| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 |
| FOR |
| NEW CITY HEATING COMPANY LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 |
| FOR |
| NEW CITY HEATING COMPANY LIMITED |
| NEW CITY HEATING COMPANY LIMITED (REGISTERED NUMBER: 01163410) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| NEW CITY HEATING COMPANY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Argent House |
| 5 Goldington Road |
| Bedford |
| Bedfordshire |
| MK40 3JY |
| NEW CITY HEATING COMPANY LIMITED (REGISTERED NUMBER: 01163410) |
| BALANCE SHEET |
| 31 OCTOBER 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Prepayments and accrued income |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
| NET ASSETS |
| NEW CITY HEATING COMPANY LIMITED (REGISTERED NUMBER: 01163410) |
| BALANCE SHEET - continued |
| 31 OCTOBER 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Revaluation reserve | 10 |
| Fair value reserve | 10 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director and authorised for issue on |
| NEW CITY HEATING COMPANY LIMITED (REGISTERED NUMBER: 01163410) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 1. | STATUTORY INFORMATION |
| New City Heating Company Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have not been prepared on a going concern basis as the company entered a Company Voluntary Arrangement on 2 August 2022. No material adjustments arose as a result of ceasing to apply the going concern basis. |
| The Company Voluntary Arrangement was fully implemented on 30 July 2024. |
| Turnover |
| Turnover is the amount derived from ordinary activities and is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of value added tax. |
| Investment income - Rents receivable: |
| Rents are credited to the profit and loss. Rentals received in advance by the company that are attributable to later periods are deferred and included in creditors, (deferred income), and are credited to the profit and loss account in those later periods. |
| Tangible fixed assets |
| Freehold property | - |
| Short leasehold | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investment property |
| Investment property is shown at most recent valuation. Investment property for which fair value can be measured reliably without undue cost or effort is measured at fair value at each reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Investment property is subject to valuation by the directors or by external valuers, determined on the fair value basis using the market approach: based on market transactions involving identical or similar assets. |
| No depreciation is provided for in respect of investment properties in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Such properties are held for their investment potential and for consumption within the business. This is a departure from the Companies Act 2006, which requires all properties to be depreciated. The directors consider that to depreciate them would not enable the financial statements to give a true and fair view. |
| NEW CITY HEATING COMPANY LIMITED (REGISTERED NUMBER: 01163410) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are valued at lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is computed on an average cost basis. |
| Financial instruments |
| Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity. An equity instrument is any contract that evidences residual interest in the assets of the company after deduction any liabilities. |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Where an invoice financing arrangement has been entered into, trade debtors will not be derecognised as a financial asset where the risks and rewards of ownership or control have been retained. The financial liability is recorded at transaction price less any interest and associated costs. These associated costs are recognised in the profit and loss in the period to which they relate. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss. |
| NEW CITY HEATING COMPANY LIMITED (REGISTERED NUMBER: 01163410) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold | Short | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2023 |
| Disposals | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2023 |
| Disposals | ( |
) | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| The company measures all items of tangible fixed assets after initial recognition using the cost model. The freehold property revaluations are prior to the transition to Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" as defined in the standard. |
| NEW CITY HEATING COMPANY LIMITED (REGISTERED NUMBER: 01163410) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 31 October 2024 is represented by: |
| Freehold | Plant and | Motor | Computer |
| property | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2002 | 142,414 | - | - | - | 142,414 |
| Valuation in 2007 | (66,500 | ) | - | - | - | (66,500 | ) |
| Valuation in 2008 | (33,500 | ) | - | - | - | (33,500 | ) |
| Cost | 137,586 | 20,500 | 30,060 | 9,088 | 197,234 |
| 180,000 | 20,500 | 30,060 | 9,088 | 239,648 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Fixed asset investments comprise of the following: |
| National Merchant Buying Society Limited 10 ordinary £10 shares. |
| Fixed asset investments are stated at cost as, in the director's opinion, no market value readily exists. |
| The above company is registered in England and Wales. |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 November 2023 |
| Revaluations | 120,000 |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| The investment property was valued by the director at 31 October 2024 on a fair value basis using the market approach based on market transactions involving identical or similar assets. |
| NEW CITY HEATING COMPANY LIMITED (REGISTERED NUMBER: 01163410) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 6. | INVESTMENT PROPERTY - continued |
| Fair value at 31 October 2024 is represented by: |
| £ |
| Valuation in 2007 | 208,982 |
| Valuation in 2008 | (78,704 | ) |
| Valuation in 2016 | 107,037 |
| Valuation in 2020 | 66,112 |
| Valuation in 2024 | 120,000 |
| Cost | 121,573 |
| 545,000 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Cost | 121,573 | 121,573 |
| 7. | DEBTORS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Shareholders' loans | 40,919 | 59,019 |
| June Fortescue Estate | 57,401 | 56,138 |
| Joint supervisors' account | - | 712,098 |
| S455 tax recoverable | 71,222 | 71,222 |
| VAT |
| Amounts falling due after more than one year: |
| Deferred tax asset | 555 | 656 |
| Aggregate amounts |
| The shareholders and estate loans are unsecured and repayable on demand. Interest is charged on any overdrawn balances at the official rate of interest of 2.25% (2023: 2% to 5 April 2023 and 2.25% thereafter). |
| NEW CITY HEATING COMPANY LIMITED (REGISTERED NUMBER: 01163410) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts | 286,651 | 134,157 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| 10. | RESERVES |
| Fair |
| Revaluation | value |
| reserve | reserve | Totals |
| £ | £ | £ |
| At 1 November 2023 |
| Transfer between reserves | - | (22,344 | ) | (22,344 | ) |
| Fair value adjustment | - | 120,000 | 120,000 |
| At 31 October 2024 |
| 11. | OTHER FINANCIAL COMMITMENTS |
| The company had total other financial commitments at the balance sheet date of £nil (2023: £nil). |