Company registration number 03703703 (England and Wales)
NEWLYN CONTACT CENTRE SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
NEWLYN CONTACT CENTRE SERVICES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 10
NEWLYN CONTACT CENTRE SERVICES LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr. D. Smith
Secretary
Mr. D. Smith
Company number
03703703
Registered office
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
Auditor
Verallo
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
NEWLYN CONTACT CENTRE SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,964
17,605
Current assets
Debtors
4
3,150,122
2,012,149
Cash at bank and in hand
66,174
1,393,799
3,216,296
3,405,948
Creditors: amounts falling due within one year
5
(424,252)
(592,384)
Net current assets
2,792,044
2,813,564
Total assets less current liabilities
2,807,008
2,831,169
Provisions for liabilities
(3,740)
(3,344)
Net assets
2,803,268
2,827,825
Capital and reserves
Called up share capital
6
510
510
Profit and loss reserves
2,802,758
2,827,315
Total equity
2,803,268
2,827,825
NEWLYN CONTACT CENTRE SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 7 June 2023
Mr. D. Smith
Director
Company Registration No. 03703703
The notes on pages 5 to 10 form part of these financial statements
NEWLYN CONTACT CENTRE SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2021
510
2,524,537
2,525,047
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
2,302,778
2,302,778
Dividends
-
(2,000,000)
(2,000,000)
Balance at 31 December 2021
510
2,827,315
2,827,825
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
2,975,443
2,975,443
Dividends
-
(3,000,000)
(3,000,000)
Balance at 31 December 2022
510
2,802,758
2,803,268
The notes on pages 5 to 10 form part of these financial statements
NEWLYN CONTACT CENTRE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
1
Accounting policies
Company information
Newlyn Contact Centre Services Limited (03703703) is a private company limited by shares incorporated in England and Wales. The registered office is Century House, Wargrave Road, Henley-on-Thames, Oxfordshire, United Kingdom, RG9 2LT.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of Newlyn Group Holding Ltd. These consolidated financial statements are available from its registered office, Century House, Wargrave Road, Henley-on-Thames, Oxfordshire. RG9 2LT.
1.2
Going concern
The financial statements have been prepared on a going concern basis, which assumes the company will continue in operational existence, and will be able to meet its liabilities as they fall due, for a period of at least twelve months from the date of approval of the financial statements.true
The director believes that the company has adequate resources to continue in operational existence and that it is well placed to continue to mange its business risks successfully.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, turnover is recognised only to the extent of the expenses recognised that it is probable will be recovered.
NEWLYN CONTACT CENTRE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% on reducing balance
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 profit or loss.
1.5
Cash and cash equivalents
Cash at bank and in hand 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.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
NEWLYN CONTACT CENTRE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
NEWLYN CONTACT CENTRE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 8 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
NEWLYN CONTACT CENTRE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 9 -
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 37 (2021 - 29).
2022
2021
Number
Number
Total
37
29
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2022 and 31 December 2022
39,978
Depreciation and impairment
At 1 January 2022
22,373
Depreciation charged in the year
2,641
At 31 December 2022
25,014
Carrying amount
At 31 December 2022
14,964
At 31 December 2021
17,605
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,149,150
2,012,149
Other debtors
972
3,150,122
2,012,149
NEWLYN CONTACT CENTRE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
345
155
Corporation tax
167,947
336,906
Other taxation and social security
255,010
249,823
Accruals and deferred income
950
5,500
424,252
592,384
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 1p each
51,000
51,000
510
510
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Michelle Hewitt-Dutton FCCA and the auditor was Verallo.
8
Financial commitments, guarantees and contingent liabilities
On 24 May 2021, the terms and conditions of the loan held by Newlyn Group Holding Ltd, were updated by NatWest PLC, to include Newlyn Contact Centre Services as a guarantor, over the loan. At 31 December 2022, Newlyn Group Holding Ltd owed £nil to NatWest PLC in respect of this loan (2021 - £4.5m).
9
Related party transactions
The company has taken advantage of the exemption conferred by paragraph 33.1A of FRS 102 "Related Party Disclosure" not to disclose transaction with other group entities, whose voting rights are 100% controlled within the group, and where consolidated financial statements of the group are publicly available.
10
Parent company
The ultimate controlling party of the entity is Newlyn Group Holding Ltd, the parent company.
The registered office for Newlyn Group Holding Ltd is Century House, Wargrave Rd, Henley-on-Thames, RG9 2LT.
2022-12-312022-01-01false08 June 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedMr David SmithMr. D. Smith037037032022-01-012022-12-3103703703bus:CompanySecretaryDirector12022-01-012022-12-3103703703bus:CompanySecretary12022-01-012022-12-3103703703bus:Director12022-01-012022-12-3103703703bus:RegisteredOffice2022-01-012022-12-31037037032022-12-31037037032021-12-3103703703core:FurnitureFittings2022-12-3103703703core:FurnitureFittings2021-12-3103703703core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103703703core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3103703703core:ShareCapital2022-12-3103703703core:ShareCapital2021-12-3103703703core:RetainedEarningsAccumulatedLosses2022-12-3103703703core:RetainedEarningsAccumulatedLosses2021-12-3103703703core:ShareCapital2020-12-3103703703core:RetainedEarningsAccumulatedLosses2020-12-31037037032020-12-3103703703core:RetainedEarningsAccumulatedLosses2021-01-012021-12-31037037032021-01-012021-12-3103703703core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3103703703core:FurnitureFittings2022-01-012022-12-3103703703core:FurnitureFittings2021-12-3103703703core:CurrentFinancialInstruments2022-12-3103703703core:CurrentFinancialInstruments2021-12-3103703703bus:PrivateLimitedCompanyLtd2022-01-012022-12-3103703703bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3103703703bus:FRS1022022-01-012022-12-3103703703bus:Audited2022-01-012022-12-3103703703bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP