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REGISTERED NUMBER: 02583319 (England and Wales)















Newcomm

Financial Statements for the Year Ended 31 December 2022






Newcomm (Registered number: 02583319)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Newcomm

Company Information
for the Year Ended 31 December 2022







DIRECTORS: A Iervolino
J Masciello
Ms J A Sultan





SECRETARY: Elemental Company Secretary Limited





REGISTERED OFFICE: 27 Old Gloucester Street
London
WC1N 3AX





REGISTERED NUMBER: 02583319 (England and Wales)





AUDITORS: CLA Evelyn Partners Limited
Northern Assurance Buildings
Albert Square
9/21 Princess Street
Manchester
M2 4DN

Newcomm (Registered number: 02583319)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £   

CREDITORS
Amounts falling due within one year 4 55,118 40,768
NET CURRENT LIABILITIES (55,118 ) (40,768 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(55,118

)

(40,768

)

CAPITAL AND RESERVES
Called up share capital 1,215,808 1,215,808
Retained earnings (1,270,926 ) (1,256,576 )
(55,118 ) (40,768 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by:





Ms J A Sultan - Director


Newcomm (Registered number: 02583319)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Newcomm is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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 required the use of certain critical accounting estimates. It also required management to exercise judgement in applying the company accounting policies. Due to the straightforward nature of the business, no critical judgements have been made in applying the company's accounting policies. there are no key accounting estimates or assumptions made that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year.

Financial instruments
The Company does not trade in financial instruments and all such instruments arise directly from operations.

All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The company does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.

The company's cash holdings and overdrafts comprise on demand balances. All cash is held with banks with strong external credit ratings.

Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.

As the company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Newcomm (Registered number: 02583319)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
The company is reliant in the absence of other funding on the continued support of the parent company. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the directors have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation the Company remains to have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore has prepared the financial statements on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade creditors 278 278
Amounts owed to group undertakings 1,140 940
Other creditors 53,700 39,550
55,118 40,768

5. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Antony Sassen FCA (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited

Newcomm (Registered number: 02583319)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

6. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

7. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Exclusive Media (Majestic) Holding Limited, a company registered in England and Wales.

The company's ultimate parent undertaking is AMBI Exclusive Acquisition Co. LLC, a company incorporated in the USA and the ultimate controlling party was Entertainment Worldwide Holding Inc, a company incorporated in Canada.