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REGISTERED NUMBER: 03680599 (England and Wales)










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 4 619 981
Investments 5 28,197 28,197
Investment property 6 4,800,000 6,050,000
4,828,816 6,079,178

CURRENT ASSETS
Debtors 7 104,504 103,632
Investments 8 1,741,784 314,608
Cash at bank and in hand 150,252 162,290
1,996,540 580,530
CREDITORS
Amounts falling due within one year 9 1,586,491 216,061
NET CURRENT ASSETS 410,049 364,469
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,238,865

6,443,647

CREDITORS
Amounts falling due after more than one
year

10

(35,104

)

(35,104

)

PROVISIONS FOR LIABILITIES (160,303 ) (78,304 )
NET ASSETS 5,043,458 6,330,239

CAPITAL AND RESERVES
Called up share capital 11 6,907 6,907
Share premium 2,960,085 2,960,085
Retained earnings 2,076,466 3,363,247
SHAREHOLDERS' FUNDS 5,043,458 6,330,239

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

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 15th October 2024 and were signed on its behalf by:





J I Beard - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03680599

Registered office: 2 Wichelstok Close
Swindon
Wiltshire
SN1 4ES

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 3,585
DEPRECIATION
At 1st January 2023 2,604
Charge for year 362
At 31st December 2023 2,966
NET BOOK VALUE
At 31st December 2023 619
At 31st December 2022 981

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 2,037,252
PROVISIONS
At 1st January 2023
and 31st December 2023 2,009,055
NET BOOK VALUE
At 31st December 2023 28,197
At 31st December 2022 28,197

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 6,050,000
Disposals (1,250,000 )
At 31st December 2023 4,800,000
NET BOOK VALUE
At 31st December 2023 4,800,000
At 31st December 2022 6,050,000

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 39,846 39,868
Other debtors 57,751 56,857
97,597 96,725

Amounts falling due after more than one year:
Other debtors 6,907 6,907

Aggregate amounts 104,504 103,632

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 2,823 320
Other creditors 1,583,668 215,741
1,586,491 216,061

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 28,197 28,197
Other creditors 6,907 6,907
35,104 35,104

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.

Vincent Cowling (Senior Statutory Auditor)
for and on behalf of Woodward Hale