERED NUMBER: 01371333) |
BALANCE SHEET - continued |
31 JULY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
NEW LEAF INVESTMENTS LIMITED (REGISTERED NUMBER: 01371333) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
1. | STATUTORY INFORMATION |
New Leaf Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about New Leaf Investments Limited as an individual company and do not contain consolidated financial information as the parent of the group. Under the exemptions available in company law for groups qualifying as small groups, no group financial statements have been prepared. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Income is recognised from rental income receivable from properties owned by the company based on when the rentals are due. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold land & buildings | - 2% on buildings |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
NEW LEAF INVESTMENTS LIMITED (REGISTERED NUMBER: 01371333) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
£ |
COST OR VALUATION |
At 1 August 2022 |
and 31 July 2023 |
DEPRECIATION |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Cost or valuation at 31 July 2023 is represented by: |
Land and |
buildings |
£ |
Valuation in 2023 | 2,535,000 |
If freehold land and buildings had not been re-valued they would have been included at the historical cost of £1,276,403. |
One of the company's freehold land and buildings, rented to a subsidiary company, Wing Hong & Co Limited, was valued at open market value on 7 March 2022 by Eddisons, Chartered Surveyors, at a total of £1,500,000. The directors consider this value to be the fair value at 31 July 2023. |
One of the company's freehold land and buildings, rented to a subsidiary company, Wing Kee Limited, was valued at open market value on 16 December 2021 by Browns Survey and Valuation, at a total of £285,000. The directors consider this value to be the fair value at 31 July 2023. |
The remaining freehold land and buildings portfolio was valued at open market value on 13 April 2011 by Johnson Tucker, Chartered Surveyors and Property Consultants, at £750,000. The directors consider this value to be the fair value at 31 July 2023. |
NEW LEAF INVESTMENTS LIMITED (REGISTERED NUMBER: 01371333) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 August 2022 |
Impairments | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 55 George Street, Newcastle Upon Tyne, Tyne & Wear, NE4 7JN. |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Registered office: 55 George Street, Newcastle Upon Tyne, Tyne & Wear, NE4 7JN. |
Nature of business: |
% |
Class of shares: | holding |
On 8 December 2022, Wing Hong & Company Ltd went into Creditors Voluntary Liquidation. The investment has been impaired to £NIL. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
NEW LEAF INVESTMENTS LIMITED (REGISTERED NUMBER: 01371333) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 313,000 | 313,000 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank Loan | 313,000 | 313,000 |
The above bank loan is secured by way of: |
- Legal charge over a property owned by the company, |
- a debenture over all assets of the company, and |
- personal guarantees from all three directors. |
At the year end a cross guarantee also existed between New Leaf Investments Limited and its subsidiary company Wing Hong & Company Limited. The overdraft is secured by way of a fixed charge on a property of New Leaf Investments Limited. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 138,002 | 138,002 |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 August 2022 |
Transfer | (6,446 | ) |
At 31 July 2023 |
NEW LEAF INVESTMENTS LIMITED (REGISTERED NUMBER: 01371333) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
All three directors have provided a personal guarantee on a bank loan provided to the company. The balance on this loan which is guaranteed at 31 July 2023 is £313,000. |
13. | RELATED PARTY DISCLOSURES |
During the year a close family member of the directors maintained an interest free loan to the company. The balance outstanding on this loan at 31 July 2023 was £364 (2022: £364). |
During the year a director maintained an interest free loan to the company. The balance outstanding on this loan at 31 July 2023 was £286 (2022: £286). |
During the year, the company maintained interest free loans to companies that are related by the way of a common director. The balance outstanding on these loans at 31 July 2023 was £28,503 (2022:£900). |
During the year, the company was provided with an interest free loan from a company that is related by the way of a common director. The balance outstanding on this loan at 31 July 2023 was £1,211. |
During the year, the company maintained an interest free loan to a partnership in which one of the directors is also a partner. The balance outstanding on this loan at 31 July 2023 was £207,351 (2022:£200,951). |