COMPANY REGISTRATION NUMBER:
14842225
|
New Greenwich Yield Investing Limited |
|
|
Filleted Unaudited Financial Statements |
|
|
New Greenwich Yield Investing Limited |
|
|
Statement of Financial Position |
|
31 May 2024
Current assets
|
Stocks |
676,216 |
|
Cash at bank and in hand |
186,089 |
|
--------- |
|
862,305 |
|
|
|
Creditors: amounts falling due within one year |
4 |
823,285 |
|
--------- |
|
Net current assets |
39,020 |
|
-------- |
|
Total assets less current liabilities |
39,020 |
|
-------- |
|
Net assets |
39,020 |
|
-------- |
|
|
|
Capital and reserves
|
Profit and loss account |
39,020 |
|
-------- |
|
Shareholders funds |
39,020 |
|
-------- |
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
30 September 2025
, and are signed on behalf of the board by:
|
Mr H F Musker |
The Hon R M I Astell |
|
Director |
Director |
|
|
Company registration number:
14842225
|
New Greenwich Yield Investing Limited |
|
|
Notes to the Financial Statements |
|
Period from 3 May 2023 to 31 May 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 86-90 Paul Street, London, EC2A 4NE.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain financial assets and liabilities measured at fair value through income or expenditure. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
Disclosure exemptions
The Company does not include a cash flow statement on the grounds that it is applying FRS 102 for smaller companies.
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities, within the next financial year, are the levels of future funding and expenditure on charitable activities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Creditors:
amounts falling due within one year
|
31 May 24 |
|
£ |
|
Bank loans and overdrafts |
352,644 |
|
Trade creditors |
67,769 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
236,374 |
|
Corporation tax |
13,007 |
|
Other creditors |
153,491 |
|
--------- |
|
823,285 |
|
--------- |
|
|
Included with creditors due within one year are loans payable within 12 months of drawdown. Interest is chargeable at 0.9% per month and the loan balances are secured over the assets of the company and by personal guarantees from the directors.
5.
Related party transactions
During the period, the Directors advanced interest free loans to the company. The balance is repayable on demand and the total amount due to them was £122,209. In addition, the parent company advanced loans of £221,174 to the company.