Company Registration No. 14921495 (England and Wales)
Newcombe Estates Uckfield Limited
Financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
Newcombe Estates Uckfield Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Newcombe Estates Uckfield Limited
Statement of financial position
As at 31 December 2024
2024-12-31
1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
83,568
85,429
Creditors: amounts falling due within one year
6
(500)
(23,128)
Net current assets
83,068
62,301
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
83,067
62,300
Total equity
83,068
62,301
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
R W Newcombe
Director
Company Registration No. 14921495
Newcombe Estates Uckfield Limited
Statement of changes in equity
For the year ended 31 December 2024
2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 7 June 2023
-
Period ended 31 December 2023:
Profit and total comprehensive income
-
62,300
62,300
Issue of share capital
7
1
-
1
Balance at 31 December 2023
1
62,300
62,301
Year ended 31 December 2024:
Profit and total comprehensive income
-
20,767
20,767
Balance at 31 December 2024
1
83,067
83,068
Newcombe Estates Uckfield Limited
Notes to the financial statements
For the year ended 31 December 2024
3
1
Accounting policies
Company information
Newcombe Estates Uckfield Limited is a private company limited by shares incorporated in England and Wales. The registered office is 50 Marshall Street, London, W1F 9BQ.
1.1
Reporting period
The financial statements for the current year covers the period from 1 January 2024 to 31 December 2024. The prior year financial statements for the period ended 31 December 2023 were presented for a period less than one year; from the date of incorporation of 7 June 2023 to 31 December 2023. It should be noted that comparative amounts presented in the financial statements (including the related notes) are as such not entirely comparable to companies displaying a full year.
1.2
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, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 33 ‘Related Party Disclosures’: Transactions with the Parent and fellow subsidiary undertakings on the grounds that it is a wholly owned subsidiary whose accounts are included in the consolidated accounts which are publicly available.
The financial statements of the company are consolidated in the financial statements of The Newcombe Estates Company Limited.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Rental income, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Newcombe Estates Uckfield Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
4
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.
1.6
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 statement of financial position 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, 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
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Newcombe Estates Uckfield Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
5
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Newcombe Estates Uckfield Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
6
3
Auditor's remuneration
Fees payable to Saffery LLP and its associates in respect of both audit and non audit-services are met by the Company's parent.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
No remuneration was paid to the directors in the year (2023 - £nil)
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
20,767
Amounts owed by group undertakings
62,801
83,745
Other debtors
1,684
83,568
85,429
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
(1,403)
2,361
Corporation tax
20,767
Other creditors
1,903
500
23,128
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1 ordinary share of £1 each
1
1
1
1
Newcombe Estates Uckfield Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
7
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Peter Harker
Statutory Auditors:
Saffery LLP
Date of audit report:
21 May 2025
9
Related party transactions
The company has taken advantage of the exemption available in FRS 102 section 33.1A from disclosing transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the group.
10
Parent company
The immediate and ultimate parent undertaking is The Newcombe Estates Company Limited, a company registered in England and Wales.
In the opinion of the directors, there is no ultimate controlling party.
The smallest and largest group for which the results of the Company are consolidated is that headed by The Newcombe Estates Company Limited, a company incorporated in England and Wales. A copy of the financial statements of The Newcombe Estates Company Limited is available from Companies House.