2022-09-012023-08-312023-08-31false01941018NEWCREST TOOLS 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NEWCREST TOOLS LIMITED

Registered Number
01941018
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2023

NEWCREST TOOLS LIMITED
Company Information
for the year from 1 September 2022 to 31 August 2023

Directors

Annette Ford
Graham Peter Ford

Company Secretary

FORD, Graham Peter

Registered Address

28 Stonehouse Road
Sutton Coldfield
West Midlands
B73 6LP

Registered Number

01941018 (England and Wales)
NEWCREST TOOLS LIMITED
Balance Sheet as at
31 August 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets41,560,0001,510,000
Investments612,55211,519
1,572,5521,521,519
Current assets
Cash at bank and on hand40,74949,190
40,74949,190
Creditors amounts falling due within one year7(8,320)(14,115)
Net current assets (liabilities)32,42935,075
Total assets less current liabilities1,604,9811,556,594
Creditors amounts falling due after one year8(704,064)(685,529)
Provisions for liabilities11(126,651)(114,172)
Net assets774,266756,893
Capital and reserves
Called up share capital100100
Profit and loss account774,166756,793
Shareholders' funds12774,266756,893
The financial statements were approved and authorised for issue by the Board of Directors on 25 March 2024, and are signed on its behalf by:
Graham Peter Ford
Director
Registered Company No. 01941018
NEWCREST TOOLS LIMITED
Notes to the Financial Statements
for the year ended 31 August 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention,as modified by the revaluation of certain financial assets, and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Rental income is recognised when the amount of revenue can be measured reliably, arising from an agreement to provide the customer with the right to occupy property owned by the company.
Dividend income
Dividend income is recognised when the right to receive payment is established.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
The investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value by the director at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
2.Average number of employees

20232022
Average number of employees during the year00
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 September 221,510,000
Revaluations50,000
At 31 August 231,560,000
Net book value
At 31 August 231,560,000
At 31 August 221,510,000
5.Revaluation of property, plant and equipment

2023

2022

££
Property, plant and equipment / tangible fixed assets50,000-
6.Fixed asset investments

Total

£
Cost or valuation
At 01 September 2215,718
Additions309
At 31 August 2316,027
Impairment
At 01 September 224,199
Other adjustments(724)
At 31 August 233,475
Net book value
At 31 August 2312,552
At 31 August 2211,519
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables3,7253,725
Bank borrowings and overdrafts1,8001,800
Taxation and social security-2,893
Other creditors5453,447
Accrued liabilities and deferred income2,2502,250
Total8,32014,115
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts704,064685,529
Total704,064685,529
9.Creditors: amounts due after 5 years
Amounts falling due after more than one year include an amount of £700,014 (2022 £679,679) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
10.Secured creditors
A mortgage is held on the freehold properties by the lender. A fixed and floating charge is held by the bank.
11.Provisions for liabilities
A provision for deferred tax at 25% is made for estimated gains on future asset disposals.

2023

2022

££
Net deferred tax liability (asset)126,651114,172
Total126,651114,172
12.Fair value reserve
The fair value reserve represents the increase in value of assets after allowing for tax on their disposal. This amount is not available for distribution as dividend.

£
Fair value reserve at 01 September 22653,272
Transferred in period37,500
At 31 August 23690,772
13.Controlling party
The company is controlled by Mr G.P. Ford, a director, who owns 80% of the issued share capital.