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Registered number: 13887775









NEWTON FLOTMAN DEVELOPMENT LAND LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
NEWTON FLOTMAN DEVELOPMENT LAND LIMITED
 

CONTENTS



Page
Accountants' report
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 8


 
NEWTON FLOTMAN DEVELOPMENT LAND LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEWTON FLOTMAN DEVELOPMENT LAND LIMITED
FOR THE YEAR ENDED 29 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newton Flotman Development Land Limited for the year ended 29 February 2024 which comprise  the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Newton Flotman Development Land Limited, as a body, in accordance with the terms of our engagement letter dated 7 March 2022Our work has been undertaken solely to prepare for your approval the financial statements of Newton Flotman Development Land Limited and state those matters that we have agreed to state to the Board of directors of Newton Flotman Development Land Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newton Flotman Development Land Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Newton Flotman Development Land Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Newton Flotman Development Land Limited. You consider that Newton Flotman Development Land Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Newton Flotman Development Land Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
7 The Close
Norwich
Norfolk
NR1 4DJ

 
8 November 2024
Page 1

 
NEWTON FLOTMAN DEVELOPMENT LAND LIMITED
REGISTERED NUMBER: 13887775

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

  

Current assets
  

Stocks and work in progress
 4 
938,522
122,569

Debtors: amounts falling due within one year
 5 
50,031
200

  
988,553
122,769

Creditors: amounts falling due within one year
 6 
(991,448)
(124,580)

Net current liabilities
  
 
 
(2,895)
 
 
(1,811)

Total assets less current liabilities
  
(2,895)
(1,811)

  

Net liabilities
  
(2,895)
(1,811)


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
(3,095)
(2,011)

  
(2,895)
(1,811)


Page 2

 
NEWTON FLOTMAN DEVELOPMENT LAND LIMITED
REGISTERED NUMBER: 13887775
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 November 2024.




J S Wells
Director

The notes on pages 5 to 8 form part of these financial statements.

Page 3

 
NEWTON FLOTMAN DEVELOPMENT LAND LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£



Loss for the period
-
(2,011)
(2,011)

Shares issued during the period
200
-
200



At 1 March 2023
200
(2,011)
(1,811)



Loss for the year
-
(1,084)
(1,084)


At 29 February 2024
200
(3,095)
(2,895)


The notes on pages 5 to 8 form part of these financial statements.

Page 4

 
NEWTON FLOTMAN DEVELOPMENT LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Newton Flotman Development Land Limited is a private company limited by shares and incorporated in England and Wales, registration number 13887775. The registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The principal activity of the Company is that of property development, and it's activities are undertaken in Norwich, Norfolk.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, as the directors consider that the Company, with their ongoing support, has sufficient working capital to continue trading for a period of at least twelve months frome the date of approval of the financial statements.

 
2.3

Borrowing costs

All borrowing costs are recognised in the Profit and loss account in the year in which they are incurred.

 
2.4

Stocks

Stocks comprise of property in development and is stated at the lower of cost and net realisable value. Costs include all direct costs including borrowing costs. Net realisable value represents the estimated selling price less any further costs expected to be incurred to completion and disposal.
At each balance sheet date stocks are assessed for impairment. If stock is impaired, the carrying cost amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss acocunt.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
NEWTON FLOTMAN DEVELOPMENT LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments that are payable or repayable within one year, typically trade debtors and creditors, are measured at the undiscounted anount of the cash or other consideration expected to be paid or received.


3.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
2
2


4.


Stocks

29 February
28 February
2024
2023
£
£

Work in progress
938,522
122,569

938,522
122,569







 

Page 6

 
NEWTON FLOTMAN DEVELOPMENT LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
7,631
200

Prepayments and accrued income
42,400
-

50,031
200



6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Other loan
721,000
-

Other creditors
269,085
56,168

Accruals and deferred income
1,363
68,412

991,448
124,580


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Other loan
721,000
-

721,000
-

Details of security provided:

The other loan is secured by fixed and floating charges over the land owned by the Company, which is part of the stocks and work in progress.

Page 7

 
NEWTON FLOTMAN DEVELOPMENT LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



200 Ordinary shares of £1.00 each
200
200


 
Page 8