REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
NEWARK CONSERVATIVE PROPERTY |
COMPANY LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
NEWARK CONSERVATIVE PROPERTY |
COMPANY LIMITED |
NEWARK CONSERVATIVE PROPERTY |
COMPANY LIMITED (REGISTERED NUMBER: 00095778) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Income Statement | 3 |
Other Comprehensive Income | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 7 |
NEWARK CONSERVATIVE PROPERTY |
COMPANY LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Ossington Chambers |
6-8 Castle Gate |
Newark |
Nottinghamshire |
NG24 1AX |
NEWARK CONSERVATIVE PROPERTY |
COMPANY LIMITED (REGISTERED NUMBER: 00095778) |
REPORT OF THE DIRECTORS |
for the Year Ended 31st December 2023 |
The directors present their report with the financial statements of the company for the year ended 31st December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
NEWARK CONSERVATIVE PROPERTY |
COMPANY LIMITED (REGISTERED NUMBER: 00095778) |
INCOME STATEMENT |
for the Year Ended 31st December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 4 |
PROFIT FOR THE FINANCIAL YEAR |
NEWARK CONSERVATIVE PROPERTY |
COMPANY LIMITED (REGISTERED NUMBER: 00095778) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 31st December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Revaluation of freehold property |
Income tax relating to other comprehensive income |
( |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
NEWARK CONSERVATIVE PROPERTY |
COMPANY LIMITED (REGISTERED NUMBER: 00095778) |
BALANCE SHEET |
31st December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings | 10 |
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. |
NEWARK CONSERVATIVE PROPERTY |
COMPANY LIMITED (REGISTERED NUMBER: 00095778) |
BALANCE SHEET - continued |
31st December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
NEWARK CONSERVATIVE PROPERTY |
COMPANY LIMITED (REGISTERED NUMBER: 00095778) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Newark Conservative Property Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
In the opinion of the directors the freehold property is maintained in a state of repair such that its anticipated residual value is expected to be no less than its Balance Sheet value, therefore the annual charge for depreciation would be nil. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
31/12/23 | 31/12/22 |
£ | £ |
Directors' remuneration |
NEWARK CONSERVATIVE PROPERTY |
COMPANY LIMITED (REGISTERED NUMBER: 00095778) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
4. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31st December 2023 nor for the year ended 31st December 2022. |
Tax effects relating to effects of other comprehensive income |
31/12/23 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of freehold property | (142,244 | ) | 192,756 |
5. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST OR VALUATION |
At 1st January 2023 |
Revaluation during the year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Cost or valuation at 31st December 2023 is represented by: |
Freehold |
property |
£ |
Valuation in 1992 | 315,708 |
Valuation in 2006 | 70,000 |
Valuation in 2019 | 1,100,000 |
Valuation in 2023 | 335,000 |
Cost | 14,292 |
1,835,000 |
If freehold property had not been revalued it would have been included at the following historical cost: |
31/12/23 | 31/12/22 |
£ | £ |
Cost | 14,292 | 14,292 |
NEWARK CONSERVATIVE PROPERTY |
COMPANY LIMITED (REGISTERED NUMBER: 00095778) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Other creditors |
8. | PROVISIONS FOR LIABILITIES |
31/12/23 | 31/12/22 |
£ | £ |
Deferred tax | 327,472 | 185,228 |
Deferred |
tax |
£ |
Balance at 1st January 2023 |
Deferred tax on revaluation | 142,244 |
Balance at 31st December 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/23 | 31/12/22 |
value: | £ | £ |
Ordinary shares | £10 | 300 | 300 |
10. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1st January 2023 | 1,314,472 |
Profit for the year |
Surplus on revaluation | - | 335,000 | 335,000 |
Deferred tax on revaluation | - | (142,244 | ) | (142,244 | ) |
At 31st December 2023 | 1,507,228 |
11. | CONTINGENT LIABILITIES |
The company had no contingent liabilities at 31st December 2023 (2022 - nil). |
NEWARK CONSERVATIVE PROPERTY |
COMPANY LIMITED (REGISTERED NUMBER: 00095778) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
12. | CAPITAL COMMITMENTS |
31/12/23 | 31/12/22 |
£ | £ |
Contracted but not provided for in the |
financial statements |
13. | RELATED PARTY DISCLOSURES |
The freehold property is occupied rent free by Newark Conservative Association and Newark Conservative Club Limited. The cost of insurance is borne directly in agreed proportions by Newark Conservative Club Limited and Newark Conservative Association and is consequently not reflected in these accounts. |
14. | ULTIMATE CONTROLLING PARTY |
Of the 30 issued £10 ordinary shares, 15 are held by the Trustees of Newark Conservative Association and 15 are held by Newark Conservative Club Limited. Consequently there is no overall controlling party. |