0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 703,715 703,715 703,715 286,874 78,407 150,407 17,639 232,513 232,513 286,874 xbrli:pure xbrli:shares iso4217:GBP 09546635 2023-04-01 2024-03-31 09546635 2024-03-31 09546635 2023-03-31 09546635 2022-04-01 2023-03-31 09546635 2023-03-31 09546635 2022-03-31 09546635 bus:Director1 2023-04-01 2024-03-31 09546635 core:WithinOneYear 2024-03-31 09546635 core:WithinOneYear 2023-03-31 09546635 core:AfterOneYear 2024-03-31 09546635 core:AfterOneYear 2023-03-31 09546635 core:ShareCapital 2024-03-31 09546635 core:ShareCapital 2023-03-31 09546635 core:OtherReservesSubtotal 2024-03-31 09546635 core:OtherReservesSubtotal 2023-03-31 09546635 core:RetainedEarningsAccumulatedLosses 2024-03-31 09546635 core:RetainedEarningsAccumulatedLosses 2023-03-31 09546635 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 09546635 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 09546635 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-03-31 09546635 core:Non-currentFinancialInstruments core:OtherIncreaseDecreaseInInvestments 2024-03-31 09546635 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 09546635 core:Non-currentFinancialInstruments 2024-03-31 09546635 core:Non-currentFinancialInstruments 2023-03-31 09546635 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 09546635 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 09546635 bus:SmallEntities 2023-04-01 2024-03-31 09546635 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09546635 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09546635 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09546635 bus:FullAccounts 2023-04-01 2024-03-31 09546635 core:AfterOneYear 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 09546635
Newton Smith Property Ltd
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Newton Smith Property Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
703,715
703,715
Investments
6
232,513
286,874
---------
---------
936,228
990,589
Current assets
Debtors
7
6,673
180
Cash at bank and in hand
312,092
24,554
---------
--------
318,765
24,734
Creditors: amounts falling due within one year
8
299,953
129,169
---------
---------
Net current assets/(liabilities)
18,812
( 104,435)
---------
---------
Total assets less current liabilities
955,040
886,154
Creditors: amounts falling due after more than one year
9
283,457
284,946
Provisions
Taxation including deferred tax
9,114
4,704
---------
---------
Net assets
662,469
596,504
---------
---------
Capital and reserves
Called up share capital
100
100
Fair value reserve
35,307
22,078
Profit and loss account
627,062
574,326
---------
---------
Shareholders funds
662,469
596,504
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Newton Smith Property Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 17 October 2024 , and are signed on behalf of the board by:
Mr J W Smith
Director
Company registration number: 09546635
Newton Smith Property Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit J, South Cambridge Business Park, Babraham Road, Sawston, Cambridge, CB22 3JH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents rents receivable, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Investment property
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date, with the gain or loss arising from the annual revaluation recognised through profit and loss. Any unrealised gains at the balance sheet date are subsequently transferred to a separate non-distributable fair value reserve.
Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to nil (2023: nil).
5. Tangible assets
Freehold property
£
Cost
At 1 April 2023 and 31 March 2024
703,715
---------
Depreciation
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
703,715
---------
At 31 March 2023
703,715
---------
Land and buildings comprise investment properties and have been valued at open market value as at the balance sheet date based on the directors' best estimates after taking into consideration professional and independent bank and property agents valuations. The historical cost of freehold investment properties is £695,750 (2023: £695,750).
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023
286,874
Additions
78,407
Disposals
( 150,407)
Other movements
17,639
---------
At 31 March 2024
232,513
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
232,513
---------
At 31 March 2023
286,874
---------
7. Debtors
2024
2023
£
£
Other debtors
6,673
180
-------
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,488
1,452
Social security and other taxes
8,260
292
Other creditors
290,205
127,425
---------
---------
299,953
129,169
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,457
9,946
Other creditors
275,000
275,000
---------
---------
283,457
284,946
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £2,114 (2023: £3,759) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Loans totalling £275,000 (2023: £275,000) are secured by a legal charge over certain freehold property owned by Newton Smith Property Limited.
10. Directors' advances, credits and guarantees
During the year the company operated a joint loan account on behalf of the directors. The amount advanced to the directors was £306,493 and the company received repayments of £300,000. At the balance sheet date, the amount owed to the company was £6,493. Interest is charged at the HMRC approved rate on the balance while in excess of the beneficial loan exempt value. The loan is repayable on demand.