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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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New Cut Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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for |
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New Cut Limited |
New Cut Limited (Registered number: 06594764) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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New Cut Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
55 Fountain Street |
Morley |
Leeds |
West Yorkshire |
LS27 0AA |
New Cut Limited (Registered number: 06594764) |
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Balance Sheet |
31 December 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investment property | 4 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
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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. |
New Cut Limited (Registered number: 06594764) |
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Balance Sheet - continued |
31 December 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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New Cut Limited (Registered number: 06594764) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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New Cut Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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This is the first year of adoption of FRS 102. |
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The financial statements are presented in Sterling (£) |
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Turnover |
Turnover represents rental income arising in the period. |
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Tangible fixed assets |
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Plant and machinery | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Fixed asset investments |
Fixed asset investments are stated at historical cost inclusive of professional fees, less impairment provisions. |
New Cut Limited (Registered number: 06594764) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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3. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
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COST |
Additions |
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At 31 December 2016 |
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DEPRECIATION |
Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Cost or valuation at 31 December 2016 is represented by: |
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£ |
Valuation in 2015 | 2,050,000 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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31.12.16 | 31.12.15 |
£ | £ |
Cost | 2,054,413 | 2,054,413 |
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Investment property was valued on an open market basis on 5 November 2015 by GVA Grimley Ltd . |
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The fair value of the property cannot be reliably measured at the end of each period without incurring undue fees |
from a professional valuation agent. |
New Cut Limited (Registered number: 06594764) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Bank loans and overdrafts |
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Amounts owed to group undertakings |
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Tax |
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Directors' current accounts | 3,319 | 473,319 |
Accrued expenses |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Bank loans - 2-5 years |
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7. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £270,000 were paid to the director . |
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An interest free loan subsisted from the director to the company. The balance owed to the director at the financial |
year end was £3,319 (2015: £473,319). |
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8. | FIRST YEAR ADOPTION |
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The financial statements for the year ended 31 December 2016 are the first for New Cut Limited prepared in |
accordance with FRS 102, the reporting standard applicable in the UK and Republic of Ireland. The date of |
transition to FRS 102 was 1 January 2014. The reported financial position and financial performance of the |
previous period are not affected by the transition to FRS 102. |
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