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REGISTERED NUMBER: SC224378 (Scotland)















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: D A MacDonald
K S O'Neill
S O'Neill
Miss K S O'Neill
V Goldie
R S Littlejohn





REGISTERED OFFICE: 87 Port Dundas Road
Glasgow
G4 0HF





REGISTERED NUMBER: SC224378 (Scotland)





INDEPENDENT AUDITORS: Robb Ferguson
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:





V Goldie - Director


29 November 2024

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 £ 1,117,519 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

D A MacDonald
K S O'Neill
S O'Neill
Miss K S O'Neill

Other changes in directors holding office are as follows:

Ms K A Trickett - resigned 7 August 2023

V Goldie and R S Littlejohn were appointed as directors after 28 February 2024 but prior to the date of this report.

W D Cowie and R W Watt ceased to be directors after 28 February 2024 but prior to the date of this report.

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:





V Goldie - Director


29 November 2024

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.




Graham Cantlay CA (Senior Statutory Auditor)
for and on behalf of Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

29 November 2024

Newton Property Management Ltd. (Registered number: SC224378)

Statement of Comprehensive
Income
For The Year Ended 28 February 2024

2024 2023
Notes £    £   

TURNOVER 3,285,274 2,784,377

Cost of sales 14,237 10,124
GROSS PROFIT 3,271,037 2,774,253

Administrative expenses 4,075,800 2,957,351
(804,763 ) (183,098 )

Other operating income 2,071,516 1,637,685
OPERATING PROFIT 4 1,266,753 1,454,587

Interest receivable and similar income 1,569 13,408
1,268,322 1,467,995

Interest payable and similar expenses 5 8,182 -
PROFIT BEFORE TAXATION 1,260,140 1,467,995

Tax on profit 6 330,685 292,346
PROFIT FOR THE FINANCIAL YEAR 929,455 1,175,649

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

929,455

1,175,649

Newton Property Management Ltd. (Registered number: SC224378)

Statement of Financial Position
28 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 866,417 388,450
Tangible assets 9 985,516 465,675
Investments 10 1,190 1,190
1,853,123 855,315

CURRENT ASSETS
Debtors 11 3,237,365 1,886,963
Cash at bank and in hand 2,153,773 3,398,577
5,391,138 5,285,540
CREDITORS
Amounts falling due within one year 12 2,931,469 2,421,903
NET CURRENT ASSETS 2,459,669 2,863,637
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,312,792

3,718,952

CREDITORS
Amounts falling due after more than one
year

13

(3,464,268

)

(2,700,167

)

PROVISIONS FOR LIABILITIES 17 (60,101 ) (42,298 )
NET ASSETS 788,423 976,487

CAPITAL AND RESERVES
Called up share capital 18 104,192 104,192
Capital redemption reserve 19 12,092 12,092
Retained earnings 19 672,139 860,203
SHAREHOLDERS' FUNDS 788,423 976,487

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





V Goldie - Director


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 104,192 734,407 12,092 850,691

Changes in equity
Dividends - (1,049,853 ) - (1,049,853 )
Total comprehensive income - 1,175,649 - 1,175,649
Balance at 28 February 2023 104,192 860,203 12,092 976,487

Changes in equity
Dividends - (1,117,519 ) - (1,117,519 )
Total comprehensive income - 929,455 - 929,455
Balance at 28 February 2024 104,192 672,139 12,092 788,423

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 1 942,569 606,035
Interest paid (8,182 ) -
Tax paid (282,679 ) (290,335 )
Net cash from operating activities 651,708 315,700

Cash flows from investing activities
Purchase of intangible fixed assets (507,824 ) -
Purchase of tangible fixed assets (587,680 ) (378,241 )
Interest received 1,569 13,408
Net cash from investing activities (1,093,935 ) (364,833 )

Cash flows from financing activities
New loans in year 318,750 -
Loan repayments in year (3,808 ) -
Equity dividends paid (1,117,519 ) (1,049,853 )
Net cash from financing activities (802,577 ) (1,049,853 )

Decrease in cash and cash equivalents (1,244,804 ) (1,098,986 )
Cash and cash equivalents at beginning of
year

2

3,398,577

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 1,260,140 1,467,995
Depreciation charges 97,696 74,956
Loss on disposal of fixed assets - 3,921
Finance costs 8,182 -
Finance income (1,569 ) (13,408 )
1,364,449 1,533,464
(Increase)/decrease in trade and other debtors (1,350,402 ) 337,934
Increase/(decrease) in trade and other creditors 928,522 (1,265,363 )
Cash generated from operations 942,569 606,035

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 (1,244,804 ) 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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Trademarks are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% on cost
Office equipment - 20% on cost
Fixtures and fittings - 25% on reducing balance

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 2,170,655 1,524,050
Social security costs 201,503 135,825
Other pension costs 103,717 61,143
2,475,875 1,721,018

The average number of employees during the year was as follows:
2024 2023

Admin 61 53

2024 2023
£    £   
Directors' remuneration 139,623 123,305
Directors' pension contributions to money purchase schemes 57,394 32,463

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 89,714 83,392
Depreciation - owned assets 67,839 51,667
Loss on disposal of fixed assets - 3,921
Goodwill amortisation 29,215 22,767
Trademarks amortisation 642 524
Auditors' remuneration 20,000 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 8,182 -

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 312,882 283,258

Deferred tax 17,803 9,088
Tax on profit 330,685 292,346

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 1,260,140 1,467,995
Profit multiplied by the standard rate of corporation tax in the UK of
24.500% (2023 - 19%)

308,734

278,919

Effects of:
Expenses not deductible for tax purposes 13,126 9,961
Capital allowances in excess of depreciation (8,978 ) (5,622 )
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 735,297 667,273
Ordinary "B" shares of £1 each
Final - 83,210
Ordinary "C" shares of £1 each
Final - 45,167
Ordinary "D" shares of £1 each
Final 382,222 254,203
1,117,519 1,049,853

8. INTANGIBLE FIXED ASSETS
Goodwill Trademarks Totals
£    £    £   
COST
At 1 March 2023 1,899,551 10,473 1,910,024
Additions 507,824 - 507,824
At 28 February 2024 2,407,375 10,473 2,417,848
AMORTISATION
At 1 March 2023 1,519,871 1,703 1,521,574
Amortisation for year 29,215 642 29,857
At 28 February 2024 1,549,086 2,345 1,551,431
NET BOOK VALUE
At 28 February 2024 858,289 8,128 866,417
At 28 February 2023 379,680 8,770 388,450

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Office and
property equipment fittings Totals
£    £    £    £   
COST
At 1 March 2023 284,950 376,125 169,149 830,224
Additions 454,510 97,075 36,095 587,680
At 28 February 2024 739,460 473,200 205,244 1,417,904
DEPRECIATION
At 1 March 2023 688 249,310 114,551 364,549
Charge for year 4,675 48,756 14,408 67,839
At 28 February 2024 5,363 298,066 128,959 432,388
NET BOOK VALUE
At 28 February 2024 734,097 175,134 76,285 985,516
At 28 February 2023 284,262 126,815 54,598 465,675

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 1,190
NET BOOK VALUE
At 28 February 2024 1,190
At 28 February 2023 1,190

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Newton Property Management (UK) Limited
Registered office: 87 Port Dundas Road, Glasgow, G4 0HF
Nature of business: Management of real estate
%
Class of shares: holding
Ordinary 100.00

Watt & Co Property Management Ltd
Registered office: 87 Port Dundas Road, Glasgow, G4 0HF
Nature of business: Management of real estate
%
Class of shares: holding
Ordinary 100.00

Greenhome Property Management Limited
Registered office: 87 Port Dundas Road, Glasgow, G4 0HF
Nature of business: Management of real estate
%
Class of shares: holding
Ordinary 100.00

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,474,771 1,798,541
Amounts owed by group undertakings 554,862 -
Prepayments and other debtors 207,732 70,179
Other debtors - 18,243
3,237,365 1,886,963

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) 12,031 -
Trade creditors 151,013 74,384
Tax 313,461 283,258
Social security and other taxes 152,063 126,440
Other creditors 2,050,089 1,787,272
Accruals and deferred income 252,812 150,549
2,931,469 2,421,903

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) 302,911 -
Other creditors 3,161,357 2,700,167
3,464,268 2,700,167

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 12,031 -

Amounts falling due between one and two years:
Bank loans - 1-2 years 12,995 -

Amounts falling due between two and five years:
Bank loans - 2-5 years 45,575 -

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 96,009 125,702
Between one and five years 190,917 247,199
In more than five years - 10,000
286,926 382,901

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 314,942 -

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 42,298
Provided during year 17,803
Balance at 28 February 2024 60,101

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
103,977 Ordinary "A" £1 103,977 103,977
50 Ordinary "B" £1 50 50
50 Ordinary "C" £1 50 50
113 Ordinary "D" £1 113 113
2 Ordinary "F" £1 2 2
104,192 104,192

19. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 March 2023 860,203 12,092 872,295
Profit for the year 929,455 929,455
Dividends (1,117,519 ) (1,117,519 )
At 28 February 2024 672,139 12,092 684,231

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
£    £   
D A MacDonald
Balance outstanding at start of year (18,243 ) 950
Amounts advanced - 6,800
Amounts repaid 18,243 (25,993 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (18,243 )

K S O'Neill
Balance outstanding at start of year - 31,226
Amounts advanced - 53,187
Amounts repaid - (84,413 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

W D Cowie
Balance outstanding at start of year - -
Amounts advanced - 12,867
Amounts repaid - (12,867 )
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.