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REGISTERED NUMBER: 07492195 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

NEWGROUND PROPERTIES LIMITED

NEWGROUND PROPERTIES LIMITED (REGISTERED NUMBER: 07492195)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NEWGROUND PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A J Bailey
Mrs J B A Bailey
J P Bailey
J D Bailey
Mrs E Bailey





REGISTERED OFFICE: Fieldfare Lodge
Old Malthouse Lane
Ford
Salisbury
SP4 6DR





REGISTERED NUMBER: 07492195 (England and Wales)





ACCOUNTANTS: Fawcetts LLP
Chartered Accountants
Windover House
St. Ann Street
Salisbury
SP1 2DR

NEWGROUND PROPERTIES LIMITED (REGISTERED NUMBER: 07492195)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 219,527 212,692
Investment property 5 594,722 470,165
814,249 682,857

CURRENT ASSETS
Debtors 6 444 1,745
Cash at bank and in hand 73,247 35,198
73,691 36,943
CREDITORS
Amounts falling due within one year 7 81,036 75,119
NET CURRENT LIABILITIES (7,345 ) (38,176 )
TOTAL ASSETS LESS CURRENT LIABILITIES 806,904 644,681

CREDITORS
Amounts falling due after more than one
year

8

(250,000

)

(250,000

)

PROVISIONS FOR LIABILITIES (124,828 ) (63,461 )
NET ASSETS 432,076 331,220

CAPITAL AND RESERVES
Called up share capital 9 1,042 1,042
Fair value reserve 10 212,393 128,494
Retained earnings 10 218,641 201,684
SHAREHOLDERS' FUNDS 432,076 331,220

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

NEWGROUND PROPERTIES LIMITED (REGISTERED NUMBER: 07492195)

BALANCE SHEET - continued
31 DECEMBER 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 29 July 2024 and were signed on its behalf by:





J P Bailey - Director


NEWGROUND PROPERTIES LIMITED (REGISTERED NUMBER: 07492195)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Newground Properties 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.

The financial statements have been prepared on a going concern basis which is thought to be appropriate because the director intends to provide additional funds to meet the company's liabilities as they fall due. The financial statements do not contain any adjustments that might be necessary if the additional funds were not available.

The financial statements are presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance and 2% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.


NEWGROUND PROPERTIES LIMITED (REGISTERED NUMBER: 07492195)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Debtors are measured at their recoverable amount.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

NEWGROUND PROPERTIES LIMITED (REGISTERED NUMBER: 07492195)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 345,347
Additions 57,078
Disposals (6,425 )
At 31 December 2023 396,000
DEPRECIATION
At 1 January 2023 132,655
Charge for year 49,288
Eliminated on disposal (5,470 )
At 31 December 2023 176,473
NET BOOK VALUE
At 31 December 2023 219,527
At 31 December 2022 212,692

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 470,165
Revaluations 124,557
At 31 December 2023 594,722
NET BOOK VALUE
At 31 December 2023 594,722
At 31 December 2022 470,165

The fair value (open market basis) of investment property was assessed by the directors as at 31 December 2023.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 283,191
Cost 311,531
594,722

NEWGROUND PROPERTIES LIMITED (REGISTERED NUMBER: 07492195)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 444 1,412
Other debtors - 333
444 1,745

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,092 11,604
Taxation and social security 50,340 37,415
Other creditors 28,604 26,100
81,036 75,119

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 250,000 250,000

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary A £1 50 50
50 Ordinary B £1 50 50
479 Ordinary C £1 479 479
463 Ordinary D £1 463 463
1,042 1,042

The Ordinary A, B, C and D shares each carry full voting rights and rank pari passu in all respects except in relation to income.

NEWGROUND PROPERTIES LIMITED (REGISTERED NUMBER: 07492195)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 201,684 128,494 330,178
Profit for the year 157,502 157,502
Dividends (56,646 ) (56,646 )
Reserve transfer (83,899 ) 83,899 -
At 31 December 2023 218,641 212,393 431,034

Fair value reserve:
This reserve is used to record gains in the fair value of investment properties and losses to the extent that such a loss relates to a previous gain on the same asset. It is also used to record the corresponding deferred tax (charge)/credit on fair value changes in investment property.

11. RELATED PARTY DISCLOSURES

Creditors due after one year includes director's loans totalling £250,000 (2022 - £250,000).