Company No: 10177409 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investment property	4	710,465		706,758
		710,465		706,758
Current assets
Stocks	5	441,859		260,134
Debtors	6	10,018		364,172
Cash at bank and in hand		1,993		2,192
		453,870		626,498
Creditors: amounts falling due within one year	7	( 1,170,707)		( 1,297,790)
Net current liabilities		(716,837)		(671,292)
Total assets less current liabilities		(6,372)		35,466
Net (liabilities)/assets		( 6,372)		35,466
Capital and reserves
Called-up share capital	8	1,000		1,000
Profit and loss account		( 7,372 )		34,466
Total shareholders' (deficit)/funds		( 6,372)		35,466

For the financial year ending 31 March 2025 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 financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Newcity Property Partners Limited (registered number: 10177409) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P B Koopman Director

22 December 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Newcity Property Partners Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW.

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 items at fair value, 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’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises revenue recognised by the Company in respect of the sale of trading properties, the completion of development projects and rents receivable on investment properties.

Revenue on the sale of a property is recognised when the completion of the sales contract occurs during the accounting period. Revenue on development projects is recognised on completion of the contracts.

Revenue on rentals is recognised in the period to which the rental income relates.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment

4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to Statement of Income and Retained Earnings.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in Statement of Income and Retained Earnings. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes all direct costs.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

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

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

***Offsetting***
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	3		3

3. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 April 2024	336		336
At 31 March 2025	336		336
Accumulated depreciation
At 01 April 2024	336		336
At 31 March 2025	336		336
Net book value
At 31 March 2025	0		0
At 31 March 2024	0		0

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	706,758
Additions	3,707
As at 31 March 2025	710,465

Valuation

The 2025 valuations were made by the directors, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	710,465		706,758

5. Stocks

	2025		2024
	£		£
Stocks	441,859		260,134

6. Debtors

	2025		2024
	£		£
Trade debtors	9,000		4,499
Amounts owed by group undertakings	0		357,275
Other debtors	1,018		2,398
	10,018		364,172

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	250		1,045
Amounts owed to group undertakings	1,083,050		1,217,903
Other taxation and social security	3,030		0
Other creditors	84,377		78,842
	1,170,707		1,297,790

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000

9. Related party transactions

Included in amounts owed by group undertakings is £Nil (2024 - £357,275) owed by a fellow subsidiary.

Included within amounts due to group undertakings is an amount of £1,083,050 (2024 - £1,217,903) owed to other group undertakings.

Included in other creditors is an amount of £74,227 (2024 - £71,548) owed to two of the directors of the company.

Included in the Statement of Income and Retained Earnings is interest paid of £76,647 (2024 - £46,996 ) to the parent company.

10. Ultimate controlling party

The immediate and ultimate parent undertaking is Mikproud Assets Limited, a private company limited by shares incorporated in England and Wales.

The Registered Office address of Mikproud Assets Limited is at 35 Ballards Lane, London, N3 1XW.