Company registration number 12657878 (England and Wales)
NEW LIVING DEVELOPMENTS UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
NEW LIVING DEVELOPMENTS UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
NEW LIVING DEVELOPMENTS UK LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
2,355,021
2,355,021
Debtors
3
917,516
919,868
Cash at bank and in hand
3,957
175,556
3,276,494
3,450,445
Creditors: amounts falling due within one year
4
(1,801,243)
(1,825,766)
Net current assets
1,475,251
1,624,679
Creditors: amounts falling due after more than one year
5
(1,585,161)
(1,668,261)
Net liabilities
(109,910)
(43,582)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(110,010)
(43,682)
Total equity
(109,910)
(43,582)

For the financial year ended 30 June 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 her 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
B Tyler
Director
Company registration number 12657878 (England and Wales)
NEW LIVING DEVELOPMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

New Living Developments UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Cooper Parry, St James' Building, 79 Oxford Street, Manchester, M1 6HT.

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 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.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents income from the proceeds of development sites, which is recognised when the risks and rewards of ownership are transferred to the purchaser by way of a signed contract.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income is recognised in the period to which it relates.

1.4
Stocks

Work in progress includes properties that are undergoing development which have not achieved practical completion at the balance sheet date or an unconditional contract to sell the property has not been exchanged at the balance sheet date.

 

Work in progress is valued at the lower of cost and net realisable value. Cost includes all expenses of acquisition and development incurred at the balance sheet date. Net realisable value is the estimated selling price less further costs expected to be incurred to completion and disposal.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

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.

NEW LIVING DEVELOPMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.7
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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

NEW LIVING DEVELOPMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
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
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
917,516
919,868
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,656
31,885
Other creditors
1,797,587
1,793,881
1,801,243
1,825,766
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,585,161
1,668,261

Included in other creditors is a balance owing to M Noblett, a shareholder, of £740,000 (2023 - £698,000). This loan holds a charge dated 18 December 2020, creating a fixed and floating charge of the assets held by the company, including a negative pledge

 

6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
50
50
50
50
Ordinary B shares of £1 each
50
50
50
50
100
100
100
100
7
Related party transactions

During the year, interest of £42,000 (2023 - £42,000) was charged by a shareholder of the company.

2024-06-302023-07-01falsefalsefalse24 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityA DeeringB Tyler126578782023-07-012024-06-30126578782024-06-30126578782023-06-3012657878core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3012657878core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3012657878core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3012657878core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3012657878core:CurrentFinancialInstruments2024-06-3012657878core:CurrentFinancialInstruments2023-06-3012657878core:ShareCapital2024-06-3012657878core:ShareCapital2023-06-3012657878core:RetainedEarningsAccumulatedLosses2024-06-3012657878core:RetainedEarningsAccumulatedLosses2023-06-3012657878core:ShareCapitalOrdinaryShares2024-06-3012657878core:ShareCapitalOrdinaryShares2023-06-3012657878bus:Director22023-07-012024-06-30126578782022-07-012023-06-3012657878core:WithinOneYear2024-06-3012657878core:WithinOneYear2023-06-3012657878core:Non-currentFinancialInstruments2024-06-3012657878core:Non-currentFinancialInstruments2023-06-3012657878bus:PrivateLimitedCompanyLtd2023-07-012024-06-3012657878bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3012657878bus:FRS1022023-07-012024-06-3012657878bus:AuditExemptWithAccountantsReport2023-07-012024-06-3012657878bus:Director12023-07-012024-06-3012657878bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP