Company Registration No. 04136337 (England and Wales)
NEWLYN HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
NEWLYN HOMES LIMITED
COMPANY INFORMATION
Director
Mr R W Blackburn
Secretary
Mr H B Dawes
Company number
04136337
Registered office
Newlyn House
Millfields Road
Ettingshall
Wolverhampton
West Midlands
WV4 6JG
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
The Royal Bank of Scotland plc
Birmingham Colmore Row Branch
79/83 Colmore Row
Birmingham
B3 2AP
NEWLYN HOMES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
NEWLYN HOMES LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEWLYN HOMES LIMITED FOR THE YEAR ENDED 30 JUNE 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newlyn Homes Limited for the year ended 30 June 2018 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Newlyn Homes Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Newlyn Homes Limited
and state those matters that we have agreed to state to the Board of Directors of Newlyn Homes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newlyn Homes Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Newlyn Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Newlyn Homes Limited. You consider that Newlyn Homes Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Newlyn Homes Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
26 February 2019
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
NEWLYN HOMES LIMITED
BALANCE SHEET
AS AT 30 JUNE 2018
30 June 2018
- 2 -
2018
2017
as restated
Notes
£
£
£
£
Fixed assets
Investments
3
10
-
Current assets
Stocks
690,000
690,000
Debtors
4
206,467
201,089
Cash at bank and in hand
661
36
897,128
891,125
Creditors: amounts falling due within one year
5
(405,885)
(427,951)
Net current assets
491,243
463,174
Total assets less current liabilities
491,253
463,174
Creditors: amounts falling due after more than one year
6
(372,443)
(372,443)
Net assets
118,810
90,731
Capital and reserves
Called up share capital
8
6
6
Profit and loss reserves
118,804
90,725
Total equity
118,810
90,731
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
NEWLYN HOMES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2018
30 June 2018
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 26 February 2019
Mr R W Blackburn
Director
Company Registration No. 04136337
NEWLYN HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 4 -
1
Accounting policies
Company information
Newlyn Homes Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Newlyn House, Millfields Road, Ettingshall, Wolverhampton, West Midlands, WV4 6JG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion
and
whe
re
the
amount of revenue can be measured reliably.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
NEWLYN HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).
3
Fixed asset investments
2018
2017
£
£
Investments
10
-
NEWLYN HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
3
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2017
-
Additions
10
At 30 June 2018
10
Carrying amount
At 30 June 2018
10
At 30 June 2017
-
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
206,467
201,089
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
223,043
273,043
Trade creditors
894
-
Corporation tax
5,228
-
Other creditors
176,720
154,908
405,885
427,951
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
372,443
372,443
NEWLYN HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 7 -
7
Secured debts
The following secured debts are included within creditors:
2018
2017
£
£
Bank loans
223,043
273,043
Bank loans are secured by fixed and floating charges over the undertaking and all property and assets.
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
3 Ordinary A of £1 each
3
3
1 Ordinary B of £1 each
1
1
2 Ordinary C of £1 each
2
2
6
6
9
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
10
Ultimate controlling party
The ultimate controlling party is Mr R W Blackburn.
11
Prior period adjustment
The accounts have been restated to take account of a loan repayment of £52,400 made in previous years that had not been reflected in these accounts. There was no effect on the reported profit.
NEWLYN HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
11
Prior period adjustment
(Continued)
- 8 -
Changes to the balance sheet
At 30 June 2017
As previously reported
Adjustment at 1 Jul 2016
Adjustment at 30 Jun 2017
As restated
£
£
£
£
Creditors due within one year
Other creditors
(6,068)
(52,400)
-
(58,468)
Creditors due after one year
Other creditors
(424,843)
52,400
-
(372,443)
Net assets
90,731
-
-
90,731
Changes to the profit and loss account
Period ended 30 June 2017
As previously reported
Adjustment
As restated
£
£
£
Profit for the financial period
43,170
-
43,170