Registered number
09000350
NEW CENTURY GLOBAL LIMITED
Filleted Accounts
29 February 2024
NEW CENTURY GLOBAL LIMITED
Registered number: 09000350
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 15,107,287 15,109,612
Current assets
Cash at bank and in hand 226,032 929,838
Creditors: amounts falling due within one year 4 (5,984,635) (6,775,385)
Net current liabilities (5,758,603) (5,845,547)
Total assets less current liabilities 9,348,684 9,264,065
Provisions for liabilities (1,553,299) (1,553,299)
Net assets 7,795,385 7,710,766
Capital and reserves
Called up share capital 20,000 20,000
Revaluation reserve 5 6,880,978 6,880,978
Profit and loss account 894,407 809,788
Shareholders' funds 7,795,385 7,710,766
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms T T Chow
Director
Approved by the board on 29 November 2024
NEW CENTURY GLOBAL LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings no depreciation
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Group accounts
The financial statements present information about the company as individual undertaking and not about its group. The company has not prepared group accounts as it is exempt from the requirement to do so by section 399 of companies Act 2006 due to the company is subject to the small companies regime.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 15,100,000 16,019 15,116,019
Additions - 1,099 1,099
At 29 February 2024 15,100,000 17,118 15,117,118
Depreciation
At 1 March 2023 - 6,407 6,407
Charge for the year - 3,424 3,424
At 29 February 2024 - 9,831 9,831
Net book value
At 29 February 2024 15,100,000 7,287 15,107,287
At 28 February 2023 15,100,000 9,612 15,109,612
Freehold land and buildings: 2024 2023
£ £
Historical cost 8,359,646 8,359,646
Cumulative depreciation based on historical cost - -
8,359,646 8,359,646
The land and building was revalued in 2022 with the historic cost £ 8,359,646.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Deposit Hold 102,872 165,093
Director loan 1,061,570 1,143,213
Shareholder loan 4,174,786 4,934,246
Wages accrual 5,473 4,534
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,290 9,311
Taxation and social security costs 29,234 38,165
Other creditors 609,410 480,823
5,984,635 6,775,385
5 Revaluation reserve 2024 2023
£ £
At 1 March 2023 6,880,978 6,880,978
At 29 February 2024 6,880,978 6,880,978
6 Controlling party
The company is 100% controlled by Century Capital International Holdings Limited since 14.01.2022. The parent company registration address is 2 Downy Birch, Coventry, West Midlands, United Kingdom, CV4 8LL.
7 Other information
NEW CENTURY GLOBAL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
2 Downy Birch
Coventry
United Kingdom
CV4 8LL
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