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Registration number: 12506088

Ngong Tea Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Ngong Tea Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Ngong Tea Limited

Company Information

Directors

Mr Philip Magor ACA

Mrs Alexa Catherine Magor

Mrs Antonia Grace Henley

Mr Edward Charles Magor

Company secretary

Mr Philip Magor ACA

Registered office

The Old Vicarage
Shepton Montague
Wincanton
Somerset
BA9 8JE

 

Ngong Tea Limited

(Registration number: 12506088)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Investments

4

12,500,000

12,500,000

Current assets

 

Debtors

5

1

1

Creditors: Amounts falling due within one year

6

(7,646,866)

(7,646,866)

Net current liabilities

 

(7,646,865)

(7,646,865)

Net assets

 

4,853,135

4,853,135

Capital and reserves

 

Called up share capital

7

12,500,001

12,500,001

Retained earnings

(7,646,866)

(7,646,866)

Shareholders' funds

 

4,853,135

4,853,135

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 September 2024 and signed on its behalf by:
 


Mr Philip Magor ACA
Company secretary and director

 

Ngong Tea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Old Vicarage
Shepton Montague
Wincanton
Somerset
BA9 8JE

These financial statements were authorised for issue by the Board on 4 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Ngong Tea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Prior period errors

Group re-organisation

During a group re-organisation on 21 May 2021, George Williamson & Co Ltd, a subsidiary company of Ngong Tea Limited, transferred its shareholding in Rogam Farms Ltd at a market value. The resulting transactions consisted of a loan balance owed to George Williamson & Co Limited of £7,646,866 and a gain of £4,853,134.

At the same time, an impairment loss was recorded on the investment in George Williamson & Co Ltd of £12,500,000.

The prior period has therefore been adjusted to reflect an increase in creditors of £7,646,866 and a reduction of brought forward reserves of £7,646,866.

As a result of these restatements, the Directors have decided to proceed with a share capital reduction after the financial statements have been finalised. The current proposal under review is to reduce the share capital by £12,000,000.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Ngong Tea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Investments

2024
£

2023
£

Investments in subsidiaries

12,500,000

12,500,000

 

Ngong Tea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Subsidiaries

£

Cost or valuation

At 1 April 2023

12,500,000

Provision

Carrying amount

At 31 March 2024

12,500,000

At 31 March 2023

12,500,000

5

Debtors

Current

2024
£

2023
£

Other debtors

1

1

 

1

1

 

Ngong Tea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

7,646,866

7,646,866

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

12,500,001

12,500,001

12,500,001

12,500,001

       

8

Dividends

2024

2023

£

£

Final dividend of £0.16 (2023 - £0.16) per ordinary share

2,000,000

2,000,000

 

 

9

Related party transactions

Summary of transactions with subsidiaries

George Williamson & Co Limited
 At the year end, an amount of £7,646,866 (2023 - restated: £7,646,866) was owed to George Williamson & Co Limited, a subsidiary company. This loan is interest free and is repayable on demand.
 

10

Parent and ultimate parent undertaking

The ultimate controlling party is Mr P. Magor.