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REGISTERED NUMBER: 01371333 (England and Wales)














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: P F Cheng
K Y Cheng
D K H Cheng



REGISTERED OFFICE: 55 George Street
Newcastle upon Tyne
NE4 7JN



REGISTERED NUMBER: 01371333 (England and Wales)



ACCOUNTANTS: Ribchesters
Chartered Accountants
Finchale House
Belmont Business Park
Durham
DH1 1TW



BANKERS: Lloyds Bank plc
102 Grey Street
Newcastle-Upon-Tyne
Tyne and Wear
NE99 1SL



SOLICITORS: Sintons Law
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 2,524,276 2,535,000
Investments 5 1 2
2,524,277 2,535,002

CURRENT ASSETS
Debtors 6 703,849 670,745
Cash at bank 3,783 100
707,632 670,845
CREDITORS
Amounts falling due within one year 7 144,039 48,797
NET CURRENT ASSETS 563,593 622,048
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,087,870

3,157,050

CREDITORS
Amounts falling due after more than one
year

8

333,833

359,128
NET ASSETS 2,754,037 2,797,922

CAPITAL AND RESERVES
Called up share capital 10 138,002 138,002
Revaluation reserve 11 1,330,710 1,337,156
Retained earnings 1,285,325 1,322,764
SHAREHOLDERS' FUNDS 2,754,037 2,797,922

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 17 April 2024 and were signed on its behalf by:





K Y Cheng - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 2,535,000
DEPRECIATION
Charge for year 10,724
At 31 July 2023 10,724
NET BOOK VALUE
At 31 July 2023 2,524,276
At 31 July 2022 2,535,000

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 2
Impairments (1 )
At 31 July 2023 1
NET BOOK VALUE
At 31 July 2023 1
At 31 July 2022 2

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Wing Kee Limited
Registered office: 55 George Street, Newcastle Upon Tyne, Tyne & Wear, NE4 7JN.
Nature of business: Hong Kong Cafe-style Chinese Restaurant.
%
Class of shares: holding
Ordinary 100.00
31/7/23 31/7/22
£    £   
Aggregate capital and reserves 588,319 548,756
Loss for the year (42,290 ) (39,345 )

Wing Hong & Company Limited
Registered office: 55 George Street, Newcastle Upon Tyne, Tyne & Wear, NE4 7JN.
Nature of business: Wholesaler and retailing grocers.
%
Class of shares: holding
Ordinary 100.00

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 443,729 461,321
Other debtors 260,120 209,424
703,849 670,745

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 27,795 27,168
Trade creditors 7,202 2,400
Other creditors 109,042 19,229
144,039 48,797

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 333,833 359,128

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: £    £   
138,002 Ordinary £1 138,002 138,002

11. RESERVES
Revaluation
reserve
£   
At 1 August 2022 1,337,156
Transfer (6,446 )

At 31 July 2023 1,330,710

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
£    £   
P F Cheng
Balance outstanding at start of year - -
Amounts advanced 10,718 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,718 -

K Y Cheng
Balance outstanding at start of year - -
Amounts advanced 5,975 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,975 -

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).