REGISTERED NUMBER: |
Newcombe Beard Limited |
Audited Financial Statements |
for the Year Ended 31st December 2023 |
REGISTERED NUMBER: |
Newcombe Beard Limited |
Audited Financial Statements |
for the Year Ended 31st December 2023 |
Newcombe Beard Limited (Registered number: 03680599) |
Contents of the Financial Statements |
for the Year Ended 31st December 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
Newcombe Beard Limited (Registered number: 03680599) |
Balance Sheet |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Investments | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Newcombe Beard Limited (Registered number: 03680599) |
Notes to the Financial Statements |
for the Year Ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Newcombe Beard Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about the group as a whole. |
Turnover |
Turnover is recognised on rentals receivable in the year, excluding VAT where applicable. |
Tangible fixed assets |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives. |
Plant and machinery - 20% on cost |
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Investment property |
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value with changes recognised in in profit or loss. |
Newcombe Beard Limited (Registered number: 03680599) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Newcombe Beard Limited (Registered number: 03680599) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
5. | FIXED ASSET INVESTMENTS |
Investment |
- Newcombe |
Beard |
(Land) |
Limited |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
PROVISIONS |
At 1st January 2023 |
and 31st December 2023 | 2,009,055 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
The following are subsidiaries of the company, both are registered in England and Wales and both are presently dormant. |
The following information is given in their regard: |
Name |
Class of shares |
Holding |
Aggregate share capital and reserves |
Profit and loss |
£ | £ |
Newcombe Beard (Land) Limited |
Ordinary |
100% |
28,197 |
- |
E. W. Beard (Land) Limited | Ordinary | 100% | 9,457 | - |
The trade and assets of Newcombe Beard (Land) Limited were hived into the parent company as at 31st December 2009; following this the company has been dormant. Prior to becoming dormant, the principal activity of the company was property development and exploitation of commercial property. |
E. W. Beard (Land) Limited continued to be dormant throughout the accounting periods ended 31 December 2023 and 31st December 2022. No value has been included within these financial statements for the above investment as the company has never traded. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st January 2023 |
Disposals | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Investment properties comprise commercial and residential properties. |
Newcombe Beard Limited (Registered number: 03680599) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 31st December 2023 is represented by: |
£ |
Valuation in 2003 | 2,361,175 |
Valuation in 2008 | (252,129 | ) |
Valuation in 2011 | 367,005 |
Valuation in 2014 | 260,000 |
Valuation in 2015 | 424,570 |
Valuation in 2016 | 300,000 |
Valuation in 2020 | (6,287 | ) |
Valuation in 2021 | 575,000 |
Valuation in 2023 | (1,021,733 | ) |
Cost | 1,792,399 |
4,800,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,792,399 | 2,020,666 |
Investment property was valued on an open market basis on 31st December 2023 by the directors . |
7. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Listed investments | 1,741,784 | 314,608 |
Market value of listed investments at 31st December 2023 - £ 1,741,784 (2022 - £ 314,608 ). |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors |
Newcombe Beard Limited (Registered number: 03680599) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
4,158 | Ordinary "A" shares | £1 | 4,158 | 4,158 |
2,749 | Ordinary "C" shares | £1 | 2,749 | 2,749 |
6,907 | 6,907 |
2023 | 2022 |
Shares classified as debt | £ | £ |
Allotted, called up and partly paid: |
6,907 | Preference shares of £1 each | 6,907 | 6,907 |
The preference shares confer the right to an annual fixed cumulative dividend. The holder of a preference share is not entitled to vote on any written resolution or receive notice of or vote at any general meeting of the company. On a winding up or repayment of capital, the assets of the company remaining after paying and discharging the debts and liabilities of the company shall be applied to the preference shares in priority. |
The company shall redeem the whole of the preference shares immediately after payment of the final preferential dividend in accordance with the Articles of Association. The shares are not redeemable at a premium. |
Based on the conditions assigned to the preference shares they have been classified as a financial liability in the financial statements, as shown under other creditors falling due after more than one year. |
The fixed cumulative dividend due on the preference shares is paid in arrears and included within creditors falling due within one year. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |