Company Registration No. 01912770 (England and Wales)
NEWLAND ELECTRONICS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
NEWLAND ELECTRONICS LTD
COMPANY INFORMATION
Director
Mr A P Harrison
Secretary
Mrs D Harrison
Company number
01912770
Registered office
5 Stonecroft Gardens
Haydon Grange
Benton
Newcastle upon Tyne
NE7 7GD
Accountants
Bassett Herron
Regus Cobalt 54
15A Cobalt Business Park
1 Quick Silver Way
Newcastle Upon Tyne
NE27 0QQ
Business address
5 Stonecroft Gardens
Haydon Grange
Benton
Newcastle upon Tyne
NE7 7GD
NEWLAND ELECTRONICS LTD
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
NEWLAND ELECTRONICS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The director presents his annual report and financial statements for the year ended 31 October 2024.

Principal activities
The principal activity of the company was that of property investment.  The building is rented out on a 20 year lease.
Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr A P Harrison
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr A P Harrison
Director
7 February 2025
NEWLAND ELECTRONICS LTD
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEWLAND ELECTRONICS LTD FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newland Electronics Ltd for the year ended 31 October 2024 set out on pages 3 to 8 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 Newland Electronics Ltd, as a body, in accordance with the terms of our engagement letter dated 2 September 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Newland Electronics Ltd and state those matters that we have agreed to state to the board of directors of Newland Electronics Ltd, 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 Newland Electronics Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Newland Electronics Ltd 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 Newland Electronics Ltd. You consider that Newland Electronics Ltd 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 Newland Electronics Ltd. 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.

Bassett Herron
7 February 2025
Chartered Accountants
Regus Cobalt 54
15A Cobalt Business Park
1 Quick Silver Way
Newcastle Upon Tyne
NE27 0QQ
NEWLAND ELECTRONICS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
2024
2023
£
£
Turnover
-
-
Administrative expenses
(2,920)
(3,040)
Other operating income
36,387
36,414
Profit before taxation
33,467
33,374
Tax on profit
(6,359)
(6,341)
Profit for the financial year
27,108
27,033

The profit and loss account has been prepared on the basis that all operations are continuing operations.

NEWLAND ELECTRONICS LTD
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
350,000
350,000
Current assets
Debtors
5
9,631
9,844
Cash at bank and in hand
25,352
1,151
34,983
10,995
Creditors: amounts falling due within one year
6
(7,514)
(7,634)
Net current assets
27,469
3,361
Total assets less current liabilities
377,469
353,361
Provisions for liabilities
(28,080)
(28,080)
Net assets
349,389
325,281
Capital and reserves
Called up share capital
23,250
23,250
Capital redemption reserve
17,500
17,500
Profit and loss reserves
308,639
284,531
Total equity
349,389
325,281

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

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

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.

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

The financial statements were approved and signed by the director and authorised for issue on 7 February 2025
Mr A P Harrison
Director
Company registration number 01912770 (England and Wales)
NEWLAND ELECTRONICS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 5 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Newland Electronics Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 Stonecroft Gardens, Haydon Grange, Benton, Newcastle upon Tyne, NE7 7GD.

2.1
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Investment properties

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.

 

[Property rented to a group entity is accounted for as tangible fixed assets.]

2.3
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

NEWLAND ELECTRONICS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2
Accounting policies
(Continued)
- 6 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2.6
Taxation

The tax expense represents the tax currently payable.

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.

NEWLAND ELECTRONICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
2
Accounting policies
(Continued)
- 7 -
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.

2.7
Operating lease income
Operating lease income is recognised on a straight line basis over the period of the lease.
3
Employees

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

2024
2023
Number
Number
Total
1
1
4
Investment property
2024
£
Fair value
At 1 November 2023 and 31 October 2024
350,000

Investment property comprises of Commercial Property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 18 June 2018 by RA Jackson & Son Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The directors state that in their opinion there has been no change in the valuation.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,631
9,844
NEWLAND ELECTRONICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
5,728
5,710
Other creditors
1,786
1,924
7,514
7,634
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