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NGP Management Company (Town Centre) Limited
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Balance sheet
as at
31 December 2021
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
10 October 2022
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Registered number: 06410408
The notes on pages 2 to 3 form part of these financial statements.
1
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NGP Management Company (Town Centre) Limited
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Notes to the financial statements
for the year ended 31 December 2021
The company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The registered office is Citygate, St James' Boulevard, Newcastle Upon Tyne, NE1 4JE.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
At the balance sheet date the company had excess liabilities over assets. The directors, having made
due and careful enquiry, are of the opinion that the company, with the support of its parent company,
has adequate working capital to execute its operations over the next 12 months. The directors,
therefore, have made an informal judgement, at the time of approving the financial statements, that
there is reasonable expectation that the company has adequate resources to continue in operational
existence for the foreseeable future. As a result the directors have continued to adopt the going
concern basis of accounting in preparing the annual financial accounts.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The company has no employees other than the directors, who did not receive any remuneration (2020 - £Nil).
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Creditors: Amounts falling due within one year
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2
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NGP Management Company (Town Centre) Limited
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Notes to the financial statements
for the year ended 31 December 2021
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Related party transactions
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Included within other creditors is £457 (2020: £457) owed to Persimmon Homes Limited and £457 (2020: £457) owed to Taylor Wimpey UK Limited, these loans are interest free and repayable upon demand.
Also included within other creditors is £97,857 (2020: £70,857) owed to Newcastle Great Park (Estates) Limited, this amount is interest free and repayable upon demand.
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Newcastle Great Park (Estates) Limited is the company's immediate controlling party. Persimmon Homes Limited (t/a Persimmon Homes North East) and Taylor Wimpey Developments Limited are equal holders of the share capital of Newcastle Great Park (Estates) Limited, and as such are the company's ultimate controlling party insofar as they act in concert.
3
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