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Registered number: 13882806









NEW COLLEGE LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
NEW COLLEGE LTD
REGISTERED NUMBER: 13882806

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
3,969,191
3,854,674

Debtors: amounts falling due within one year
 5 
44,401
10,489

Cash at bank and in hand
 6 
132,940
98,800

  
4,146,532
3,963,963

Creditors: amounts falling due within one year
 7 
(4,004,374)
(3,964,208)

Net current assets/(liabilities)
  
 
 
142,158
 
 
(245)

Total assets less current liabilities
  
142,158
(245)

  

Net assets/(liabilities)
  
142,158
(245)


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
142,157
(246)

  
142,158
(245)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf: 




J Aaron
Director

Date: 15 April 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
NEW COLLEGE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

New College Limited is a private company limited by shares and is incorporated and domiciled in England. The company's business address is 25a Berkeley Square, London, W1J 6HN.
The principal activity of the company is that of property development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are presented in Sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 2

 
NEW COLLEGE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase of the property as per completion statement. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 3

 
NEW COLLEGE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Stocks

2023
2022
£
£

Work in progress
3,969,191
3,854,674

3,969,191
3,854,674


Page 4

 
NEW COLLEGE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Debtors

2023
2022
£
£


Trade debtors
41,697
-

Other debtors
-
7,785

Prepayments and accrued income
2,704
2,704

44,401
10,489



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
132,940
98,800

132,940
98,800



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
600

Amounts owed to group undertakings
3,963,608
3,963,608

Corporation tax
34,369
-

Other taxation and social security
6,397
-

4,004,374
3,964,208



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
132,940
98,800




Financial assets measured at fair value through profit or loss comprise cash and cash equivalent

Page 5

 
NEW COLLEGE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



10.


Controlling party

The company is controlled by David Aaron Limited, a company registered in England and Wales whose registered office is 25a Berkeley Square, London, W1J 6HN.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2023 was unqualified.

The audit report was signed on 15 April 2024 by Nicholas Newman (Senior Statutory Auditor) on behalf of Harris & Trotter LLP.

 
Page 6