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2024-06-30
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No description of principal activities is disclosed
2023-01-01
Sage Accounts Production 24.0 - FRS102_2024
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iso4217:GBP
00828887
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2022-12-31
00828887
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00828887
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core:OwnedOrFreeholdAssets
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00828887
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core:MotorVehicles
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00828887
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00828887
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00828887
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2024-06-30
00828887
core:CapitalRedemptionReserve
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2024-06-30
00828887
core:RetainedEarningsAccumulatedLosses
2023-01-01
2024-06-30
00828887
core:WithinOneYear
2024-06-30
00828887
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2022-12-31
00828887
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2024-06-30
00828887
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2022-12-31
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00828887
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2022-12-31
00828887
core:RevaluationReserve
2024-06-30
00828887
core:RevaluationReserve
2022-12-31
00828887
core:OtherReservesSubtotal
2024-06-30
00828887
core:OtherReservesSubtotal
2022-12-31
00828887
core:RetainedEarningsAccumulatedLosses
2024-06-30
00828887
core:RetainedEarningsAccumulatedLosses
2022-12-31
00828887
core:ShareCapital
2021-12-31
00828887
core:RevaluationReserve
2021-12-31
00828887
core:CapitalRedemptionReserve
2021-12-31
00828887
core:RetainedEarningsAccumulatedLosses
2021-12-31
00828887
core:CapitalRedemptionReserve
2022-12-31
00828887
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core:ShareCapital
2024-06-30
00828887
core:CapitalRedemptionReserve
2024-06-30
00828887
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core:Non-currentFinancialInstruments
2024-06-30
00828887
core:CostValuation
core:Non-currentFinancialInstruments
2024-06-30
00828887
core:Non-currentFinancialInstruments
2024-06-30
00828887
core:AcceleratedTaxDepreciationDeferredTax
2024-06-30
00828887
core:AcceleratedTaxDepreciationDeferredTax
2022-12-31
00828887
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00828887
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00828887
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00828887
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2024-06-30
Company registration number:
00828887
B Newton Properties Limited
Unaudited filleted abridged financial statements
30 June 2024
B Newton Properties Limited
Contents
Directors and other information
Accountant's report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
B Newton Properties Limited
Directors and other information
|
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Directors |
Mr A.C Newton |
|
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Mrs V.M Newton |
(Resigned 20 July 2023) |
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Company number |
00828887 |
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Registered office |
39a Brighton Road |
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South Croydon |
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Surrey |
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CR2 6EB |
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Accountant |
S Nunn and Co Ltd |
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Unit 2, Guards Avenue |
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Caterham |
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Surrey |
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CR3 5XL |
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B Newton Properties Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of B Newton Properties Limited
Period ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of B Newton Properties Limited for the period ended 30 June 2024 which comprise the abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of B Newton Properties Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of B Newton Properties Limited and state those matters that we have agreed to state to the board of directors of B Newton Properties Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than B Newton Properties Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that B Newton Properties 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 B Newton Properties Limited. You consider that B Newton Properties Limited is exempt from the statutory audit requirement for the period.
I have not been instructed to carry out an audit or a review of the financial statements of B Newton Properties Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
S Nunn and Co Ltd
Chartered Accountants
Unit 2, Guards Avenue
Caterham
Surrey
CR3 5XL
18 October 2024
B Newton Properties Limited
Abridged statement of financial position
30 June 2024
|
|
|
30/06/24 |
|
|
|
31/12/22 |
|
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|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
1,690,187 |
|
|
|
2,205,916 |
|
|
Investments |
|
6 |
45,000 |
|
|
|
- |
|
|
|
|
|
_______ |
|
|
|
_______ |
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|
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|
1,735,187 |
|
|
|
2,205,916 |
|
|
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|
|
|
|
|
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Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
|
201,952 |
|
|
|
654,947 |
|
|
Cash at bank and in hand |
|
|
572,687 |
|
|
|
104,007 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
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774,639 |
|
|
|
758,954 |
|
|
Creditors: amounts falling due |
|
|
|
|
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|
|
within one year |
|
|
(
78,324) |
|
|
|
(
86,095) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
696,315 |
|
|
|
672,859 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
2,431,502 |
|
|
|
2,878,775 |
|
|
|
|
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|
|
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Creditors: amounts falling due |
|
|
|
|
|
|
|
|
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after more than one year |
|
|
|
|
(
198,024) |
|
|
|
(
204,322) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
171,862) |
|
|
|
(
233,981) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
2,061,616 |
|
|
|
2,440,472 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
881,585 |
|
|
|
900,279 |
Revaluation reserve |
|
|
|
|
936,629 |
|
|
|
1,347,202 |
Other reserves |
|
|
|
|
118,415 |
|
|
|
99,721 |
Profit and loss account |
|
|
|
|
124,987 |
|
|
|
93,270 |
|
|
|
|
|
_______ |
|
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|
_______ |
Shareholders funds |
|
|
|
|
2,061,616 |
|
|
|
2,440,472 |
|
|
|
|
|
_______ |
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_______ |
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For the period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current period ending 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
18 October 2024
, and are signed on behalf of the board by:
Mr A.C Newton
Director
Company registration number:
00828887
B Newton Properties Limited
Statement of changes in equity
Period ended 30 June 2024
|
|
Called up share capital |
|
Revaluation reserve |
|
Capital redemption reserve |
|
Profit and loss account |
Total |
|
|
|
£ |
|
£ |
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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At 1 January 2022 |
|
900,279 |
|
1,497,154 |
|
99,721 |
|
319,219 |
2,816,373 |
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the period |
|
|
|
|
|
|
|
(
375,901) |
(
375,901) |
|
Other comprehensive income for the period: |
|
|
|
|
|
|
|
|
|
|
Revaluation of tangible assets |
|
|
|
(
149,952) |
|
|
|
|
(
149,952) |
|
Reclassification from revaluation reserve to profit and loss account |
|
|
|
- |
|
|
|
149,952 |
149,952 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
_______ |
|
Total comprehensive income for the period |
|
- |
|
(
149,952) |
|
- |
|
(
225,949) |
(
375,901) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
_______ |
|
At 31 December 2022 and 1 January 2023 |
|
900,279 |
|
1,347,202 |
|
99,721 |
|
93,270 |
2,440,472 |
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the period |
|
|
|
|
|
|
|
368,025 |
368,025 |
|
Other comprehensive income for the period: |
|
|
|
|
|
|
|
|
|
|
Revaluation of tangible assets |
|
|
|
(
410,573) |
|
|
|
|
(
410,573) |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
_______ |
|
Total comprehensive income for the period |
|
- |
|
(
410,573) |
|
- |
|
368,025 |
(
42,548) |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
|
|
|
|
(
286,308) |
(
286,308) |
|
Redemption of shares |
|
(
18,694) |
|
|
|
18,694 |
|
(
50,000) |
(
50,000) |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
_______ |
|
Total investments by and distributions to owners |
|
(
18,694) |
|
- |
|
18,694 |
|
(
336,308) |
(
336,308) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
_______ |
|
At 30 June 2024 |
|
881,585 |
|
936,629 |
|
118,415 |
|
124,987 |
2,061,616 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
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|
B Newton Properties Limited
Notes to the financial statements
Period ended 30 June 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 39a Brighton Road, South Croydon, Surrey, CR2 6EB.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration receivable for services rendered, net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Freehold property |
- |
0 % |
straight line |
|
Fittings fixtures and equipment |
- |
20 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates
.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets
.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
3
(2022:
3
).
5.
Tangible assets
|
|
|
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2023 |
2,538,862 |
|
|
|
|
|
|
|
Additions |
84,233 |
|
|
|
|
|
|
|
Disposals |
(
590,142) |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 30 June 2024 |
2,032,953 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2023 |
332,946 |
|
|
|
|
|
|
|
Charge for the year |
23,268 |
|
|
|
|
|
|
|
Disposals |
(
13,448) |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 30 June 2024 |
342,766 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 June 2024 |
1,690,187 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 31 December 2022 |
2,205,916 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Investments
|
|
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 January 2023 |
- |
|
|
|
|
|
|
Additions |
45,000 |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
At 30 June 2024 |
45,000 |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 January 2023 and 30 June 2024 |
- |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 30 June 2024 |
45,000 |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
At 31 December 2022 |
- |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
30/06/24 |
31/12/22 |
|
|
|
£ |
£ |
|
Included in provisions (note ) |
|
171,862 |
233,981 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
30/06/24 |
31/12/22 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
4,268 |
987 |
|
Fair value adjustment of investment property |
|
167,594 |
232,994 |
|
|
|
_______ |
_______ |
|
|
|
171,862 |
233,981 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Directors advances, credits and guarantees
|
During the period the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended 30/06/24 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr A.C Newton |
464,901 |
(
464,901) |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
Year ended 31/12/22 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr A.C Newton |
394,022 |
70,879 |
464,901 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
9.
Related party transactions
During the period the company paid dividends of £286,308 to the director of the company (2022: £nil). Included in other debtors is an amount of £0 (2022: £464,901 due from a director of the company Also included in other debtors is an amount of £0 (2022: £8,949) due from Newton Honda Ltd, a company controlled by Mr A C Newton.