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Newport Trustee Limited























Unaudited

Financial statements



For the year ended 31 December 2024



Registered number: 11120067

 
Newport Trustee Limited - Registered number:11120067


Statement of financial position
As at 31 December 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Investment property
 4 
1,950,000
1,950,000

Current assets
  

Debtors: amounts falling due within one year
 5 
80,554
213,161

Cash at bank and in hand
  
267,331
520,790

  
347,885
733,951

Creditors: amounts falling due within one year
 6 
(4,333,147)
(4,513,110)

Net current liabilities
  
 
 
(3,985,262)
 
 
(3,779,159)

Total assets less current liabilities
  
(2,035,262)
(1,829,159)

  

Net liabilities
  
(2,035,262)
(1,829,159)


Capital and reserves
  

Share capital
  
1
1

Profit and loss account
  
(2,035,263)
(1,829,160)

  
(2,035,262)
(1,829,159)


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

Page 1

 
Newport Trustee Limited - Registered number:11120067


Statement of financial position (continued)
As at 31 December 2024

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the director.  




M D Warner
Director

Date: 2 June 2025

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
Newport Trustee Limited
 
 

Notes to the financial statements
For the year ended 31 December 2024

1.


General information

The company is a private company limited by shares and incorporated in England and Wales. Its registered office is 130 Wood Street, London, EC2V 6DL and the company registration number is 11120067. The principal place of business is 27-32 Commercial Street and 1&2 Austin Friars, Newport, Gwent.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'the Financial Reporting Standard applicable in the UK and Republic of Ireland'('FRS 102') and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance
from the shareholders, that it will continue to give financial support to the company for a period of at least twelve months from the date of signing these financial statements and defer repayment of its loan in favour 
of other creditors.
On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's financial statements may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The financial statements do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
Newport Trustee Limited
 

Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. 

  
2.10

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade an other debtors and creditors. loans from banks and other third parties loans to related party and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including the director, during the year was 1 (2023 -1).

Page 4

 
Newport Trustee Limited
 
 

Notes to the financial statements
For the year ended 31 December 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
1,950,000



At 31 December 2024
1,950,000

The 2024 valuations were made by the director, on an open market value for existing use basis. 






5.


Debtors

2024
2023
£
£


Trade debtors
1,507
1,218

Other debtors
79,047
211,943

80,554
213,161



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
11,817
8,749

Amounts owed to group undertakings
4,159,441
4,159,441

Other taxation and social security
8,002
-

Other creditors
60,143
234,271

Accruals and deferred income
93,744
110,649

4,333,147
4,513,110



Page 5