Newell Commercial Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00577239 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

NEWELL COMMERCIAL PROPERTIES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Director:

D J Carroll

Registered office:

Dickens House

Guithavon Street

Witham

Essex

CM8 1BJ

Registered number:

00577239 (England and Wales)

Accountants:

Baverstocks Limited

Chartered Certified Accountants

Dickens House

Guithavon Street

Witham

Essex

CM8 1BJ

Fixed assets

Tangible assets

4

-

-

Investment property

5

1,509,411

1,709,411

1,509,411

1,709,411

Current assets

Debtors

-

5,024

Cash at bank

405,378

60,100

405,378

65,124

Creditors

Amounts falling due within one year

260,371

470,606

Net current assets/(liabilities)

145,007

(405,482

)

Total assets less current liabilities

1,654,418

1,303,929

Provisions for liabilities

38,311

7,170

Net assets

1,616,107

1,296,759

Capital and reserves

Called up share capital

4,875

4,875

Revaluation reserve

6

548,754

591,498

Capital redemption reserve

1,625

1,625

Retained earnings

1,060,853

698,761

1,616,107

1,296,759

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2023 and were signed by:

D J Carroll - Director

1.	Statutory information

Newell Commercial Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and Fittings

-

20% on cost and 10% on cost

Office Equipment

-

20% on cost and 10% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	Employees and directors

The average number of employees during the year was NIL (2021 - 1 ).

4.	Tangible fixed assets

Totals

£

Cost

At 1 January 2022

30,723

Disposals

(25,438

)

At 31 December 2022

5,285

Depreciation

At 1 January 2022

30,723

Eliminated on disposal

(25,438

)

At 31 December 2022

5,285

Net book value

At 31 December 2022

-

At 31 December 2021

-

5.	Investment property

Total

£

Fair value

At 1 January 2022

1,709,411

Disposals

(200,000

)

At 31 December 2022

1,509,411

Net book value

At 31 December 2022

1,509,411

At 31 December 2021

1,709,411

Fair value at 31 December 2022 is represented by:

£

Valuation in 1999

7,064

Valuation in 2003

500,000

Valuation in 2004

91,603

Valuation in 2022

(11,603

)

Cost

922,347

1,509,411

If investment property had not been revalued it would have been included at the following historical cost:

2022

2021

£

£

Cost

922,347

1,110,744

Investment property was valued on an open market basis on 31 December 2022 by the director. .

The 2022 valuations were made by the director, on an open market value for existing use basis.

6.

Reserves

Revaluation

reserve

£

At 1 January 2022

591,498

Transfer between reserves

(42,744

)

At 31 December 2022

548,754

7.	Related party disclosures

At the balance sheet date an amount of £203,693 was due to related parties in which the Director has an interest.