Company Registration No. 12322069 (England and Wales)
Newcombe Estates Investments Limited
Financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
Newcombe Estates Investments Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
Newcombe Estates Investments Limited
Statement of financial position
As at 31 December 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
6
4,025,000
-
0
Current assets
Debtors
7
12,102
460,480
Cash at bank and in hand
51,803
-
0
63,905
460,480
Creditors: amounts falling due within one year
8
(3,655,612)
(25,158)
Net current (liabilities)/assets
(3,591,707)
435,322
Net assets
433,293
435,322
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
433,292
435,321
Total equity
433,293
435,322

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. 12322069
Newcombe Estates Investments Limited
Statement of changes in equity
For the year ended 31 December 2024
2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1
596,696
596,697
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(161,375)
(161,375)
Balance at 31 December 2023
1
435,321
435,322
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(2,029)
(2,029)
Balance at 31 December 2024
1
433,292
433,293
Newcombe Estates Investments Limited
Notes to the financial statements
For the year ended 31 December 2024
3
1
Accounting policies
Company information

Newcombe Estates Investments 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
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:

 

 

The financial statements of the company are consolidated in the financial statements of The Newcombe Estates Company Limited.

1.2
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.

1.3
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.

1.4
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. Changes in fair value are recognised in profit or loss.

Newcombe Estates Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
4
1.5
Impairment of fixed assets

An assessment is made at each reporting date of whether there are indications that a fixed asset may be impaired or that an impairment loss previously recognised has fully or partially reversed. If such indications exist, the Company estimates the recoverable amount of the asset.

 

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation loss. All other impairment losses are recognised in profit or loss.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Reversals of impairment losses are recognised in profit or loss or, for revalued assets, as a revaluation gain. On reversal of an impairment loss, the depreciation or amortisation is adjusted to allocate the asset’s revised carrying amount (less any residual value) over its remaining useful life.

1.6
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.

1.7
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.

Newcombe Estates Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
5
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.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Newcombe Estates Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
6
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment Property valuations

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. At the reporting end each year, it is measured at fair value with any changes in the fair value recognised in the profit or loss. The fair value of each property is based on the judgement of management each year end. Management use valuation reports obtained from an independent 3rd party as the basis for forming their judgement on the fair value of the properties. The reports themselves aim to value the unencumbered freehold and leasehold interests in the properties on the basis of Fair Value (per UK GAAP) at the year end, which is effectively the same as market value. Up to 31 December 2024, the group's policy was to obtain these reports annually.

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)

Newcombe Estates Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
7
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
8,719
219
Adjustments in respect of prior periods
(219)
-
0
Total current tax
8,500
219
Deferred tax
Origination and reversal of timing differences
(7,718)
(98,006)
Total tax charge/(credit)
782
(97,787)
6
Investment property
2024
£
Fair value
At 1 January 2024
-
0
Additions
4,055,874
Revaluations
(30,874)
At 31 December 2024
4,025,000

Investment properties consist of commercial properties.

 

The fair value of the investment property has been arrived at on the basis of a valuations carried out at 31 December 2024 by Colliers International Group Inc. and Tim Hancock Associates Limited who are not connected with the company. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
5,354
Amounts owed by group undertakings
-
0
367,757
Other debtors
4,384
68,766
Prepayments and accrued income
-
0
18,603
4,384
460,480
Newcombe Estates Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
7
Debtors (continued)
8
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 9)
7,718
-
0
Total debtors
12,102
460,480
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,610
4,824
Amounts owed to group undertakings
3,580,572
-
0
Corporation tax
8,719
219
Other creditors
45,803
20,115
Accruals and deferred income
15,908
-
0
3,655,612
25,158
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Capital gains/(losses)
7,718
-
2024
Movements in the year:
£
Liability at 1 January 2024
-
Credit to profit or loss
(7,718)
Asset at 31 December 2024
(7,718)

 

Newcombe Estates Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
9
10
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
11
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
12
Contingent Liabilities

The company is included in a group registration for VAT purposes with its parent and fellow subsidiary companies. All members of the VAT group are jointly and severally liable for the VAT due from the representative member during their periods of membership of the group. The contingent liability in respect of this group registration at the year-end date was £13,406 (2023: £27,837).

13
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.

14
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.

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