Company No:
Contents
DIRECTOR | Sir Euan A-G-Calthorpe, Bt. |
REGISTERED OFFICE | 76 Hagley Road |
Birmingham | |
West Midlands | |
B16 8LU | |
United Kingdom |
COMPANY NUMBER | 03745632 (England and Wales) |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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Investments | 4 |
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1,331,856 | 1,192,194 | |||
Current assets | ||||
Debtors | 5 |
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Investments | 6 |
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Cash at bank and in hand |
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2,212,011 | 2,563,254 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 906,344 | 1,203,881 | ||
Total assets less current liabilities | 2,238,200 | 2,396,075 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Undistributable reserve |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of New Canaan Investments Limited (registered number:
Sir Euan A-G-Calthorpe, Bt.
Director |
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.
New Canaan Investments 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 76 Hagley Road, Birmingham, West Midlands, B16 8LU, 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 £.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Charges for amounts payable in respect of losses surrendered to the company or credits in respect of amounts receivable for tax losses surrendered to the company and utilised by other group companies are recognised in the period to which they relate.
Other operating income represents rental income and the Company's share of partnership profit and losses. The income is recognised on a straight line basis over the period in which the income relates.
Income from other fixed asset investments represents investment income. This is recognised at the time at which the company is entitled to the income.
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value initially recognised in profit or loss, before being transferred net of deferred tax to a non-distributable reserve. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Investments are identified as current or fixed based on the nature of their activities and legal structure.
Financial instruments are accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year |
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Investment property | |
£ | |
Valuation | |
As at 06 April 2023 |
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Fair value movement | (25,000) |
As at 05 April 2024 |
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Valuation
The director's valuation of the investment property is based on observable market prices for similar real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
2024 | 2023 | ||
£ | £ | ||
Historic cost | 632,675 | 632,675 |
2024 | 2023 | ||
£ | £ | ||
Subsidiary undertakings |
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Other investments and loans |
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931,856 | 767,194 |
Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 06 April 2023 |
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At 05 April 2024 |
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Carrying value at 05 April 2024 |
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Carrying value at 05 April 2023 |
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Details of the investments in which the company holds 20% or more of the nominal value of any class of shares capital are as follows:
Madaket Limited - registered office address is 76 Hagley Road, Birmingham, B16 8LU registered in England and Wales. The company holds 100% of the ordinary share capital of Madaket Limited. The principal activity of Madaket Limited is letting and operating of own or leased real estate.
Listed investments | Other investments | Total | |||
£ | £ | £ | |||
Cost or valuation before impairment | |||||
At 06 April 2023 |
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Additions |
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Movement in fair value | (
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Reallocation between listed and other investments |
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At 05 April 2024 |
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Provisions for impairment | |||||
At 06 April 2023 |
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Impairment |
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At 05 April 2024 |
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Carrying value at 05 April 2024 |
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Carrying value at 05 April 2023 |
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The historical cost of the listed and other investments at 5 April 2024 was £913,266 (2023 - £651,112)
2024 | 2023 | ||
£ | £ | ||
Amounts owed by group undertakings (note 8) |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Other investments - at fair value |
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The historical cost of the current asset investments at 5 April 2024 was £966,750 (2023 - £947,206)
2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to group undertakings (note 8) |
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Taxation and social security |
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Other creditors |
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Transactions with entities in which the entity itself has a participating interest
2024 | 2023 | ||
£ | £ | ||
Madaket Limited | 274,381 | 274,381 |
Amounts owed by group undertakings includes a loan from the company to Madaket Limited. The loan is interest free and is repayable on demand. During the year additional loans amounting to £nil (2023 - £8,813) were advanced to Madaket Limited by the company. At the balance sheet date the amount due from Madaket Limited was £274,381 (2023 - £274,381).
Transactions with the entity's director
2024 | 2023 | ||
£ | £ | ||
Sir Euan A-G-Calthorpe, Bt | 1,277,075 | 1,340,022 |
Sir Euan A-G-Calthorpe, Bt. who is the director and sole shareholder of the company. Other creditors include loans from Sir Euan A-G-Calthorpe, Bt. which are interest free and have no fixed date for repayment. During the year £62,947 (2023 - £64,662) of the loans were repaid to Sir Euan A-G-Calthorpe, Bt by the company. At the balance sheet date the amount due to Sir Euan A-G-Calthorpe, Bt. was £1,277,075 (2023- £1,340,022).
Other related party transactions
2024 | 2023 | ||
£ | £ | ||
Group relief creditor | 778 | 215 |
Amounts owed to group undertakings includes Group relief provided by Madaket Investments Limited to the company. During the year, Madaket Limited provided group relief of £563 (2023 - £nil) to the company.