Company registration number 10726575 (England and Wales)
NEW ERA PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
NEW ERA PROPERTY LTD
COMPANY INFORMATION
Directors
Mrs L A Gannon
Mr R W T Gannon
Company number
10726575
Registered office
First Floor
27 Howsell Road
Malvern
WR14 1TF
Accountants
Property Tax People Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
Leicester
Leicestershire
LE87 2BB
NEW ERA PROPERTY LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
NEW ERA PROPERTY LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEW ERA PROPERTY LTD FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of New Era Property Ltd for the year ended 31 August 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of New Era Property Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of New Era Property Ltd and state those matters that we have agreed to state to the board of directors of New Era Property Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New Era Property Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that New Era Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of New Era Property Ltd. You consider that New Era Property Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of New Era Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Property Tax People Limited
2 April 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
NEW ERA PROPERTY LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,008
Investment property
4
900,965
635,000
904,973
635,000
Current assets
Debtors
5
9,901
126
Cash at bank and in hand
2,609
1,007
12,510
1,133
Creditors: amounts falling due within one year
6
(317,042)
(79,272)
Net current liabilities
(304,532)
(78,139)
Total assets less current liabilities
600,441
556,861
Creditors: amounts falling due after more than one year
7
(602,607)
(532,895)
Provisions for liabilities
9
(10,161)
(15,031)
Net (liabilities)/assets
(12,327)
8,935
Capital and reserves
Called up share capital
10
1,000
1,000
Non-distributable profits reserve
13
66,126
66,126
Distributable profit and loss reserves
(79,453)
(58,191)
Total equity
(12,327)
8,935
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
NEW ERA PROPERTY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 2 April 2025 and are signed on its behalf by:
Mrs L A Gannon
Mr R W T Gannon
Director
Director
Company registration number 10726575 (England and Wales)
NEW ERA PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information
New Era Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 27 Howsell Road, Malvern, England, WR14 1TF.
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 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 principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on reducing balance
1.5
Investment property
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. The surplus or deficit on revaluation is recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
NEW ERA PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 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 profit and loss account 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
NEW ERA PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 September 2023
Additions
4,076
At 31 August 2024
4,076
Depreciation and impairment
At 1 September 2023
Depreciation charged in the year
68
At 31 August 2024
68
Carrying amount
At 31 August 2024
4,008
At 31 August 2023
4
Investment property
2024
£
Fair value
At 1 September 2023
635,000
Additions
265,965
At 31 August 2024
900,965
The directors have assessed the market value of the property and consider that there has been no significant change in the market value at the year end.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
414
Other debtors
9,487
126
9,901
126
NEW ERA PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
291
291
Trade creditors
7,579
256
Amounts owed to group undertakings
183,625
59,273
Other creditors
125,547
19,452
317,042
79,272
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
558,107
488,395
Other creditors
44,500
44,500
602,607
532,895
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
558,398
488,686
Bank loans are secured over the propery to which they relate.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10,161
15,031
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
NEW ERA PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
12
Control
Ultimate parent company
The ultimate parent company is Gannon Holdings Ltd, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr R W T Gannon and Mrs L A Gannon, by virtue of their controlling interest in the ultimate parent company.
13
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
66,126
66,126