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Registered number: OC362676
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New Tyne West Development Company LLP
Financial statements
31 October 2025
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New Tyne West Development Company LLP
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Information
Designated members
The Council of the City of Newcastle upon Tyne
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LLP registered number
OC362676
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Registered office
Citygate
St James' Boulevard
Newcastle upon Tyne
NE1 4JE
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Independent auditor
S&W Audit
Chartered Accountants
17 Queens Lane
Newcastle upon Tyne
NE1 1RN
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Bankers
The Co-operative Bank
84-86 Grey Street
Newcastle upon Tyne
NE1 6BZ
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Solicitors
Muckle LLP
Time Central
32 Gallowgate
Newcastle upon Tyne
NE1 4BF
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Accountants
UNW LLP
Chartered Accountants
Citygate
St James' Boulevard
Newcastle upon Tyne
NE1 4JE
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New Tyne West Development Company LLP
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Contents
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Members' responsibilities statement
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Independent auditor's report to the members of New Tyne West Development Company LLP
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Statement of comprehensive income
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Reconciliation of members' interests
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Notes to the financial statements
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New Tyne West Development Company LLP
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Members' report
Year ended 31 October 2025
The members present their annual report together with the audited financial statements of New Tyne West Development Company LLP ('the LLP') for the year ended 31 October 2025.
Principal activity
The principal activity of the LLP is to facilitate the regeneration and redevelopment of the Scotswood area of Newcastle upon Tyne in accordance with the objectives of the LLP and the Masterplan ("The Scheme"). The LLP has signed a principal development agreement with the Council of the City of Newcastle upon Tyne.
The project has the benefit of an outline planning permission for the whole scheme and detailed planning permission for the first two phases of the Masterplan.
Designated members
The Council of the City of Newcastle upon Tyne and BK Scotswood LLP were designated members of the LLP throughout the year.
Members' capital and interests
Each member's subscription to the capital of the LLP determines their share of the profit and is repayable following retirement from the LLP.
Details of changes in members' capital in the year ended 31 October 2025 are set out in the reconciliation of members' interests.
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year end, subject to the cash requirements of the business.
Strategic report
During the financial year the LLP has made significant progress with the following matters of note:
(1) Works to Phase 1, 2, 5 and Phase 5a of the masterplan have now been fully completed, resulting in the delivery of 747 new homes.
(2) Work has commenced on Phases 3, the largest Phase to date of the Masterplan, this will deliver over 340 new homes over the next 4 years.
(3) Initial major infrastructure works have commenced within Phase 3 with the first legal completions forecast for August 2026.
(4) The sales performance during the financial year has been strong, although limited new homes were delivered due to the completion of ongoing development phases throughout the year.
(5) Purchaser statistics continue to align with the development’s key objectives of attracting economically active families back to the area, with around 80% being aged 45 and under, and circa 80% remain first-time buyers.
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New Tyne West Development Company LLP
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Members' report (continued)
Year ended 31 October 2025
(6) The LLP remains committed to education, enterprise and training opportunities. Apprentices continue to be employed on site, and targets for vocational qualifications, work experience placements and local employment have been achieved. During 2025, charitable and community-focused initiatives continued to be delivered in partnership with community-based organisations and educational establishments. The programme of communications and consultations has further integrated the new and existing communities, and this commitment will continue into 2026.
Disclosure of information to auditor
Each of the persons who are members at the time when this members' report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
Auditor
The auditor, S&W Audit (a trading name of S&W Partners Audit Limited) formerly CLA Evelyn Partners Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act. The designated members will propose a motion re-appointing the auditor at a meeting of the members.
This report was approved by the members on 30 October 2026 and signed on their behalf by:
BK Scotswood LLP
Designated member
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New Tyne West Development Company LLP
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Members' responsibilities statement
Year ended 31 October 2025
The members are responsible for preparing the financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Independent auditor's report to the members of New Tyne West Development Company LLP
We have audited the financial statements of New Tyne West Development Company LLP (the 'limited liability partnership') for the year ended 31 October 2025, which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests and the notes to the financial statements, including significant accounting policies.The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('United Kingdom Generally Accepted Accounting Practice').
In our opinion the financial statements:
∙give a true and fair view of the state of the limited liability partnership's affairs as at 31 October 2025 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Members' Report, other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the members' report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Independent auditor's report to the members of New Tyne West Development Company LLP (continued)
Matters on which we are required to report by exception
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We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of members
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As explained more fully in the members' responsibilities statement on page 3, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained a general understanding of the Limited Liability Partnership (LLP)'s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the LLP's industry and regulation.
In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the LLP's ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the LLP:
∙The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.
We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:
∙We made enquiries of management and reviewed correspondence with regulators.
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Independent auditor's report to the members of New Tyne West Development Company LLP (continued)
∙We obtained written management representations that they have disclosed to us all known instances of non-compliance or suspected non-compliance with laws and regulations and accounted for and disclosed all known actual or potential litigation and claims in the financial statements and that the procedures in place to ensure compliance with relevant laws and regulations are considered to be adequate.
The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:
∙Manipulation of the financial statements via fraudulent journal entries and management overriding controls.
∙The incorrect recognition of revenue from fraud or error, around the period end.
∙The key estimates involved in the valuation of WIP.
The procedures we carried out to gain evidence in the above areas included:
∙Testing journal entries, focusing on those deemed to be higher risk following data analysis and a consideration of a number of risk factors.
∙Performing substantive testing on the revenue balance reported in the financial statements, including specific consideration of the revenue recognised around the period end to ensure that it was recognised in the correct accounting period.
∙Reviewing and substantiating the assumptions made by management in determining the margin used for the valuation of WIP and cost of sales.
A further description for our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to the limited liability partnerships. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.
Nicola Scarr FCA Senior Statutory Auditor
for and on behalf of S&W Audit
Statutory Auditor
Chartered Accountants
17 Queens Lane
Newcastle upon Tyne
NE1 1RN
30 October 2026
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New Tyne West Development Company LLP
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Statement of comprehensive income
Year ended 31 October 2025
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Interest receivable and similar income
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Profit for the financial year
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There was no other comprehensive income for 2025 or 2024.
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New Tyne West Development Company LLP
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Balance sheet
At 31 October 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Members' capital classified as equity
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Loans and other debts due to members
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New Tyne West Development Company LLP
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Balance sheet (continued)
At 31 October 2025
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
Registered number: OC362676
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New Tyne West Development Company LLP
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Reconciliation of members' interests
Year ended 31 October 2025
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Members' capital (classified as debt)
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Balance at 1 November 2023
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Profit for the year available for discretionary division among members
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Members' interests after loss for the year
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Balance at 31 October 2024
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Profit for the year available for discretionary division among members
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Members' interests after profit for the period
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Balance at 31 October 2025
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The notes on pages 12 to 18 form part of these financial statements.
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of members' other interests.
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New Tyne West Development Company LLP
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Statement of cash flows
Year ended 31 October 2025
Cash flows from operating activities
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Profit for the financial year
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Depreciation of tangible assets
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Decrease/(increase) in stocks
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(Increase)/decrease in debtors
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(Decrease)/increase in creditors
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(Decrease)/increase in amounts owed to related parties
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Net cash generated from operating activities before transactions with members
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Cash flows from investing activities
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Net (decrease)/increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 12 to 18 form part of these financial statements.
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New Tyne West Development Company LLP
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Notes to the financial statements
Year ended 31 October 2025
New Tyne West Development Company LLP ('the LLP') is a limited liability partnership incorporated and domiciled in the United Kingdom. The registered office is given in the information page of these financial statements. The nature of the partnership's operations and principal activities are disclosed in the members' report.
2.Accounting policies
The financial statements have been prepared in under the historical cost convention unless otherwise specified within these accounting policies and in accordance Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland', the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The financial statements are prepared on a going concern basis and under the historical cost convention.
The financial statements are prepared in pounds sterling, which is the functional currency of the partnership, and are rounded to the nearest pound.
The following accounting policies have been applied:
The LLP meets its day to day working capital and debt service requirements through its cash resources and operating cash flows.
The members have prepared financial forecasts which, having regard for the current economic environment and taking account of reasonably possible changes in trading performance, indicate that the LLP is expected to maintain sufficient financial headroom through its cash resources and operating cash flows to enable it to continue meeting its liabilities as they fall due in the normal course of business for at least the next 12 months following the approval of these financial statements and have support from its members where necessary. Notwithstanding any further potential ongoing impact on the LLP's financial performance and position beyond that already anticipated by the forecasts, the LLP maintains net funds and working capital which the members consider are sufficient to fully mitigate the risks which remain due the current economic environment.
After making enquiries, the members have a reasonable expectation that the LLP has adequate financial and other resources to continue in operational existence for the foreseeable future. Accordingly, they continue to prepare the financial statements on a going concern basis.
Revenue represents the total value of sales from new build properties and land sales, excluding
Value Added Tax, made during the period.
Revenue and profit on sales of properties and freehold interests are included in the accounts where
completion has taken place by the end of the financial period.
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New Tyne West Development Company LLP
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Notes to the financial statements
Year ended 31 October 2025
2.Accounting policies (continued)
Short-term benefits
Short-term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.
Defined contribution pension plan
The LLP operates a defined contribution pension plan for its employees. Contributions are recognised as an expense when they fall due. Amounts due but not yet paid are included within creditors on the balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation on tangible fixed assets is provided at rates calculated to write-off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:
Long-term leasehold property - 5% straight line
Office equipment - 25% straight line
Asset residual values and useful lives are reviewed at the end of each reporting period, and adjusted if appropriate. The effect of any change is accounted for prospectively.
Stock and work in progress are valued 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 stock to its present location and condition. Management assess the costs held and, where required, will book a provision against the stock.
Land is recognised in stock when the significant risks and rewards of ownership have been transferred to the LLP.
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, trade and other creditors, cash and bank balances. All such instruments are due within one year, and are measured, initially and subsequently at the transaction price.
At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.
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New Tyne West Development Company LLP
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Notes to the financial statements
Year ended 31 October 2025
2.Accounting policies (continued)
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Members' participation rights
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Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS 102.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the profit and loss account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than an expense. They are therefore shown as a residual amount available for discretionary division among members in the profit and loss account and are equity appropriations in the balance sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the balance sheet within "Loans and other debts due to members". Amounts due to members that are classified as equity are shown in the balance sheet within "Members' other interests"
Members are personally liable for taxation on their share of the LLP profits and consequently no reserve for taxation is made in these financial statements.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Work in progress
The LLP recognises costs incurred on developments as work in progress (“WIP”). WIP is released to the profit and loss account in line with revenue, using an estimated margin. The margin is determined by reference to the overall expected costs and revenues of each development, incorporating both historical and forecast information.
The determination of the margin requires judgement and is subject to estimation uncertainty, as it depends on forecasts of future build costs and sales proceeds. The margin applied is reviewed and updated on a regular basis to reflect the latest information available at the reporting date. At the reporting date, the carrying amount of WIP subject to this estimation uncertainty was £18,408,993 (2024 - £20,176,485).
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New Tyne West Development Company LLP
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Notes to the financial statements
Year ended 31 October 2025
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During the year, the LLP obtained the following services from the LLP's auditor:
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Fees payable to the LLP's auditor for the audit of the LLP's financial statements
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Staff costs were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including directors, during the year was 1 (2024 - 1).
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Information in relation to members
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The average number of members during the period was 2 (2024 - 2).
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New Tyne West Development Company LLP
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Notes to the financial statements
Year ended 31 October 2025
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Long-term leasehold property
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New Tyne West Development Company LLP
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Notes to the financial statements
Year ended 31 October 2025
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Amounts owed to related parties
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Accruals and deferred income
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Related party transactions
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During the period, the LLP engaged in transactions with Keepmoat Homes Ltd, a member of the LLP, which are considered related party transactions under FRS 102.
The total value of transactions with Keepmoat Homes Ltd during the period amounted to £12,450,000 (2024: £10,685,471).
These transactions primarily related to house building construction. All transactions were conducted on an arm’s length basis and under normal commercial terms.
As of 31 October 2025, the outstanding balance payable to Keepmoat Homes Ltd was £8,505,336, which is included in Amounts owed to related parties.
During the period, the LLP also engaged in transactions with Newcastle City Council, a member of the LLP, which are considered related party transactions under FRS 102.
The total value of transactions with Newcastle City Council during the period amounted to £12,853 (2024: £11,093).
As of 31 October 2025, the outstanding balance payable to Newcastle City Council was £Nil.
These transactions primarily related to planning & legal fees. All transactions were conducted on an arm’s length basis and under normal commercial terms.
Management believes that these transactions do not pose any material risk to the financial position or performance of the LLP.
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New Tyne West Development Company LLP
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Notes to the financial statements
Year ended 31 October 2025
On 26 October 2023 , a charge was created and registered with the following details:
∙Charge Code: OC36 2676 0008
∙Persons Entitled: The Council of the City of Newcastle upon Tyne
∙Description of Charge:
°The charge pertains to the property known as the land adjoining Armstrong Road and Whitehouse Road, Scotswood, Newcastle upon Tyne. This property is delineated in red on the associated plan and comprises land within the following title numbers registered at the Land Registry: TY476156, TY491145, TY491541, TY491732, and TY340414.
°The charge contains fixed charges on specific assets.
°It also includes a floating charge that covers all the property or undertaking of the LLP.
°The charge includes a negative pledge, which restricts the LLP from creating subsequent charges over the same assets without the consent of the charge holder.
On 18 July 2025, another charge was created and registered with the following details:
∙Charge Code: OC36 2676 0009
∙Persons Entitled: The Council of the City of Newcastle upon Tyne
∙Description of Charge:
°The charge pertains to the property known as the land adjoining Armstrong Road and Whitehouse Road, Scotswood, Newcastle upon Tyne. This property is delineated in red on the associated plan and comprises land within the following title numbers registered at the Land Registry: TY173363, TY257366,TY340414,TY381610,TY476156,TY491141,TY491145,TY492323,TY492426,TY493260 and TY493384.
°The charge contains fixed charges on specific assets.
°It also includes a floating charge that covers all the property or undertaking of the LLP.
°The charge includes a negative pledge, which restricts the LLP from creating subsequent charges over the same assets without the consent of the charge holder.
Impact on Financial Position
The fixed charge grants the charge holder specific rights over the assets identified in the charge documentation. This may limit the LLP's ability to dispose of these assets without satisfying the charge obligations.
The floating charge creates a security interest over the general assets of the LLP. The assets subject to the floating charge may be disposed of in the normal course of business until a crystallisation event occurs (e.g., insolvency), at which point the charge becomes fixed on the assets held at that time.
The negative pledge prohibits the LLP from securing additional loans against the same assets, thereby protecting the charge holder’s priority over the specified assets.
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