REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 July 2022 to 28 June 2023 |
for |
Newspaper House (SPV) Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 July 2022 to 28 June 2023 |
for |
Newspaper House (SPV) Ltd |
Newspaper House (SPV) Ltd (Registered number: 12217980) |
Contents of the Financial Statements |
for the Period 1 July 2022 to 28 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Newspaper House (SPV) Ltd |
Company Information |
for the Period 1 July 2022 to 28 June 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Newspaper House (SPV) Ltd (Registered number: 12217980) |
Balance Sheet |
28 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The director acknowledges his 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. |
Newspaper House (SPV) Ltd (Registered number: 12217980) |
Balance Sheet - continued |
28 June 2023 |
The financial statements were approved by the director and authorised for issue on |
Newspaper House (SPV) Ltd (Registered number: 12217980) |
Notes to the Financial Statements |
for the Period 1 July 2022 to 28 June 2023 |
1. | STATUTORY INFORMATION |
Newspaper House (SPV) Ltd is a |
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. |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is reliant on the ongoing support of its lenders to do so. The company therefore continues to adopt the going concern basis in preparing its consolidated financial statements. |
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 and partially owned subsidiaries within the group. |
Investment property |
Certain of the group's properties are held for long-term investment. Investment properties are accounted for as follows: i) Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. ii) Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account accumulated in the profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. iii) Investment properties under construction, whose fair value cannot be reliably measured during the construction process, are accounted for at cost. Cost includes capitalised interest on the loan finance provided to fund the development project. Upon completion, the investment property is then measured at fair value. |
Taxation |
Taxation for the period 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. |
Newspaper House (SPV) Ltd (Registered number: 12217980) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 28 June 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 period 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. |
Financial instruments |
Basic financial instruments, including trade and other receivables and payables, cash and bank balances, bank loans and loans to or from other group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
Additions |
At 28 June 2023 |
NET BOOK VALUE |
At 28 June 2023 |
At 30 June 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Newspaper House (SPV) Ltd (Registered number: 12217980) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 28 June 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans & overdrafts | 6,694,664 | 4,959,366 |
Other loans | 1,944,396 | 1,247,402 |
Clearwell Development Finance Two Limited hold a fixed and floating charge dated 24 December 2021 over the assets of the company. |
Paragon Development Finance Limited hold a fixed charge over freehold property known as 16 - 26A (even) Albert Street, Swindon, land on the east side of Albert Street, Swindon and 100 Victoria Road, Swindon (SN1 3BE) and land at Little London, Swindon |
Fitzwilliam Trustees Number 1 Limited and Fitzwilliam Trustees Number 2 Limited hold a fixed charge dated 9 October 2020 over land at 100 Victoria Road, Swindon and freehold property known as 16-26A (even) Albert Street, Swindon. |
8. | GOING CONCERN |
The directors have considered the company's business activities, together with the factors likely to affect its future development and its financial position along with access to ongoing development finance from the company's lenders. In order to be able to continue to trade and complete the ongoing property development projects on the company's balance sheet, the company is reliant on the ongoing support of the company's lenders. At this time the company's lenders have indicated their willingness to continue to support the company in order to enable the completion of the development projects. Upon completion this will enable the company to realise a liquidity event in order to settle its existing financial obligations. |
As a consequence, the directors believe that the company is placed to manage its business risks successfully despite the current uncertain economic outlook. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts. |