Registration number:
New Comp Limited
for the Year Ended 31 December 2023
New Comp Limited
(Registration number: 10139004)
Balance Sheet as at 31 December 2023
Note |
2023 |
As restated |
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Fixed assets |
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Investment properties |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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( |
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Provisions for liabilities |
( |
- |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
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- |
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Profit and loss account |
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( |
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Shareholders' funds/(deficit) |
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( |
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.
.........................................
Director
New Comp Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Accounting policies |
Statutory information
New Comp Limited is a private company, limited by shares, domiciled in England and Wales, company number 10139004. The registered office is at 57 City Road, Sheffield, S2 5HE.
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Going concern
After due consideration of all relevant factors, 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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rental of the company’s investment properties. Revenue is recognised on a straight line basis over the lease terms.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
New Comp Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
1 |
Accounting policies (continued) |
Investment properties
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.
Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the accumulated fair value 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.
Financial instruments
Restatement of prior year comparatives
Other creditors of £700,000 have been re-categorised as creditors due within one year. The restatement has had no effect on the reserves of the company.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
£ |
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Valuation
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Additions |
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Fair value adjustments |
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At 31 December 2023 |
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The carrying value of the company's investment properties have been reviewed by the directors based on consideration of property income yields together with acquisition costs to ensure they represent the fair value of the properties at the balance sheet date.
New Comp Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Debtors |
2023 |
2022 |
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Other debtors |
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- |
Prepayments |
855 |
1,385 |
2,634 |
1,385 |
Creditors |
Creditors: amounts falling due within one year
2023 |
As restated |
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Due within one year |
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Taxation and social security |
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- |
Other creditors |
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Accruals and deferred income |
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Related party transactions |
During an earlier year the company received an interest free loan from Jutrad Limited, a company with common directors and shareholders. The amount due at the balance sheet date was £400,000 (2022: £400,000).
During the year the company received net additional interest free loans of £1,263 from AJM Property Lettings Limited, a company with common directors and shareholders. The amount due at the balance sheet date was £54,366 (2022: £53,103).