Company Registration No. 00086894 (England and Wales)
The Newcombe Estates Company Limited
Annual report and
group financial statements
for the year ended 31 December 2024
DIRECTORS
R W Newcombe, LL.B
Chairman
Mrs A C Houghton, M.R.I.C.S
R A Dickinson, LL.B
SECRETARY
Newcore Capital Management LLP
REGISTERED OFFICE
50 Marshall Street
London
W1F 9BQ
AUDITORS
Saffery LLP
Chartered Accountants
71 Queen Victoria Street
London
EC4V 4BE
The Newcombe Estates Company Limited
Contents
Page
Chairman's statement
1 - 2
Directors' responsibilities statement
4 - 5
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group and company statement of financial positions
10 - 11
Group statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
The Newcombe Estates Company Limited
Chairman's statement
For the year ended 31 December 2024
1
CHAIRMAN'S STATEMENT
2024 will be remembered as the year of Democracy. More people went to the polls around the world than ever before. In the UK the Conservative government's 14 year tenure (with the first 5 in coalition with the Liberal Democrats) came to an end when the Labour Party won a landslide majority in the General Election held in July. The new government appears supportive of increased house-building, so the Board is re-doubling efforts to promote the various sites in the Group's strategic land portfolio.
The US Presidential election in November saw a previous incumbent return to office, on a ticket of isolationism and with threats of trade tariffs. Policy unpredictability appears to be the new norm – and whether deliberate or not, only their new President knows. The conflicts in Ukraine, Gaza and around the Gulf of Aden continued during the year under review. The European consensus appears to be that more armaments are necessary – which in low growth economies can only mean higher taxes.
A combination of international and domestic factors have kept UK Gilt rates higher-for-longer, even surpassing the levels seen in the short-lived Truss administration. The Board will continue to take a cautious approach to debt and seek out commercial investments with prospects for strong rental growth and asset management opportunities.
2024
By the end of the year under review an upward valuation on the commercial portfolio contributed to a profit before tax for the Group of £685,909 (2023 loss: £1,096,305). By the year end 2024, net assets were down on the previous year at £22,237,071 (£22,321,982 at year end 2023). The predominant factor weighing negatively on these figures was a carrying impairment on the investment value of Yarnton Holdings LLP of £709,797, which is included under “Cost of Sales” in the Group statement of comprehensive income.
The year started very well with a covenant release on land near Bristol which had been sold by the Group in 1996. A strong negotiation team assembled by Hugo Llewelyn's Newcore ensured that the Group achieved a very good result from the counterparty.
The Newcore team were then busy looking for suitable properties for the Group to acquire, as the commercial market continued to soften. Two commercial assets have been acquired which will benefit the portfolio in terms of income and medium-term capital uplift. The first is a depot near Droitwich on 1.8 acres, with 2 industrial units totalling 11,800 sq ft, where the tenant has agreed to a lease re-gear on mutually beneficial terms. This should boost the investment value in the short-term. The second is a petrol filling station near Milton Keynes let to an oil major, with a busy convenience store and space to add electric vehicle charging points, again with a plan to re-gear the lease.
Towards the end of the year, one of the Group's smaller industrial tenants fell significantly behind with their rent. Their lease was then forfeited. The tenant continues to trade and so the Group expects to recoup the debt. The unit will be re-let on market terms which should show an improvement to the rental yield.
The commercial portfolio ended the year with an occupancy of 100% and an average unexpired weighted lease term of 10.84 years to breaks or lease expiries (whichever is the sooner).
After the year end Yarnton Holdings LLP (in which the Group holds 33%) sold the garden centre operating business to a national chain. The freehold land has all been retained with a long lease in place to the new owner of the operating business, with a development option on part. A planning application was submitted towards the year end for development on the northern 4 acres of the site (currently used as a builder's yard). The scheme comprises retirement living flats, a care home and a children's nursery around an open area. We await the determination with interest. The impairment on the carrying value of the Group's investment relates to the land value, excluding the potential for any planning gain.
The Newcombe Estates Company Limited
Chairman's statement (continued)
For the year ended 31 December 2024
2
FORESTRY
It was a quiet year for the forestry portfolio, with re-stock planting of conifers across 8 hectares in Northumberland, following on from harvesting of windblown (and insured) timber which had been affected by Storm Arwen in November 2021. The timber price had picked up by the year end and so 16 hectares of Sitka spruce (planted in 1983 with very good transport access) were put out to tender in the first few days of 2025. Felling is already underway. This timber income will benefit the current year.
DIVIDENDS
The Directors are recommending the same dividend as last year of £9.29 per Ordinary share, (an interim dividend of £3.10 having been paid in January 2025), with the balance of £6.19 payable in July 2025, and consequent payment to the Deferred shareholders.
NEWCORE
Thanks again to Hugo Llewelyn MRICS and his strong team at Newcore Capital Management LLP for their hard work. They have built a reputation focussing on social infrastructure in the commercial property market. They have won numerous accolades from the industry press and peers and continue to raise investment funds. Investing in property has always been challenging, given the risks from inflation, environmental obsolescence and the cyclical nature of the market. Hugo and his team invariably find excellent assets for the Group to acquire. They work hard to add value through asset management (eg lease re-gears which boost value) and this benefits the Group in these uncertain times.
NON-EXECUTIVE DIRECTORS
My thanks again to Alexandra Houghton MRICS and Alexander Dickinson who have unfailingly provided wise advice derived from long experience in property and the law. Alexander continues as UK Chair of law firm Womble Bond Dickinson LLP.
CONGRATULATIONS
Alexandra (Lil) is to be majorly congratulated on her appointment as Head of Commercial at chartered surveyors Carter Jonas LLP. She has proved herself to be one of the most able leaders in her profession – something that we on this Group's Board have known for a very long time! I am extremely grateful for the time, energy and support she and Alexander give as Non-Executive Directors.
Further congratulations go to James Newcombe MRICS, a great-great grandson of our founder John W. Newcombe J.P. on qualifying as a Chartered Surveyor. He represents the fourth generation of the Newcombe family to become a member of the Royal Institution of Chartered Surveyors, and is now the fifth Chartered Surveyor within the family.
In 2025 the Group celebrates the 120th anniversary of the incorporation of The Newcombe Estates Company Ltd. The prospects augur well for the future.
Robert Newcombe
Chairman
20 May 2025
The Newcombe Estates Company Limited
119th Directors' report
For the year ended 31 December 2024
3
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activities of the company and group continued to be that of property investment, holding strategic land, investment in forestry and the promotion of this land for future development. Likely future developments are discussed in the Chairman’s statement.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R W Newcombe
A C Houghton
R A Dickinson
Auditor
Saffery LLP has indicated its willingness to continue in office as auditors.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The Newcombe Estates Company Limited
119th Directors' report
For the year ended 31 December 2024
4
On behalf of the board
R W Newcombe
Director
20 May 2025
The Newcombe Estates Company Limited
Independent auditor's report
To the members of The Newcombe Estates Company Limited
5
Opinion
We have audited the financial statements of The Newcombe Estates Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.
We have nothing to report in this regard.
The Newcombe Estates Company Limited
Independent auditor's report (continued)
To the members of The Newcombe Estates Company Limited
6
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the group and parent company financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The Newcombe Estates Company Limited
Independent auditor's report (continued)
To the members of The Newcombe Estates Company Limited
7
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.
Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the parent company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.
The Newcombe Estates Company Limited
Independent auditor's report (continued)
To the members of The Newcombe Estates Company Limited
8
Peter Harker (Senior Statutory Auditor)
For and on behalf of Saffery LLP
23 May 2025
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
The Newcombe Estates Company Limited
Group statement of comprehensive income
For the year ended 31 December 2024
9
2024
2023
Notes
£
£
Turnover
2,081,234
1,200,677
Cost of sales
(820,609)
(257,720)
Gross profit
1,260,625
942,957
Administrative expenses
(940,130)
(833,097)
Operating profit
320,495
109,860
Profit/(Loss) on disposal of investments
(967)
(4,133)
Fair value (losses)/gains on investment property
497,108
(778,340)
Fair value gains on financial instruments
14,880
(242,672)
Income from participating interests
4
49,457
-
Other interest receivable and similar income
4
246,770
267,614
Other interest payable and similar expenses
(441,834)
(448,634)
Profit/(loss) before taxation
685,909
(1,096,305)
Tax on profit/(loss)
7
(372,659)
63,579
Profit/(loss) for the financial year
313,250
(1,032,726)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
The Newcombe Estates Company Limited
Group and company statements of financial position
As at 31 December 2024
10
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
648,544
634,681
-
-
Biological assets
10
966,439
1,084,021
Investment properties
13
24,025,000
19,419,206
Investments
14
2,334,272
3,053,528
2,659,375
3,378,632
27,974,255
24,191,436
2,659,375
3,378,632
Current assets
Stocks
16
377,347
257,662
7,186
7,186
Debtors
19
2,431,763
2,718,303
11,896,807
8,537,999
Cash at bank and in hand
1,753,378
4,739,155
1,107,326
4,049,244
4,562,488
7,715,120
13,011,319
12,594,429
Creditors: amounts falling due within one year
11
(1,159,356)
(674,178)
(7,356,595)
(8,886,007)
Net current assets
3,403,132
7,040,942
5,654,724
3,708,422
Total assets less current liabilities
31,377,387
31,232,378
8,314,099
7,087,054
Creditors: amounts falling due after more than one year
12
(8,723,153)
(8,642,359)
(9,217)
(9,217)
Provisions for liabilities
(417,163)
(268,037)
-
-
Net assets
22,237,071
22,321,982
8,304,882
7,077,837
Capital and reserves
Called up share capital
18
21,584
21,584
21,584
21,584
Capital redemption reserve
51,259
51,259
51,259
51,259
Profit and loss reserves
22,164,228
22,249,139
8,232,039
7,004,994
Total equity
22,237,071
22,321,982
8,304,882
7,077,837
These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The Newcombe Estates Company Limited
Group and company statements of financial position (continued)
As at 31 December 2024
11
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:
20 May 2025
R W Newcombe
Director
Company Registration No. 00086894
The Newcombe Estates Company Limited
Group statement of changes in equity
For the year ended 31 December 2024
12
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
22,665
50,178
24,015,129
24,087,972
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(1,032,730)
(1,032,730)
Dividends
8
-
-
(407,335)
(407,335)
Own shares acquired
-
-
(325,925)
(325,925)
Redemption of shares
18
(1,081)
1,081
-
Balance at 31 December 2023
21,584
51,259
22,249,139
22,321,982
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
313,250
313,250
Dividends
8
-
-
(398,161)
(398,161)
Balance at 31 December 2024
21,584
51,259
22,164,228
22,237,071
The Newcombe Estates Company Limited
Group statement of cash flows
For the year ended 31 December 2024
13
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash provided by/(used in) operations
23
1,953,481
2,194,312
Interest paid
(455,650)
(447,943)
Taxation paid
(199,179)
63,579
Net cash inflow from operating activities
1,298,652
1,809,948
Investing activities
Purchase of tangible fixed assets
(13,863)
(35,500)
Purchase of investment property
(4,036,825)
(3,621,680)
Proceeds from investments
9,459
178,552
Loans made to other entities
(132,000)
-
Bank interest received
267,590
Income from investments
326,470
20
Net cash used in investing activities
(3,846,759)
(3,211,018)
Financing activities
Purchase of own shares
-
(325,925)
Loan arrangement costs
(39,509)
Dividends paid
(398,161)
(407,335)
Preference dividends paid
(691)
Net cash used in financing activities
(437,670)
(733,951)
Net decrease in cash and cash equivalents
(2,985,777)
(2,135,021)
Cash and cash equivalents at beginning of year
4,739,155
6,874,176
Cash and cash equivalents at end of year
1,753,378
4,739,155
The Newcombe Estates Company Limited
Group statement of cash flows (continued)
For the year ended 31 December 2024
14
1
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
4
4
4
4
2
Accounting policies
Company information
The Newcombe Estates Company Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 50 Marshall Street, London, W1F 9BQ.
The group consists of The Newcombe Estates Company Limited and all of its subsidiaries, excluding those which are both immaterial to the group and which management intend to wind up within 12 months of the year end.
2.1
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 and to include investment properties and certain financial instruments at fair value.
The Newcombe Estates Company Limited
Notes to the financial statements
For the year ended 31 December 2024
2
Accounting policies (continued)
15
2.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
The consolidated group financial statements consist of the financial statements of the parent company The Newcombe Estates Company Limited together with all entities controlled by the parent company (its subsidiaries), with the exception of those subsidiaries which are both immaterial to the group and which management intend to wind up within 12 months of the year end.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
2.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
2.4
Leases
Rentals payable under operating leases, 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 leased asset are consumed.
2.5
Tangible fixed assets
Tangible assets comprise of land held for the purpose of commercial forestry. Tangible assets are recognised at purchase cost including legal and other fees. Land is not depreciated, however, impairment reviews are carried out at each year end to determine if the recoverable amount is less than the carrying amount. Any impairment is recognised in the Statement of comprehensive income.
2.6
Biological assets comprise of various maturities of commercial timber and has been accounted for under Section 34 Specialised Activities - Agriculture using the cost model. Biological assets are recognised at purchase cost including legal and other fees. The assets are not depreciated, however, impairment reviews are carried out at each year end to determine if the recoverable amounts is less than the carrying amount. Any impairment is recognised in the Statement of Comprehensive Income. Biological assets are transferred to stock at cost when the timber is identified to be felled.
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
2
Accounting policies (continued)
16
2.7
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.
2.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
2.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
2
Accounting policies (continued)
17
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
2.11
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.
2.12
Financial instruments
The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
2
Accounting policies (continued)
18
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
2
Accounting policies (continued)
19
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
2.13
Equity instruments
Equity instruments issued by the group 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 group.
2.14
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 group’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.
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
20
3
Critical accounting judgements and key sources of estimation uncertainty
In the application of the group’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.
Stock recognition
Biological assets were initially recognised at cost, which is based on a valuation of the forestry assets in 2018, excluding the land and solum value. At the end of each reporting period, the directors and forestry managers prepare a forecast of the woodland expected to be felled in the next 3 years. This is considered held for sale or in the process of production for such sale and as such, is included on the balance sheet as stock and removed from biological assets. The forecast is based on the judgement of the directors and may be affected by fluctuations in market prices and the condition of the forestry. Each year the forecasts are updated and the accounts are updated to reflect these changes prospectively.
4
Interest receivable and similar income
2024
2023
£
£
Income from participating interests - associates
49,457
Other interest receivable and similar income
246,770
267,614
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
52,000
40,000
Audit services relating to prior period
7,977
-
59,977
40,000
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
5
Auditor's remuneration (continued)
21
For other services
Taxation compliance services
20,000
19,025
All other non-audit services
7,750
Other services relating to prior period
10,900
38,650
19,025
6
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
158,815
178,583
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
260,215
33,572
Adjustments in respect of prior periods
(33,714)
90,191
Total current tax
226,501
123,763
Deferred tax
Origination and reversal of timing differences
146,158
(187,342)
Total tax charge/(credit)
372,659
(63,579)
8
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
291,658
240,673
Interim paid
106,503
166,662
398,161
407,335
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
22
9
Tangible fixed assets
Group
Land
£
Cost
At 1 January 2024
634,681
Additions
13,863
At 31 December 2024
648,544
Depreciation and impairment
At 1 January 2024 and 31 December 2024
-
Carrying amount
At 31 December 2024
648,544
At 31 December 2023
634,681
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
10
Biological assets
Group
Timber
£
Cost
At 1 January 2024
1,084,021
Planted
17,858
Fellings
(7,680)
Reclassified as stock
(127,760)
At 31 December 2024
966,439
Depreciation and impairment
At 1 January 2024 and 31 December 2024
-
Carrying amount
At 31 December 2024
966,439
At 31 December 2023
1,084,021
The company had no biological assets at 31 December 2024 or 31 December 2023.
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
23
11
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
126,234
14,582
120,464
Amounts owed to group undertakings
7,088,999
8,749,463
Corporation tax payable
249,956
33,714
10,259
Other taxation and social security
62,235
45,799
21,547
32,704
Dividends payable
1,008
1,008
Other creditors
720,931
579,075
125,585
92,573
1,159,356
674,178
7,356,595
8,886,007
12
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
8,713,936
8,633,142
Other creditors
9,217
9,217
9,217
9,217
8,723,153
8,642,359
9,217
9,217
Interest on the bank loan was charged at a rate of 2.70% above SONIA, this is inclusive of a 0.12% credit spread. The loan is repayable on 6 May 2027 and is secured against two investment properties owned by Friars House Investments Limited, four properties owned by Finchdean Investments Limited and one property owned by Newcombe Estates Investments Limited.
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024
19,419,207
-
Additions
4,055,874
-
Revaluations
497,108
-
Other changes
52,811
-
At 31 December 2024
24,025,000
-
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
13
Investment property (continued)
24
Investment properties consist of a mix of office, industrial and residential investments.
The fair value of the investment property has been arrived at on the basis of valuations carried out at 31 December 2024 by Colliers International Group Inc and Tim Hancock Associates Limited, neither of which is 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.
The properties are charged as security for a bank loan held with Lloyds Bank plc by one of the companies in the Group, being Friars House Investments Limited.
More information on impairment movements in the year is given in note .
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
2,334,272
3,053,528
2,659,375
3,378,632
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2024
3,053,528
(9,459)
At 31 December 2024
3,044,069
Impairment
At 1 January 2024
-
Impairment losses
709,797
At 31 December 2024
709,797
Carrying amount
At 31 December 2024
2,334,272
At 31 December 2023
3,053,528
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
14
Fixed asset investments (continued)
25
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2024
325,104
3,053,528
3,378,632
-
(9,459)
(9,459)
At 31 December 2024
325,104
3,044,069
3,369,173
Impairment
At 1 January 2024
-
-
-
Impairment losses
-
709,797
709,797
Disposals
1
-
1
At 31 December 2024
1
709,797
709,798
Carrying amount
At 31 December 2024
325,103
2,334,272
2,659,375
At 31 December 2023
325,104
3,053,528
3,378,632
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Finchdean Investments Limited
50 Marshall Street, London, England, W1F 9BQ
Ordinary
100.00
-
Friars House Investments Limited
As above
Ordinary
100.00
-
Longmoor Land Limited
As above
Ordinary
100.00
-
Longmoor Land (Bristol) Limited
As above
Ordinary
0
100.00
Newcombe Estates Investments Limited
As above
Ordinary
100.00
-
Newcombe Forestry Limited
As above
Ordinary
100.00
-
Newcombe Estates Uckfield Limited
As above
Ordinary
100.00
-
FH Great Shelford Limited
As above
Ordinary
100.00
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
15
Subsidiaries (continued)
26
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Finchdean Investments Limited
2,818,159
281,018
Friars House Investments Limited
11,567,071
316,896
Longmoor Land Limited
696,101
556,609
Longmoor Land (Bristol) Limited
1
Newcombe Estates Investments Limited
433,293
(2,029)
Newcombe Forestry Limited
1,298,794
(34,746)
Newcombe Estates Uckfield Limited
83,068
20,767
FH Great Shelford Limited
(1,024)
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Country estates and forestry
377,347
257,662
7,186
7,186
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,699
7,583
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
11,584
11,584
11,584
11,584
Deferred shares of £1 each
10,000
10,000
10,000
10,000
21,584
21,584
21,584
21,584
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
18
Share capital (continued)
27
Cumulative Preference Shares
The authorised share capital includes 40,000 8% cumulative preference shares of £1 each, of which 9,217 shares are issued and fully paid. These shares are shown in creditors (note 12).
The rights of the cumulative preference shareholders include entitlement to receive a fixed cumulative preferential dividend at the rate of 8% per annum on the paid-up capital. Such shares shall rank in priority to all other shares in the company both as regards to dividends and to capital but shall not confer any further right to participate in profits or assets.
Except in restricted circumstances the shares do not carry an entitlement to vote at a general meeting.
Ordinary Shares
Except in restricted circumstances the ordinary shares do not carry an entitlement to vote at a general meeting. In the event of winding up their right to participate in the distribution of any surplus assets is restricted.
Deferred Shares
The deferred shares carry the right to vote at a general meeting.
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
19,174
13,819
Corporation tax recoverable
20,768
81,804
Amounts owed by group undertakings
10,192,989
6,971,099
Other debtors
2,027,483
2,251,661
1,703,818
1,553,081
2,048,251
2,352,639
11,896,807
8,537,999
Amounts falling due after more than one year:
Other debtors
375,794
360,914
-
-
Deferred tax asset
7,718
4,750
-
-
383,512
365,664
-
-
Total debtors
2,431,763
2,718,303
11,896,807
8,537,999
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
19
Debtors (continued)
28
Other debtors falling due after more than one year include a interest rate swap arrangement. The swap mitigates the exposures to the effects of movements in interest rates on the loan. At the year end, there was one such swap in place, designated as a hedging instrument for the £8.8m loan.
The Interest Rate Swap was valued at £375,794 by Lloyds Bank plc at 31 December 2024.
The change in fair value movement of £14,880 (2023: -£242,672) has been recognised in profit and loss.
In order to provide a fair value for each position the valuers performed a mark-to-market calculation using the historic close of business market data supplied by Bloomberg Finance LP for 31 December 2024.
The calculations were done for each product utilising the market standard financial model and then discounted using the market standard Net Present Value calculation to achieve the value on 31 December 2024.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
(69,307)
(74,961)
-
-
Tax losses
424,248
342,998
-
-
Investment property
72,995
-
-
(67,722)
Investments
(10,773)
-
7,718
72,472
417,163
268,037
7,718
4,750
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
263,287
-
Charge to profit or loss
146,158
-
Liability at 31 December 2024
409,445
-
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
29
21
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
4,739,155
(2,985,777)
1,753,378
Borrowings excluding overdrafts
(8,642,359)
(80,794)
(8,723,153)
(3,903,204)
(3,066,571)
(6,969,775)
22
Analysis of changes in net funds - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
4,049,244
(2,941,918)
1,107,326
Borrowings excluding overdrafts
(9,217)
-
(9,217)
4,040,027
(2,941,918)
1,098,109
23
Cash generated from group operations
2024
2023
£
£
Profit/(loss) for the year after tax
313,250
(1,032,726)
Adjustments for:
Taxation charged/(credited)
372,659
(63,579)
Finance costs
455,650
448,634
Interest receivable
(326,470)
(267,590)
Investment income
-
(24)
Fair value (gain)/loss on investment properties
(568,969)
782,473
Amortisation and impairment of intangible assets
120,303
-
Impairment of investments
709,797
-
Decrease in provisions
-
(182,592)
Movements in working capital:
(Increase)/decrease in stocks
(2,103)
109,138
Decrease in debtors
360,472
3,224,143
Increase/(decrease) in creditors
518,892
(823,565)
Cash generated from operations
1,953,481
2,194,312
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
30
24
Contingent Liabilities
The company is included in a group registration for VAT purposes with its 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).
25
Controlling party
There is no ultimate controlling party.
26
Related party transactions
During the year the group entered into the following transactions with related parties:
Newcore Capital Management LLP
During the year, Newcore Capital Management LLP recharged management services of £323,698 (2023: £323,582) to the Group. At 31 December 2024, Newcore Capital Management LLP owes the Company £102,116 (2023: £243,326).
NCM Real Returns LLP
The Company is a Limited Partner in NCM Real Returns LP. At 31 December 2024 NCM Real Returns LP had drawn down £125,715 (2023: £125,715) and repaid £nil (2023: £nil) of capital contributions.
Newcore Strategic Situations III LP
The Company is a Limited Partner in Newcore Strategic Situations III LP. At 31 December 2024 Newcore Strategic Situations III LP had drawn down £187,658 (2023: 187,658) and repaid £nil (2023:£37,342) of capital contributions.
Newcore Strategic Situations IV LP
The Company is a Limited Partner in Newcore Strategic Situations IV LP. At 31 December 2024 Newcore Strategic Situations IV LP had drawn down £250,000 (2023: £250,000) and repaid £nil (2023: £nil) of capital contributions.
Yarnton Holdings LLP
The Company has a 33.3% interest in Yarnton Holdings LLP, to which it has advanced a loan of £1,355,000 (2023: £1,223,000). The loan is unsecured, interest bearing at 8% per annum. The balance at 31 December 2024 was £1,355,000 (2023: £1,223,000).
The Directors
During the year dividends of £99,858 (2023: £98,469) were paid to those directors that are shareholders in the Company.
The Pipeline Trust CIO
Alexandra Houghton and Robert Newcombe are trustees in The Pipeline Trust CIO, a charity registered in England and Wales. During the year donations of £23,158 (2023: £31,085) were made to The Pipeline Trust.
The Newcombe Estates Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
31
27
Audit exempt subsidiary
FH Great Shelford Limited is a subsidiary of The Newcombe Estates Company Limited, however under the company's accounting policy, it is not included in the consolidated accounts by virtue of s405 of the Companies Act 2006 and FRS 102 Section 9.9A. FH Great Shelford is exempt from audit under s477 of the Companies Act 2006 relating to small companies.
Longmoor Land (Bristol) Limited is a dormant company consolidated into the group accounts. This company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
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