NEWLONBUILD LIMITED

Company Registration Number:
07884092 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

NEWLONBUILD LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

NEWLONBUILD LIMITED

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

The company’s principal activities are the design and build of properties in the North and East of London on behalf of its parent, Newlon Housing Trust (the “Trust”). The company also acts as a joint venture partner for the specific development projects that the Trust may be involved in. The profits generated by the company are generally gift aided to the Trust to further its charitable activities. The joint venture with Belmont Street JV LLP for Belmont Street, Chalk Farm London, commenced in the 2021/22 financial year and has continued to make good progress. The expectation is that it will complete in the 2024/25 financial year as planned and sales will be completed by end of 2025/26 financial year. New joint ventures, Barnsbury 1 LLP, Barnsbury 2 LLP and Barnsbury 3 LLP are partnerships between NewlonBuild and Mount Anvil to deliver estate regeneration at Barnsbury Estate. Barnsbury project will comprise affordable and outright sales units. The introduction of second staircasing for development over 18 meters in height has required us to revisit some of the plans. We are confident that we can now adapt our programme to meet new requirements and get the project underway in the 2024/25 financial year.

Political and charitable donations

Under the Charitable Donation rules, dependent upon the available profit, a donation can be made to the ultimate parent undertaking within nine months after the year end, Newlon Housing Trust. The donation is recognised within the same financial year it relates to in both NewlonBuild and its parent Newlon Housing Trust. Settlement of the donation will occur within nine months after the end of the relevant financial year.



Directors

The directors shown below have held office during the whole of the period from
1 April 2023 to 31 March 2024

Geoff Pearce
Mike Hinch
Ezinne Ogbonna
Symon Sentain


Secretary Tom O'Malley

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
27 June 2024

And signed on behalf of the board by:
Name: Geoff Pearce
Status: Director

NEWLONBUILD LIMITED

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 19,064,354 36,449,530
Cost of sales: ( 18,985,180 ) ( 35,473,400 )
Gross profit(or loss): 79,174 976,130
Administrative expenses: ( 35,821 ) ( 99,097 )
Operating profit(or loss): 43,353 877,033
Interest payable and similar charges: ( 397,111 ) ( 60,451 )
Profit(or loss) before tax: (353,758) 816,582
Profit(or loss) for the financial year: (353,758) 816,582

NEWLONBUILD LIMITED

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Fixed assets
Investments: 3 4,943,803 1,520,440
Total fixed assets: 4,943,803 1,520,440
Current assets
Debtors: 4 20,951,150 21,319,304
Cash at bank and in hand: 167,948 871,820
Total current assets: 21,119,098 22,191,124
Creditors: amounts falling due within one year: 5 ( 7,782,632 ) ( 8,093,061 )
Net current assets (liabilities): 13,336,466 14,098,063
Total assets less current liabilities: 18,280,269 15,618,503
Creditors: amounts falling due after more than one year: 6 ( 17,837,753 ) ( 14,740,803 )
Total net assets (liabilities): 442,516 877,700
Capital and reserves
Called up share capital: 100 100
Other reserves: 442,416 877,600
Total Shareholders' funds: 442,516 877,700

The notes form part of these financial statements

NEWLONBUILD LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 27 June 2024
and signed on behalf of the board by:

Name: Geoff Pearce
Status: Director

The notes form part of these financial statements

NEWLONBUILD LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is attributable to the principal activities of the company which comprise sales to the Group companies and also to other external contracts. Sales are invoiced at amounts less value added tax and recognised in the accounting period to which it relates. In addition distributions from joint ventures are recognised within turnover when received.

NEWLONBUILD LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

    Other than the Directors, NewlonBuild does not employ any staff directly.

NEWLONBUILD LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Fixed assets investments note

5. Fixed asset investments Joint ventures £ Cost At 1 April 2023 1,520,440 Additions 3,423,363 Balance at 31 March 2024 4,943,803 Details of subsidiary undertakings, associated undertakings and other investments The principal undertakings in which the company has an interest in are as follows: Name Country of incorporation or registration Proportion of voting rights/ordinary share capital held Nature of business Nature of entity Joint ventures DR4 Developments LLP England 50% Development company Limited Liability Partnership Belmont Street JV LLP England 50% Development company Limited Liability Partnership Barnsbury 1 LLP England 50% Development company Limited Liability Partnership Barnsbury 2 LLP England 50% Development company Limited Liability Partnership Barnsbury 3 LLP England 50% Development company Limited Liability Partnership

NEWLONBUILD LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Debtors

2024 2023
£ £
Trade debtors 20,951,150 21,319,304
Total 20,951,150 21,319,304
Debtors due after more than one year: 12,422,102 12,718,878

NEWLONBUILD LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 4,140,083
Trade creditors 355,678 3,864,219
Accruals and deferred income 3,286,871 4,228,842
Total 7,782,632 8,093,061

NEWLONBUILD LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 17,837,753 14,740,803
Total 17,837,753 14,740,803

NEWLONBUILD LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

7. Financial Commitments

13. Financial commitments NewlonBuild has entered into the following contracts being managed on behalf of Newlon Housing Trust. All financial commitments are entered into with third parties and are recharged to the parent Newlon Housing Trust less value added tax and with a margin of 1% for contractor costs and 5% for consultancy fees. 2024 2023 £ £ Value of contracts being managed which are committed but not provided for 97,270,322 107,910,255 Joint Venture loan funding which is contractually committed 30,568,213 36,125,626 127,838,535 144,035,881 All capital commitments will be financed by internally generated funds and intragroup loans from the parent, Newlon Housing Trust.