REGISTERED NUMBER: |
Newbegin Holdings Limited |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31st December 2023 |
REGISTERED NUMBER: |
Newbegin Holdings Limited |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31st December 2023 |
Newbegin Holdings Limited (Registered number: 10275347) |
Contents of the Financial Statements |
for the year ended 31st December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
Newbegin Holdings Limited |
Company Information |
for the year ended 31st December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Newbegin Holdings Limited (Registered number: 10275347) |
Strategic Report |
for the year ended 31st December 2023 |
The directors present their strategic report for the year ended 31st December 2023. |
REVIEW OF BUSINESS |
The group of companies headed by Newbegin Corporation Limited represents the largest privately owned franchised Renault Truck dealer group in the UK, based in the north and east of England. The Group buys and sells commercial vehicles and has an extensive aftersales operation, servicing and maintaining vehicles, and supplying parts in each of its seven depots. Franchises are also held by the Group to sell and service Isuzu Truck vehicles. It also has a fleet of over 700 commercial vehicles for both short and long term hire. |
Performance of the Group for the year under review was good in the view of the directors. The performance was strong despite the challenges that continue to be faced, not least the shortage of skilled technicians, meaning some performance was ultimately suppressed in an area driving profit, coupled with a significant increase in borrowing costs. The Group reported an operating profit of over £5.5m before goodwill amortisation and other associated costs with the acquisition of Newbegin Holdings Limited in December 2021. |
The directors remain positive for 2024 despite the current economic climate. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The groups' operations expose it to competitive, legislative and financial risks that include credit risk and |
liquidity risk. The group has in place a strong risk management programme that aims to eliminate adverse |
effects on the financial performance of the group. |
SECTION 172(1) STATEMENT |
The directors have considered the matters set out in section 172 (1) (a) to (f) when performing their duties to promote the success of the group. The directors continue to ensure that any business decisions consider the long-term impact on all key shareholders. This includes when evaluating acquisition and growth opportunities. Environmental issues continue to be a major focus of the group and are a key consideration in its strategy. In addition, the directors consider the group's employees, suppliers and customers to be integral to its continued success. The directors have reported on engagement with employees, suppliers, customers and other within the Report of the Directors. |
ANALYSIS OF PERFORMANCE |
The directors do not consider it appropriate to detail the financial performance of the group using detailed KPI's. |
These are reviewed on a company level as well as individual sites to monitor performance and consistency. |
At a board level the principle KPI's that are monitored include: |
- Sales growth |
- Gross profit margin |
- Operating profit margin |
- Average debtor days and recoverability |
- Cashflow |
These figures are evident on a group basis from the financial statements. |
ON BEHALF OF THE BOARD: |
Newbegin Holdings Limited (Registered number: 10275347) |
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. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a holding company. |
DIVIDENDS |
The total distribution of dividends for the period ended 31st December 2023 will be £1,965,000 (2022 £1,662,000) |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report. |
EMPLOYEE INVOLVEMENT |
The director believes that all employees should be kept informed about the development and performance of the business. This has been achieved through internal media methods and regular meetings which are held between local management and employees to allow a free flow of information and ideas. |
ENGAGEMENT WITH EMPLOYEES |
The director makes use of senior management throughout the group to ensure that all employees are kept up to date with key and relevant information. Each group location consults its employees as necessary when making material decisions which may affect them. Employees are encouraged to have an interest in the performance of the company and a general awareness of the group's performance. |
DISABLED EMPLOYEES |
The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate. |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
The director continuously considers key stakeholder relationships and develops them through ongoing support from all employees. The group considers relationships with customers and suppliers on a group-wide and local level and maintains strong relationships with all parties. |
STREAMLINED ENERGY AND CARBON REPORTING |
The company consumes less than 40,000 kWh of energy each year, therefore energy efficiency disclosures under the Streamlined Energy and Carbon Reporting regulations ("SECR") are not included. |
Newbegin Holdings Limited (Registered number: 10275347) |
Report of the Directors |
for the year ended 31st December 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Newbegin Holdings Limited |
Opinion |
We have audited the financial statements of Newbegin Holdings Limited (the 'company') for the year ended 31st December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Newbegin Holdings Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Newbegin Holdings Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. |
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Newbegin Holdings Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Newbegin Holdings Limited (Registered number: 10275347) |
Income Statement |
for the year ended 31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
(50,680 | ) | (83,415 | ) |
Other operating income |
OPERATING PROFIT | 4 |
Income from shares in group undertakings |
2,299,955 | 1,854,585 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
Newbegin Holdings Limited (Registered number: 10275347) |
Other Comprehensive Income |
for the year ended 31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Newbegin Holdings Limited (Registered number: 10275347) |
Balance Sheet |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Share premium | 16 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Newbegin Holdings Limited (Registered number: 10275347) |
Statement of Changes in Equity |
for the year ended 31st December 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1st January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31st December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31st December 2023 |
Newbegin Holdings Limited (Registered number: 10275347) |
Notes to the Financial Statements |
for the year ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Newbegin Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. |
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. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d). |
Preparation of consolidated financial statements |
The financial statements contain information about Newbegin Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Newbegin Corporation Limited, Newbegin House Geneva Way, Leads Road, Hull, HU7 0DG. |
Tangible fixed assets |
Freehold property | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. |
Newbegin Holdings Limited (Registered number: 10275347) |
Notes to the Financial Statements - continued |
for the year ended 31st 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. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31st December 2023 nor for the year ended 31st December 2022. |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors |
2023 | 2022 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Newbegin Holdings Limited (Registered number: 10275347) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Adjustment for deferred tax calculated at increased rate | - | 991 |
Change in rate of corporation tax | (2,381 | ) | - |
Total tax charge | 41,015 | 22,590 |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim |
Newbegin Holdings Limited (Registered number: 10275347) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
8. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
9. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Newbegin House Geneva Way, Leads Road, Hull, East Yorkshire, England, HU7 0DG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Newbegin House Geneva Way, Leads Road, Hull, East Yorkshire, England, HU7 0DG |
Nature of business: |
% |
Class of shares: | holding |
Newbegin Holdings Limited (Registered number: 10275347) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
Registered office: Newbegin House Geneva Way, Leads Road, Hull, East Yorkshire, England, HU7 0DG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Newbegin House Geneva Way, Leads Road, Hull, East Yorkshire, England, HU7 0DG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Newbegin House Geneva Way, Leads Road, Hull, East Yorkshire, England, HU7 0DG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 14 Newbegin House, Newbegin, Beverley, United Kingdom, HU17 8EG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Grange Lane North, Scunthorpe, North Lincolnshire, DN16 1BN |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Grange Lane North, Scunthorpe, North Lincolnshire, DN16 1BN |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Grange Lane North, Scunthorpe, North Lincolnshire, DN16 1BN |
Nature of business: |
% |
Class of shares: | holding |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Newbegin Holdings Limited (Registered number: 10275347) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Amounts owed to group undertakings |
Tax |
Other creditors |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 13) |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Bank loans consists of a term loan drawdown facility agreement of £3m which is repayable by monthly capital instalments of £16,666. The final repayment date on the facility is December 2025. Interest is payable at a variable interest rate of 2.3% over the Bank of England Base Rate. |
14. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 43,613 | 40,449 |
Deferred |
tax |
£ |
Balance at 1st January 2023 |
Charge to Income Statement during year |
Balance at 31st December 2023 |
Newbegin Holdings Limited (Registered number: 10275347) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
Value | £ | £ |
89 | Ordinary A | £1 | 89 | 89 |
11 | Ordinary B | £1 | 11 | 11 |
100 | 100 |
Both classes of shares rank equally except that a dividend may be voted on one class of shares to the exclusion of the other and that dividends of different rates can be voted on the different classes. |
16. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st January 2023 | 4,505,273 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 31st December 2023 | 4,603,626 |
Retained earnings represents cumulative profits and losses net of dividends and other adjustments. |
Share premium represents the premium arising on the issue of shares net of issue costs. |
17. | ULTIMATE PARENT COMPANY |
The company's parent company is Newbegin Corporation Limited. The registered office of this company is Newbegin House Geneva Way, Leads Road, Hull, HU7 0DG. |
The largest and smallest group in which the results of the company to 31 December 2023 are consolidated is that headed by Newbegin Corporation Limited. The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. |
18. | CONTINGENT LIABILITIES |
There is a cross guarantee with other group company's in respect of bank and other borrowings. At 31st December 2023 the potential net liability of the company under the arrangement was £2,173,934 (2022 £3,124,491) |
19. | RELATED PARTY DISCLOSURES |
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. |
20. | ULTIMATE CONTROLLING PARTY |
The company is not controlled by any one party. |