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Registration number: 11858476

Newman Offices Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Newman Offices Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Newman Offices Limited

Company Information

Director

Mr M R Frohnsdorff

Registered office

66-67 Newman Street
London
W1T 3EQ

 

Newman Offices Limited

(Registration number: 11858476)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

118,786

137,495

Current assets

 

Debtors

5

3,808,641

3,150,173

Investments

6

200,000

200,000

Cash at bank and in hand

 

864,135

497,621

 

4,872,776

3,847,794

Creditors: Amounts falling due within one year

7

(4,666,375)

(3,933,034)

Net current assets/(liabilities)

 

206,401

(85,240)

Net assets

 

325,187

52,255

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

325,087

52,155

Shareholders' funds

 

325,187

52,255

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 September 2024
 

 

Newman Offices Limited

(Registration number: 11858476)
Balance Sheet as at 31 August 2024

.........................................
Mr M R Frohnsdorff
Director

 

Newman Offices Limited

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

1

General information

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

The address of its registered office is:
66-67 Newman Street
London
W1T 3EQ

These financial statements were authorised for issue by the director on 23 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.

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.

 

Newman Offices Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% reducing balance

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Newman Offices Limited

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 2).

 

Newman Offices Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

43,947

222,541

266,488

At 31 August 2024

43,947

222,541

266,488

Depreciation

At 1 September 2023

-

128,993

128,993

Charge for the year

-

18,709

18,709

At 31 August 2024

-

147,702

147,702

Carrying amount

At 31 August 2024

43,947

74,839

118,786

At 31 August 2023

43,947

93,548

137,495

Included within the net book value of land and buildings above is £43,947 (2023 - £43,947) in respect of long leasehold land and buildings.
 

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

126,080

26,912

Amounts owed by related parties

12,915

-

Prepayments

 

375,600

339,261

Other debtors

 

3,294,046

2,784,000

   

3,808,641

3,150,173

6

Current asset investments

2024
£

2023
£

Other investments

200,000

200,000

 

Newman Offices Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

197,396

200,439

Taxation and social security

1,451

36,118

Accruals and deferred income

271,082

103,500

Other creditors

4,196,446

3,592,977

4,666,375

3,933,034


Other creditors include loans from the director of £3,782,841 (2022 - £3,272,795), which are secured by way of a fixed and floating charge against the company assets.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

1,965,000

1,965,000

Later than one year and not later than five years

7,860,000

7,860,000

Later than five years

23,346,250

25,311,250

33,171,250

35,136,250

The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,127,972 (2023 - £1,911,250).