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Company No: 03745632 (England and Wales)

NEW CANAAN INVESTMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 05 April 2024
Pages for filing with the registrar

NEW CANAAN INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 05 April 2024

Contents

NEW CANAAN INVESTMENTS LIMITED

COMPANY INFORMATION

For the financial year ended 05 April 2024
NEW CANAAN INVESTMENTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 05 April 2024
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)
NEW CANAAN INVESTMENTS LIMITED

BALANCE SHEET

As at 05 April 2024
NEW CANAAN INVESTMENTS LIMITED

BALANCE SHEET (continued)

As at 05 April 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 400,000 425,000
Investments 4 931,856 767,194
1,331,856 1,192,194
Current assets
Debtors 5 274,544 281,885
Investments 6 921,047 1,192,558
Cash at bank and in hand 1,016,420 1,088,811
2,212,011 2,563,254
Creditors: amounts falling due within one year 7 ( 1,305,667) ( 1,359,373)
Net current assets 906,344 1,203,881
Total assets less current liabilities 2,238,200 2,396,075
Net assets 2,238,200 2,396,075
Capital and reserves
Called-up share capital 643,747 643,747
Share premium account 485,040 485,040
Undistributable reserve 298,584 579,441
Profit and loss account 810,829 687,847
Total shareholder's funds 2,238,200 2,396,075

For the financial year ending 05 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of New Canaan Investments Limited (registered number: 03745632) were approved and authorised for issue by the Director on 17 October 2024. They were signed on its behalf by:

Sir Euan A-G-Calthorpe, Bt.
Director
NEW CANAAN INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 2024
NEW CANAAN INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 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 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

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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.

Taxation

Current tax
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.

Revenue recognition

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are initially recognised in profit or loss, before being transferred net of deferred tax to a non-distributable reserve.

Fixed asset investments

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

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year 0 0

3. Investment property

Investment property
£
Valuation
As at 06 April 2023 425,000
Fair value movement (25,000)
As at 05 April 2024 400,000

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

4. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 124,000 124,000
Other investments and loans 807,856 643,194
931,856 767,194

Investments in subsidiaries

2024
£
Cost
At 06 April 2023 124,000
At 05 April 2024 124,000
Carrying value at 05 April 2024 124,000
Carrying value at 05 April 2023 124,000

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 210,918 468,338 679,256
Additions 0 262,154 262,154
Movement in fair value ( 73,269) ( 214) ( 73,483)
Reallocation between listed and other investments 414,403 ( 414,403) 0
At 05 April 2024 552,052 315,875 867,927
Provisions for impairment
At 06 April 2023 0 36,062 36,062
Impairment 0 24,009 24,009
At 05 April 2024 0 60,071 60,071
Carrying value at 05 April 2024 552,052 255,804 807,856
Carrying value at 05 April 2023 210,918 432,276 643,194

The historical cost of the listed and other investments at 5 April 2024 was £913,266 (2023 - £651,112)

5. Debtors

2024 2023
£ £
Amounts owed by group undertakings (note 8) 274,381 274,381
Corporation tax 0 3,610
Other debtors 163 3,894
274,544 281,885

6. Current asset investments

2024 2023
£ £
Other investments - at fair value 921,047 1,192,558

The historical cost of the current asset investments at 5 April 2024 was £966,750 (2023 - £947,206)

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,999 1,011
Amounts owed to group undertakings (note 8) 778 215
Taxation and social security 9,649 2,239
Other creditors 1,293,241 1,355,908
1,305,667 1,359,373

8. Related party transactions

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.