REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements For The Year Ended 28 February 2024 |
for |
Newton Property Management Ltd. |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements For The Year Ended 28 February 2024 |
for |
Newton Property Management Ltd. |
Newton Property Management Ltd. (Registered number: SC224378) |
Contents of the Financial Statements |
For The Year Ended 28 February 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 |
Newton Property Management Ltd. |
Company Information |
For The Year Ended 28 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants & Statutory Auditors |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
Newton Property Management Ltd. (Registered number: SC224378) |
Strategic Report |
For The Year Ended 28 February 2024 |
The directors present their strategic report for the year ended 28 February 2024. |
REVIEW OF BUSINESS |
Revenue increased by a healthy 18.0% year on year from £2.8m to £3.3m. This was largely driven by a 13.8% increase in customer numbers from 30,149 to 34,300. Conversely operating profit dropped by 12.9% year on year. The company has gone through a period of reflection to understand how it could better serve its customers. In doing so, the company made significant investment in people, systems and processes to achieve this objective. This project is still work in progress and has continued into the financial year ending 28 February 2025. The company is now confident it has the right operating model in place, along with the adoption of new technologies, streamlining and automation of processes to continue to enhance its service offering. |
The key financial highlights are as follows: |
2024 | 2023 | Variance |
Revenue |
£3,285,274 |
£2,784,377 |
18.0% |
Operating Profit |
£1,266,753 |
£1,454,587 |
(12.9%) |
PRINCIPAL RISKS AND UNCERTAINTIES |
The process of risk acceptance and risk management is addressed through internal controls and policies discussed and adopted through Board approval and ongoing review by management. The Board is responsible for satisfying itself that adequate internal controls are in place to manage financial risks and that controls operate effectively. |
Primarily the business is exposed to the following risks and uncertainties: |
People risk |
Recruitment and retention of staff is critical to the company's success. To achieve the company's objective of being the best service provider in the sector, we need to ensure we have the best people employed. The company therefore benchmarks salaries each year, utilising different market resources, to ensure our staff are among the best paid in our sector. Furthermore, we offer excellent benefits and working conditions to ensure we attract and retain the best talent. |
Financial risk |
The company's financial instruments comprise of cash, payables and receivables. The company's financial instruments are carefully managed through detailed and regular financial reporting, forecasting and analysis at board level. The directors are comfortable the company had adequate financial controls in place to highlight and mitigate any risks. |
Regulatory risk |
The company is governed by the Scottish Government through the application of the Property Factors (Scotland) Act 2011 and its associated Code of Conduct. During the year there has been no significant updates in Scottish Government requirements which would have an impact on our business. |
ON BEHALF OF THE BOARD: |
Newton Property Management Ltd. (Registered number: SC224378) |
Report of the Directors |
For The Year Ended 28 February 2024 |
The directors present their report with the financial statements of the company for the year ended 28 February 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 28 February 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Newton Property Management Ltd. |
Opinion |
We have audited the financial statements of Newton Property Management Ltd. (the 'company') for the year ended 28 February 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 28 February 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
The comparative figures were not audited as the company did not require a statutory audit. Sufficient audit evidence was obtained regarding the opening balances as part of the work performed in the current year. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Newton Property Management Ltd. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Newton Property Management Ltd. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our wider knowledge and experience; |
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and FRS 102 |
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations |
Audit response to risks identified |
To address the risk of fraud through management bias and override of controls, we: |
- Performed analytical procedures to identify any unusual or unexpected relationships; |
- Tested journal entries to identify unusual transactions; |
- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and |
- Investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- Agreeing financial statement disclosures to underlying supporting documentation; |
- Enquiring of management as to actual and potential litigation and claims; and |
- Requesting correspondence with HMRC, Companies House and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Newton Property Management Ltd. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
Newton Property Management Ltd. (Registered number: SC224378) |
Statement of Comprehensive |
Income |
For The Year Ended 28 February 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(804,763 | ) | (183,098 | ) |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,268,322 | 1,467,995 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Newton Property Management Ltd. (Registered number: SC224378) |
Statement of Financial Position |
28 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Capital redemption reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Newton Property Management Ltd. (Registered number: SC224378) |
Statement of Changes in Equity |
For The Year Ended 28 February 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 March 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 28 February 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 28 February 2024 |
Newton Property Management Ltd. (Registered number: SC224378) |
Statement of Cash Flows |
For The Year Ended 28 February 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
4,497,563 |
Cash and cash equivalents at end of year | 2 | 2,153,773 | 3,398,577 |
Newton Property Management Ltd. (Registered number: SC224378) |
Notes to the Statement of Cash Flows |
For The Year Ended 28 February 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 8,182 | - |
Finance income | (1,569 | ) | (13,408 | ) |
1,364,449 | 1,533,464 |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 28 February 2024 |
28.2.24 | 1.3.23 |
£ | £ |
Cash and cash equivalents | 2,153,773 | 3,398,577 |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 3,398,577 | 4,497,563 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.3.23 | Cash flow | At 28.2.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,398,577 | (1,244,804 | ) | 2,153,773 |
3,398,577 | ( |
) | 2,153,773 |
Debt |
Debts falling due within 1 year | - | (12,031 | ) | (12,031 | ) |
Debts falling due after 1 year | - | (302,911 | ) | (302,911 | ) |
- | (314,942 | ) | (314,942 | ) |
Total | 3,398,577 | (1,559,746 | ) | 1,838,831 |
Newton Property Management Ltd. (Registered number: SC224378) |
Notes to the Financial Statements |
For The Year Ended 28 February 2024 |
1. | STATUTORY INFORMATION |
Newton Property Management Ltd. is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover includes revenue earned from the supply of services. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to the date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year. |
Goodwill |
Goodwill has been acquired by the Company during a number of business acquisitions. Amortisation of acquired goodwill is calculated to amortise goodwill over its estimated useful economic life which his considered to be over 20 years using the straight-line method. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Office equipment | - |
Fixtures and fittings | - |
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 profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Newton Property Management Ltd. (Registered number: SC224378) |
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Investments |
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Admin |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Newton Property Management Ltd. (Registered number: SC224378) |
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Goodwill amortisation |
Trademarks amortisation |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 24.50% . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred tax | 17,803 | 9,088 |
Total tax charge | 330,685 | 292,346 |
Newton Property Management Ltd. (Registered number: SC224378) |
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2024 |
7. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary "A" shares of £1 each |
Final |
Ordinary "B" shares of £1 each |
Final |
Ordinary "C" shares of £1 each |
Final |
Ordinary "D" shares of £1 each |
Final |
8. | INTANGIBLE FIXED ASSETS |
Goodwill | Trademarks | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 28 February 2024 |
AMORTISATION |
At 1 March 2023 |
Amortisation for year |
At 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Office | and |
property | equipment | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 28 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
Newton Property Management Ltd. (Registered number: SC224378) |
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2024 |
10. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 March 2023 |
and 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: 87 Port Dundas Road, Glasgow, G4 0HF |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 87 Port Dundas Road, Glasgow, G4 0HF |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 87 Port Dundas Road, Glasgow, G4 0HF |
Nature of business: |
% |
Class of shares: | holding |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments and other debtors |
Other debtors | - | 18,243 |
Newton Property Management Ltd. (Registered number: SC224378) |
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 14) |
Other creditors |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 244,341 | - |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Newton Property Management Ltd. (Registered number: SC224378) |
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2024 |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Clydesdale Bank PLC hold a floating charge over the assets and undertakings of the company and a standard security is also held over Unit 2B, 70 Milton Street, Glasgow. |
17. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 60,101 | 42,298 |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Provided during year |
Balance at 28 February 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary "A" | £1 | 103,977 | 103,977 |
Ordinary "B" | £1 | 50 | 50 |
Ordinary "C" | £1 | 50 | 50 |
Ordinary "D" | £1 | 113 | 113 |
Ordinary "F" | £1 | 2 | 2 |
104,192 | 104,192 |
19. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2023 | 872,295 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 28 February 2024 | 684,231 |
Newton Property Management Ltd. (Registered number: SC224378) |
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2024 |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 28 February 2024 and 28 February 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
21. | RELATED PARTY DISCLOSURES |
At the year end a balance of £15,833 was due to Newton Partnership LLP, a company with common directors. Rent of £54,167 was paid to Newton Partnership LLP during the year. |
22. | ULTIMATE CONTROLLING PARTY |
Throughout the year to 28th February 2024, the company was under the control of S O'Neill. |
Since the year end, the company is owned and controlled by Senate Securities Ltd. The registered office is 87 Port Dundas Road, Glasgow, Scotland, G4 0HF. |