New Comp Limited 10139004 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the ownership of investment properties. Digita Accounts Production Advanced 6.30.9574.0 true true 10139004 2023-01-01 2023-12-31 10139004 2023-12-31 10139004 core:OtherReservesSubtotal 2023-12-31 10139004 core:RetainedEarningsAccumulatedLosses 2023-12-31 10139004 core:ShareCapital 2023-12-31 10139004 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 10139004 bus:SmallEntities 2023-01-01 2023-12-31 10139004 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10139004 bus:FullAccounts 2023-01-01 2023-12-31 10139004 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10139004 bus:Director2 2023-01-01 2023-12-31 10139004 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10139004 countries:AllCountries 2023-01-01 2023-12-31 10139004 2022-12-31 10139004 2022-01-01 2022-12-31 10139004 2022-12-31 10139004 core:OtherReservesSubtotal 2022-12-31 10139004 core:RetainedEarningsAccumulatedLosses 2022-12-31 10139004 core:ShareCapital 2022-12-31 10139004 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 10139004

New Comp Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

New Comp Limited

(Registration number: 10139004)

Balance Sheet as at 31 December 2023

Note

2023
£

As restated
2022
£

Fixed assets

 

Investment properties

3

1,180,548

723,625

Current assets

 

Debtors

4

2,634

1,385

Cash at bank and in hand

 

36,624

9,423

 

39,258

10,808

Creditors: Amounts falling due within one year

5

(1,089,972)

(754,303)

Net current liabilities

 

(1,050,714)

(743,495)

Total assets less current liabilities

 

129,834

(19,870)

Provisions for liabilities

(31,818)

-

Net assets/(liabilities)

 

98,016

(19,870)

Capital and reserves

 

Called up share capital

4

4

Fair value reserve

95,455

-

Profit and loss account

2,557

(19,874)

Shareholders' funds/(deficit)

 

98,016

(19,870)

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:

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 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.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 20 September 2024 and signed on its behalf by:
 

.........................................

J D Manfredi
Director

 

New Comp Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

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

The company’s investment property is held for long-term investment. Investment properties are accounted for as follows:

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

3

Investment properties

£

Valuation
At 1 January 2023

723,625

Additions

329,650

Fair value adjustments

127,273

At 31 December 2023

1,180,548

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)

4

Debtors

2023
£

2022
£

Other debtors

1,779

-

Prepayments

855

1,385

2,634

1,385

5

Creditors

Creditors: amounts falling due within one year

2023
£

As restated
2022
£

Due within one year

Taxation and social security

1,156

-

Other creditors

1,079,366

753,103

Accruals and deferred income

9,450

1,200

1,089,972

754,303

6

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).