3 01/01/2023 30/06/2024 2024-06-30 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 24.0 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 00828887 2023-01-01 2024-06-30 00828887 2024-06-30 00828887 2022-12-31 00828887 2022-01-01 2022-12-31 00828887 2022-12-31 00828887 2021-12-31 00828887 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2024-06-30 00828887 core:FurnitureFittingsToolsEquipment 2023-01-01 2024-06-30 00828887 core:MotorVehicles 2023-01-01 2024-06-30 00828887 bus:RegisteredOffice 2023-01-01 2024-06-30 00828887 bus:LeadAgentIfApplicable 2023-01-01 2024-06-30 00828887 bus:Director1 2023-01-01 2024-06-30 00828887 bus:Director2 2023-01-01 2024-06-30 00828887 core:RevaluationReserve 2022-01-01 2022-12-31 00828887 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 00828887 core:ShareCapital 2023-01-01 2024-06-30 00828887 core:RevaluationReserve 2023-01-01 2024-06-30 00828887 core:CapitalRedemptionReserve 2023-01-01 2024-06-30 00828887 core:RetainedEarningsAccumulatedLosses 2023-01-01 2024-06-30 00828887 core:WithinOneYear 2024-06-30 00828887 core:WithinOneYear 2022-12-31 00828887 core:AfterOneYear 2024-06-30 00828887 core:AfterOneYear 2022-12-31 00828887 core:ShareCapital 2024-06-30 00828887 core:ShareCapital 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 core:PreviouslyStatedAmount core:ShareCapital 2024-06-30 00828887 core:CapitalRedemptionReserve 2024-06-30 00828887 core:AdditionsToInvestments 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 core:RevaluationInvestmentPropertyDeferredTax 2024-06-30 00828887 core:RevaluationInvestmentPropertyDeferredTax 2022-12-31 00828887 bus:Director1 2022-12-31 00828887 bus:Director1 2021-12-31 00828887 bus:Director1 2022-12-31 00828887 bus:Director1 2022-01-01 2022-12-31 00828887 bus:SmallEntities 2023-01-01 2024-06-30 00828887 bus:AuditExemptWithAccountantsReport 2023-01-01 2024-06-30 00828887 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2024-06-30 00828887 bus:PrivateLimitedCompanyLtd 2023-01-01 2024-06-30 00828887 bus:AbridgedAccounts 2023-01-01 2024-06-30 00828887 core:EntitiesControlledByKeyManagementPersonnel 2023-01-01 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
Directors Mr A.C Newton
Mrs V.M Newton (Resigned 20 July 2023)
Company number 00828887
Registered office 39a Brighton Road
South Croydon
Surrey
CR2 6EB
Accountant S Nunn and Co Ltd
Unit 2, Guards Avenue
Caterham
Surrey
CR3 5XL
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
Note £ £ £ £
Fixed assets
Tangible assets 5 1,690,187 2,205,916
Investments 6 45,000 -
_______ _______
1,735,187 2,205,916
Current assets
Debtors 201,952 654,947
Cash at bank and in hand 572,687 104,007
_______ _______
774,639 758,954
Creditors: amounts falling due
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
Creditors: amounts falling due
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
_______ _______
Shareholders funds 2,061,616 2,440,472
_______ _______
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
£ £ £ £ £
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
_______ _______ _______ _______ _______
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.