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Registered number: 08326970









NEWBOURNE PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
NEWBOURNE PROPERTIES LIMITED
 
 
COMPANY INFORMATION


Directors
M Harris 
T Harris 
E Roberts 




Registered number
08326970



Registered office
1010 Eskdale Road
20 King Street

Winnersh Triangle

Wokingham

RG41 5TS




Accountants
Donald Reid Limited

1010 Eskdale Road

Winnersh Triangle

Wokingham

RG41 5TS





 
NEWBOURNE PROPERTIES LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10


 
NEWBOURNE PROPERTIES LIMITED
REGISTERED NUMBER: 08326970

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
350
2,799

Investments
 5 
100
100

  
450
2,899

Current assets
  

Stocks
 6 
2,253,756
4,437,925

Debtors: amounts falling due within one year
 7 
1,056,487
1,123,957

Cash at bank and in hand
 8 
651,646
441,758

  
3,961,889
6,003,640

Creditors: amounts falling due within one year
 9 
(538,195)
(2,313,885)

Net current assets
  
 
 
3,423,694
 
 
3,689,755

Total assets less current liabilities
  
3,424,144
3,692,654

Creditors: amounts falling due after more than one year
 10 
(3,370,817)
(3,192,189)

  

Net assets
  
53,327
500,465


Capital and reserves
  

Called up share capital 
 12 
6
6

Profit and loss account
  
53,321
500,459

  
53,327
500,465


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
Page 1

 
NEWBOURNE PROPERTIES LIMITED
REGISTERED NUMBER: 08326970
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024


The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.

E Roberts
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
NEWBOURNE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Newbourne Properties Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registration address is Prince Albert House, 20 King Street, Maidenhead, Berkshire, SL6 1DT. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

As the company will continue to be supported by its creditors, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Page 3

 
NEWBOURNE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised based on the substantial completion of the properties and contracts having been exchanged with the purchaser, and based on the overall percentage of completeness. 

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
NEWBOURNE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33.3% straight line
Computer equipment
-
33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
NEWBOURNE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 6

 
NEWBOURNE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 May 2023
1,115
12,028
13,143



At 30 April 2024

1,115
12,028
13,143



Depreciation


At 1 May 2023
875
9,469
10,344


Charge for the year on owned assets
120
2,329
2,449



At 30 April 2024

995
11,798
12,793



Net book value



At 30 April 2024
120
230
350



At 30 April 2023
240
2,559
2,799


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
100



At 30 April 2024
100




Page 7

 
NEWBOURNE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Stocks

2024
2023
£
£

Work in progress (goods to be sold)
2,253,756
4,437,925

2,253,756
4,437,925


Work in progress includes £Nil (2023: £165,097) of capitalised borrowing costs. 


7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
990,194
1,054,918

Other debtors
64,319
60,949

Prepayments and accrued income
1,974
8,090

1,056,487
1,123,957



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
651,646
441,758

651,646
441,758



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,644
1,699,855

Trade creditors
205,161
245,847

Other taxation and social security
5,428
8,555

Other creditors
314,759
357,424

Accruals and deferred income
2,203
2,204

538,195
2,313,885


Page 8

 
NEWBOURNE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,852
22,496

Other creditors
3,358,965
3,169,693

3,370,817
3,192,189


Aggregate liabilities totalling £3,381,461 (2023: £4,892,044) were secured by way of a fixed charge and floating charge over the property and assets of the company.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,644
1,699,855


10,644
1,699,855

Amounts falling due 1-2 years

Bank loans
11,852
22,496


11,852
22,496



22,496
1,722,351


Page 9

 
NEWBOURNE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6 (2023 - 6) Ordinary shares of £1.00 each
6
6



13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independantley adminitered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,493 (2023: £Nil). Contributions totalling £Nil (2023: £743) were payable to the fund at the balance sheet date and are included in other creditors. 


14.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Later than 1 year and not later than 5 years
10,521
16,010

10,521
16,010


15.


Related party transactions

At the year end, included in other creditors falling due within more than one year is an amount of £3,358,965 (2023: £3,169,693) which was owed to a company with common directors and shareholders. During the year, interest of £235,861 (2023: £184,581) was charged to the company by a company with common directors and shareholders. Accrued interest of £246,589 (2023: £Nil) was subsequently agreed to be waived.
At the year end, included in other creditors is the amount of £244,725 
(2023: £302,884) owed to the directors by the company.

 
Page 10