Company No:
Contents
| Note | 31.03.2026 | |
| £ | ||
| Fixed assets | ||
| Investment property | 3 |
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| 430,650 | ||
| Current assets | ||
| Cash at bank and in hand |
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| 58 | ||
| Creditors: amounts falling due within one year | 4 | (
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| Net current liabilities | (416,054) | |
| Total assets less current liabilities | 14,596 | |
| Net assets |
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| Capital and reserves | ||
| Called-up share capital | 5 |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Newcourt Gulls Limited (registered number:
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Mr A S Cork
Director |
Mr P D Cork
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Newcourt Gulls 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 Newcourt Barton, Topsham, Exeter, EX3 0DB, United Kingdom.
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 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ 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 £.
The directors have assessed the Balance Sheet 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.
The financial statements cover the period from 14 October 2024 to 31 March 2026. This period is longer than 12 months. Comparative figures are not presented as this is the company’s first period of accounting.
Turnover is adjusted for deferred income to ensure that income invoiced in advance of services being provided is deferred and recognised in the appropriate period.
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 Balance Sheet date.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| Period from 14.10.2024 to 31.03.2026 |
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| Number | |
| Monthly average number of persons employed by the Company during the period, including directors |
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| Investment property | |
| £ | |
| Valuation | |
| As at 14 October 2024 |
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| Additions | 430,650 |
| As at 31 March 2026 |
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Valuation
The investment property has been measured at fair value, which is the open market vale of the property based on a valuation by the directors as at 31 March 2026.
The investment property was acquired in the year. Since then, the directors have carried out their own valuation and have calculated that the purchase price accurately reflects the open market value of the property at 31 March 2026.
| 31.03.2026 | |
| £ | |
| Amounts owed to connected companies |
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| Amounts owed to directors |
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| Accruals and deferred income |
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| Taxation and social security |
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| 31.03.2026 | |
| £ | |
| Allotted, called-up and fully-paid | |
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All shares rank pari passu, carrying equal voting rights and rights to distributions, and accordingly no shareholder has enhanced or preferential control
Transactions with the entity's directors
| 31.03.2026 | |
| £ | |
| Amounts owed to directors | 191,269 |
The loan is unsecured, interest-free and repayable on demand.