Silverfin false false 31/03/2024 01/04/2023 31/03/2024 S J Connolly 01/10/2013 M R Crowther 01/10/2013 M H Hofbauer 01/10/2013 02 December 2024 The principal activity of the company is the development of building projects. 08713599 2024-03-31 08713599 bus:Director1 2024-03-31 08713599 bus:Director2 2024-03-31 08713599 bus:Director3 2024-03-31 08713599 2023-03-31 08713599 core:CurrentFinancialInstruments 2024-03-31 08713599 core:CurrentFinancialInstruments 2023-03-31 08713599 core:ShareCapital 2024-03-31 08713599 core:ShareCapital 2023-03-31 08713599 core:RetainedEarningsAccumulatedLosses 2024-03-31 08713599 core:RetainedEarningsAccumulatedLosses 2023-03-31 08713599 core:PlantMachinery 2023-03-31 08713599 core:FurnitureFittings 2023-03-31 08713599 core:PlantMachinery 2024-03-31 08713599 core:FurnitureFittings 2024-03-31 08713599 bus:OrdinaryShareClass1 2024-03-31 08713599 2023-04-01 2024-03-31 08713599 bus:FilletedAccounts 2023-04-01 2024-03-31 08713599 bus:SmallEntities 2023-04-01 2024-03-31 08713599 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08713599 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08713599 bus:Director1 2023-04-01 2024-03-31 08713599 bus:Director2 2023-04-01 2024-03-31 08713599 bus:Director3 2023-04-01 2024-03-31 08713599 core:PlantMachinery 2023-04-01 2024-03-31 08713599 core:FurnitureFittings 2023-04-01 2024-03-31 08713599 2022-04-01 2023-03-31 08713599 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 08713599 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08713599 (England and Wales)

NEW CENTRAL DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

NEW CENTRAL DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

NEW CENTRAL DEVELOPMENTS LIMITED

BALANCE SHEET

As at 31 March 2024
NEW CENTRAL DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,418 558
1,418 558
Current assets
Stocks 4 1,853,557 1,853,557
Debtors 5 270,616 268,113
Cash at bank and in hand 594,332 1,008,527
2,718,505 3,130,197
Creditors: amounts falling due within one year 6 ( 2,331,506) ( 2,737,115)
Net current assets 386,999 393,082
Total assets less current liabilities 388,417 393,640
Net assets 388,417 393,640
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 388,317 393,540
Total shareholders' funds 388,417 393,640

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of New Central Developments Limited (registered number: 08713599) were approved and authorised for issue by the Board of Directors on 02 December 2024. They were signed on its behalf by:

S J Connolly
Director
NEW CENTRAL DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
NEW CENTRAL DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

New Central Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Normanton House, Normanton, Amesbury, Salisbury, SP4 7BJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/ reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks represent property acquired for development together with work in progress on those properties. These assets are included at the lower of cost and net realisable value. Cost for this purpose comprises the purchase cost of land and buildings and development expenditure. At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. Impairment loss is recognised immediately in profit or loss.

Profit and sales of developed properties is taken on receipt of sales proceeds and legal completion costs attributable to each sale comprise an appropriate portion of the total costs of the development.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Judgements

Carrying value of inventories - In applying the company's accounting policy for the valuation of inventories, the Directors are required to assess the expected selling price and costs to sell each of the units that constitute the company's work in progress. Cost includes the cost of acquisition of sites, the cost of infrastructure and construction works, and legal and professional fees incurred during development prior to sale. Estimates of the selling price and costs are subject to significant inherent uncertainties, in particular the prediction of future trends in the market value of property and costs to complete the development.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 1

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 956 3,220 4,176
Additions 1,332 0 1,332
At 31 March 2024 2,288 3,220 5,508
Accumulated depreciation
At 01 April 2023 791 2,827 3,618
Charge for the financial year 374 98 472
At 31 March 2024 1,165 2,925 4,090
Net book value
At 31 March 2024 1,123 295 1,418
At 31 March 2023 165 393 558

4. Stocks

2024 2023
£ £
Work in progress 1,853,557 1,853,557

5. Debtors

2024 2023
£ £
Trade debtors 4,500 0
Other debtors 266,116 268,113
270,616 268,113

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to directors 2,310,062 2,726,061
Accruals 19,461 10,461
Other taxation and social security 1,983 593
2,331,506 2,737,115

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

The total amount of financial commitments not included in the balance sheet is £29,055 (2023 - £59,055). The company lets out stock under non-cancellable operating leases. There are no contingent rents. The minimum lease payments due within one year are £15,000 (2023 - £15,000).

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Connolly, Crowther and Hofbauer LLP 65,601 67,598

There were various recharges and working capital flows between the company and Connolly, Crowther and Hofbauer LLP during the year ended 31 March 2024. The balance due from Connolly, Crowther and Hofbauer LLP as at year end amounted to £65,601 (2023 - £67,598).

All balances are unsecured, interest free and repayable on demand.