Company registration number 04418845 (England and Wales)
New Berwyn Limited
Unaudited financial statements
For the year ended 4 April 2024
New Berwyn Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
New Berwyn Limited
Balance sheet
As at 4 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
995,000
995,000
Current assets
Debtors
5
230
230
Cash at bank and in hand
308
6
538
236
Creditors: amounts falling due within one year
6
(921,577)
(705,647)
Net current liabilities
(921,039)
(705,411)
Total assets less current liabilities
73,961
289,589
Creditors: amounts falling due after more than one year
8
-
0
(198,041)
Provisions for liabilities
(1,094)
(1,094)
Net assets
72,867
90,454
Capital and reserves
Called up share capital
100
100
Fair value reserve
9
266,392
266,392
Distributable profit and loss reserves
(193,625)
(176,038)
Total equity
72,867
90,454

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 4 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

New Berwyn Limited
Balance sheet (continued)
As at 4 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 October 2024
Miss A L Kerr
Director
Company registration number 04418845 (England and Wales)
New Berwyn Limited
Notes to the financial statements
For the year ended 4 April 2024
- 3 -
1
Accounting policies
Company information

New Berwyn Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chester House, Lloyd Drive, Cheshire Oaks Business Park, Ellesmere Port, Cheshire, England, CH65 9HQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to successfully wind up the company. Thus the director has presented the information as if the company were a going concern but has equally considered the adoption of an alternative basis and adopted a different presentation in the financial statements where appropriate.

1.3
Turnover

Rental income arising from operating leases on investment properties is accounted for on a straight line basis over the lease term.

 

Rental income receipts in excess of amounts receivable on a straight line basis are treated as deferred income within the Balance Sheet.

 

Turnover is stated exclusive of value added tax where applicable.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

New Berwyn Limited
Notes to the financial statements (continued)
For the year ended 4 April 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. As all financial assets are classified within one year, they are not amortised but carried at face value.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and the director's loan account that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are carried at face value.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and continue to be measured at face value.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

New Berwyn Limited
Notes to the financial statements (continued)
For the year ended 4 April 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors with service contracts) employed by the company during the year was 1 (2023 - 1).

2024
2023
Number
Number
Total
1
1
4
Investment property
2024
£
Fair value
At 5 April 2023 and 4 April 2024
995,000

Investment property comprises a residential property. The fair value of the investment property was adjusted in 2022 in line with a valuation undertaken by a third party for the company in relation to the completion of the Annual Tax on Enveloped Dwellings (ATED) return. Although, the London market has fallen slightly in the period from April 2022 to April 2024 this valuation is still considered appropriate at the balance sheet date. The valuation was made on a market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
230
230
New Berwyn Limited
Notes to the financial statements (continued)
For the year ended 4 April 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
197,773
8,400
Other creditors
723,804
697,247
921,577
705,647
7
Borrowings

The loan is secured by a fixed and floating charge over all assets of the company including the freehold property. As at 4 April 2023, creditors greater than one year included an element of long term that is repayable in instalments and falls due after five years.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
198,041
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
164,441
9
Fair value reserve
2024
2023
£
£
At the beginning and end of the year
266,392
266,392
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Material interest of director

The investment property provides living accommodation to the director, Miss A L Kerr, at an annual rental of £15,600 (2023 - £20,400).

At the balance sheet date £720,329 (2023 - £690,762) was due to the director, Miss A L Kerr. The balance is interest free and repayable on demand.

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