Company registration number 11375592 (England and Wales)
NEWLYN HOMES INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
NEWLYN HOMES INVESTMENTS LIMITED
COMPANY INFORMATION
Director
Mr R W Blackburn
Company number
11375592
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Metro Bank Plc
1 Southampton Row
London
WC1B 5HA
NEWLYN HOMES INVESTMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
NEWLYN HOMES INVESTMENTS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEWLYN HOMES INVESTMENTS LIMITED FOR THE YEAR ENDED 31 MAY 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newlyn Homes Investments Limited for the year ended 31 May 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Newlyn Homes Investments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Newlyn Homes Investments Limited and state those matters that we have agreed to state to the board of directors of Newlyn Homes Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newlyn Homes Investments Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Newlyn Homes Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Newlyn Homes Investments Limited. You consider that Newlyn Homes Investments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Newlyn Homes Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
22 January 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
NEWLYN HOMES INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
3,375,000
2,356,004
Current assets
Debtors
4
35,248
280
Cash at bank and in hand
6,045
41,804
41,293
42,084
Creditors: amounts falling due within one year
5
(818,138)
(818,578)
Net current liabilities
(776,845)
(776,494)
Total assets less current liabilities
2,598,155
1,579,510
Creditors: amounts falling due after more than one year
6
(1,550,413)
(1,550,413)
Provisions for liabilities
(254,749)
-
0
Net assets
792,993
29,097
Capital and reserves
Called up share capital
8
100
100
Non-distributable reserve
9
764,247
-
0
Distributable profit and loss reserves
28,646
28,997
Total equity
792,993
29,097

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

NEWLYN HOMES INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 22 January 2025
Mr R W Blackburn
Director
Company registration number 11375592 (England and Wales)
NEWLYN HOMES INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information

Newlyn Homes Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

NEWLYN HOMES INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 June 2023
2,356,004
Revaluations
1,018,996
At 31 May 2024
3,375,000

The director has assessed the fair value of investment property at the year end and considers that there is an increase in the fair value of £1,018,996.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
34,554
-
0
Other debtors
694
280
35,248
280
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
25,330
25,203
Amounts owed to group undertakings
779,588
783,083
Taxation and social security
10,981
8,157
Other creditors
2,239
2,135
818,138
818,578
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,550,413
1,550,413
NEWLYN HOMES INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
1,550,413
1,550,413
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
100
100
100
100
9
Non-distributable reserve
2024
2023
£
£
At the beginning of the year
-
-
Non distributable profits in the year
764,247
-
At the end of the year
764,247
-
10
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11
Control

Ultimate parent company

The ultimate parent company is Newlyn Homes Group Limited, a company registered in England and Wales.

Ultimate controlling party

The ultimate controlling party is Mr R W Blackburn, by virtue of his controlling interest in the ultimate parent company.

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