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REGISTERED NUMBER: 01163410 (England and Wales)















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: A L Worman





REGISTERED OFFICE: 14 Simpson Road
Bletchley
Milton Keynes
MK2 2DD





REGISTERED NUMBER: 01163410 (England and Wales)





ACCOUNTANTS: Rawlinson Pryde Limited
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 4 122,751 126,476
Investments 5 900 900
Investment property 6 545,000 425,000
668,651 552,376

CURRENT ASSETS
Stocks 30,000 45,000
Debtors 7 200,157 929,045
Prepayments and accrued income - 418
Cash at bank and in hand 7,214 10,298
237,371 984,761
CREDITORS
Amounts falling due within one year 8 293,729 692,434
NET CURRENT (LIABILITIES)/ASSETS (56,358 ) 292,327
TOTAL ASSETS LESS CURRENT LIABILITIES 612,293 844,703

CREDITORS
Amounts falling due after more than one
year

9

-

(28,518

)

PROVISIONS FOR LIABILITIES (64,960 ) (42,616 )

ACCRUALS AND DEFERRED INCOME (12,078 ) (169,759 )
NET ASSETS 535,255 603,810

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 155,000 155,000
Share premium 172,825 172,825
Revaluation reserve 10 51,067 51,067
Fair value reserve 10 358,467 260,811
Retained earnings (202,104 ) (35,893 )
SHAREHOLDERS' FUNDS 535,255 603,810

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 June 2025 and were signed by:





A L Worman - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost/valuation
Short leasehold - The period of the lease
Plant and machinery - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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 180,000 105,468 20,500
Disposals - (105,468 ) -
At 31 October 2024 180,000 - 20,500
DEPRECIATION
At 1 November 2023 53,700 105,468 20,500
Charge for year 3,600 - -
Eliminated on disposal - (105,468 ) -
At 31 October 2024 57,300 - 20,500
NET BOOK VALUE
At 31 October 2024 122,700 - -
At 31 October 2023 126,300 - -

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 November 2023 30,060 44,568 380,596
Disposals - (35,480 ) (140,948 )
At 31 October 2024 30,060 9,088 239,648
DEPRECIATION
At 1 November 2023 30,060 44,392 254,120
Charge for year - 125 3,725
Eliminated on disposal - (35,480 ) (140,948 )
At 31 October 2024 30,060 9,037 116,897
NET BOOK VALUE
At 31 October 2024 - 51 122,751
At 31 October 2023 - 176 126,476

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 900
NET BOOK VALUE
At 31 October 2024 900
At 31 October 2023 900

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 425,000
Revaluations 120,000
At 31 October 2024 545,000
NET BOOK VALUE
At 31 October 2024 545,000
At 31 October 2023 425,000

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 18,888 19,052
Other debtors 2,650 650
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 8,522 10,210
199,602 928,389

Amounts falling due after more than one year:
Deferred tax asset 555 656

Aggregate amounts 200,157 929,045

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 - 10,000
Trade creditors 7,078 486,812
Social security and other taxes - 18,709
Other creditors - 42,756
Directors' current accounts 286,651 134,157
293,729 692,434

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans - 1-2 years - 10,000
Bank loans - 2-5 years - 18,518
- 28,518

10. RESERVES
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1 November 2023 51,067 260,811 311,878
Transfer between reserves - (22,344 ) (22,344 )
Fair value adjustment - 120,000 120,000

At 31 October 2024 51,067 358,467 409,534

11. OTHER FINANCIAL COMMITMENTS

The company had total other financial commitments at the balance sheet date of £nil (2023: £nil).