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Unaudited Financial Statements for the Year Ended 31 December 2018 |
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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 2018 |
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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 2018 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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New Cut Limited (Registered number: 06594764) |
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Balance Sheet |
31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
New Cut Limited (Registered number: 06594764) |
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Balance Sheet - continued |
31 December 2018 |
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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 2018 |
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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 are as below: |
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Registered number: | 06594764 |
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Registered office: | Sterling Works |
Texas Street |
Morley |
Leeds |
West Yorkshire |
LS27 0HG |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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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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. |
New Cut Limited (Registered number: 06594764) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Fixed asset investments |
Fixed asset investments are stated at historical cost inclusive of professional fees, less impairment provisions. |
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3. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
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COST |
At 1 January 2018 |
and 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2018 |
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Revaluations | 845,587 |
Reversal of impairments | 4,413 |
At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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Fair value at 31 December 2018 is represented by: |
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£ |
Valuation in 2018 | 845,587 |
Cost | 2,054,413 |
2,900,000 |
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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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31.12.18 | 31.12.17 |
£ | £ |
Cost | 2,054,413 | 2,054,413 |
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Investment property was valued on an open market basis on 31 December 2081 by the director. . |
New Cut Limited (Registered number: 06594764) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | RESERVES |
Fair |
value |
reserve |
£ |
Fair value reserve | 782,629 |
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At 31 December 2018 |
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8. | RELATED PARTY DISCLOSURES |
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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 £1,045,319 (2017: £1,053,319). |