REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 December 2022 |
for |
New Conveyor Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 December 2022 |
for |
New Conveyor Limited |
New Conveyor Limited (Registered number: 07460028) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
New Conveyor Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Statutory Auditors |
The Old Doctor's House |
74 Grange Road |
Dudley |
West Midlands |
DY1 2AW |
BANKERS: |
81 High Street |
Stourbridge |
West Midlands |
DY1 1EB |
New Conveyor Limited (Registered number: 07460028) |
Strategic Report |
for the Year Ended 31 December 2022 |
The directors present their strategic report for the year ended 31 December 2022. |
REVIEW OF BUSINESS |
The company is a holding company and landlord of one of its subsidiaries and also rents out its investment property. The principal activity of its subsidiary undertakings continues to be that of manufacturers of components and conveyor modules within the materials handling industry. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company is controlled and run by its Board of Directors and the process of risk management in all areas of the business is addressed through policies and procedures agreed at Board level. |
The company has accepted the Euro for payment since the launch of the currency and the Board consider that internal policies along with the stability of the currency within an acceptable trading range means that the financial risk is being effectively controlled. |
The company insures all debt and is a registered credit reference agency. The balance sheet is protected adequately via a commercial insurance policy which is reviewed annually and which includes cover of gross profit should there be any interruption to the business activity caused by an insured event. |
Cash reserves are considered by the Directors to be sufficiently high to cover the current trading commitments and also to develop the business further, in line with the business strategy. |
Price risk is controlled by the marketing policy which requires representation at relevant trade exhibitions to monitor the company and its subsidiaries' position in the market place. |
RESULTS AND PERFORMANCE |
The results of the company are set out on pages 9 and 10 and show profit on ordinary activities before tax for the year of £2,731,101 (2021 - £10,238,409). The shareholders' funds of the company at the year end amount to £1,061,240 (2021 - £1,355,572). |
KEY PERFORMANCE INDICATORS |
The Board does not measure the performance of the company by reference to KPI's. |
ON BEHALF OF THE BOARD: |
New Conveyor Limited (Registered number: 07460028) |
Report of the Directors |
for the Year Ended 31 December 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
DIVIDENDS |
The following interim dividends were paid during the year: |
Date | £ |
1st February 2022 | 1,000,000 |
6th April 2022 | 2,000,000 |
3,000.000 |
The directors recommend that no final dividend is to be paid. |
Therefore, the total distribution of dividends for the year ended 31 December 2022 was £3,000,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
New Conveyor Limited (Registered number: 07460028) |
Report of the Directors |
for the Year Ended 31 December 2022 |
AUDITORS |
The auditors, Lewis Smith & Co will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
New Conveyor Limited |
Opinion |
We have audited the financial statements of New Conveyor Limited (the 'company') for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
New Conveyor Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
New Conveyor Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. |
We also: |
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. |
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. |
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
New Conveyor Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
Statutory Auditors |
The Old Doctor's House |
74 Grange Road |
Dudley |
West Midlands |
DY1 2AW |
New Conveyor Limited (Registered number: 07460028) |
Statement of Comprehensive Income |
for the Year Ended 31 December 2022 |
31.12.22 | 31.12.21 |
as restated |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) |
(9,486 | ) | 32,536 |
Other operating income |
OPERATING PROFIT | 4 |
Income from shares in group undertakings |
3,234,992 | 10,513,259 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
New Conveyor Limited (Registered number: 07460028) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Capital redemption reserve | 16 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
New Conveyor Limited (Registered number: 07460028) |
Statement of Changes in Equity |
for the Year Ended 31 December 2022 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
New Conveyor Limited (Registered number: 07460028) |
Cash Flow Statement |
for the Year Ended 31 December 2022 |
31.12.22 | 31.12.21 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Finance costs paid | (503,891 | ) | (274,850 | ) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Sale of investment property |
Dividends received |
Net cash from investing activities |
Cash flows from financing activities |
New loans taken in the year |
Loan repayments on loans taken | ( |
) |
New loans given in the year | (3,171,531 | ) | (5,634,780 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
222,298 |
Cash and cash equivalents at end of year | 2 | 199,060 | 152,971 |
New Conveyor Limited (Registered number: 07460028) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Profit before taxation |
Profit on disposal of fixed assets | ( |
) |
Finance costs | 503,891 | 274,850 |
Finance income | (3,100,000 | ) | (10,353,450 | ) |
134,992 | 64,979 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 199,060 | 152,971 |
Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
as restated |
£ | £ |
Cash and cash equivalents | 152,971 | 222,298 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.22 | Cash flow | At 31.12.22 |
£ | £ | £ |
Net cash |
Cash at bank | 152,971 | 46,089 | 199,060 |
152,971 | 199,060 |
Debt |
Debts falling due within 1 year | (8,994,000 | ) | - | (8,994,000 | ) |
(8,994,000 | ) | - | (8,994,000 | ) |
Total | (8,841,029 | ) | 46,089 | (8,794,940 | ) |
New Conveyor Limited (Registered number: 07460028) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
New Conveyor Limited is a |
2. | ACCOUNTING POLICIES |
General information and basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. The accounts are prepared on the going concern basis. |
Preparation of consolidated financial statements |
The financial statements contain information about New Conveyor Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Galton Bridge Holdings Limited, Sandy Lane, Titton, Stourport-on-Severn, Worcestershire, DY13 9QA. |
Tangible fixed assets |
Freehold property | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Investment property |
Investment properties are shown at their fair value, which is ascertained by the directors with confirmation from a registered surveyor as to their current market values. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
New Conveyor Limited (Registered number: 07460028) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Foreign currency |
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Balances existing at the balance sheet date are translated at the exchange rate at the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31 December 2022 nor for the year ended 31 December 2021. |
The average number of employees during the year was NIL (2021 - NIL). |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
A Preference share dividend | 183,333 | 100,000 |
B Preference share dividend | 320,558 | 174,850 |
New Conveyor Limited (Registered number: 07460028) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Current tax: |
UK corporation tax |
Prior year UK tax adjustments | - | 4,767 |
Irish taxation | 5,723 | - |
Prior year Irish tax |
adjustments | (216 | ) | - |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Other tax payments | - | 1,869 |
Total tax charge | 25,433 | 23,871 |
7. | DIVIDENDS |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Ordinary A shares of £1 each |
Interim dividends |
New Conveyor Limited (Registered number: 07460028) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
8. | PRIOR YEAR ADJUSTMENT |
During the 2021 accounting year, paperwork was drawn up to fully redeem the inter group preference shares of £8,994,000 owned by Galton Bridge Enterprises Limited. |
However, having reviewed the level of company and group reserves it was decided to cancel the redemptions and reinstate them at their original values, as if no redemption had ever taken place. As such, the 2021 accounts have been restated to debit the Intercompany loan account and credit preference shares to the value of £8,994,000. |
Following a review of reserves available for dividend it was also noted that a capital redemption reserve had not been analysed in the 2021 accounts. The accounts have been restated to debit distributable reserves and credit capital redemption reserve to the value of £1,000,000 |
There was no change to the profit for the year. |
9. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Although the depreciation policy on freehold property is 2% on cost, no depreciation has been charged for the year as the directors consider that due to the properties having a higher estimated residual value, depreciation would be negligible. |
All properties at Sandy Lane Industrial Site are now occupied by the group. During the previous year a reclassification was made between the investment properties and freehold properties to move any previous rental properties which are now occupied by the group to freehold properties. |
New Conveyor Limited (Registered number: 07460028) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
PROVISIONS |
At 1 January 2022 |
and 31 December 2022 | 11,145,408 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.12.22 | 31.12.21 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.12.22 | 31.12.21 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Fixed asset investments are valued at fair value. |
New Conveyor Limited (Registered number: 07460028) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
11. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
A portfolio of investment properties have been purchased each year since 2013 and all are held at original cost, confirmed by independent valuations by a registered surveyor, Sherry Fitzgerald, to corroborate the directors' opinions that their original costs are equivalent to their fair values at each accounting year end date. |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 900 | 900 |
Tax |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Preference shares (see note 14) |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Accruals and deferred income |
14. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Preference shares | 8,994,000 | 8,994,000 |
Details of shares shown as liabilities are as follows: |
New Conveyor Limited (Registered number: 07460028) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
14. | LOANS - continued |
Preference shares within creditors consisted of 2,000,000 £1 redeemable A preference shares and 6,994,000 £1 redeemable B preference shares. Dividends were voted upon these shares at fixed rates of 5% on the A preference shares and 2.5% on the B preference shares. |
During the year no interest was paid on these preference shares and a further years interest of £274,850 was accrued. |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | as restated |
£ | £ |
Ordinary A | £1 | 6,000 | 6,000 |
Ordinary B | £1 | 4,000 | 4,000 |
10,000 | 10,000 |
16. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2022 | 1,345,572 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 31 December 2022 | 1,051,240 |
17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following interest free advances and credits, payable on demand, to directors subsisted during the years ended 31 December 2022 and 31 December 2021: |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
New Conveyor Limited (Registered number: 07460028) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
18. | ULTIMATE PARENT COMPANY |
Galton Bridge Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
The immediate parent company of New Conveyor Limited is Galton Bridge Enterprises Limited. Galton Bridge Holdings Limited owns the entire share capital of Galton Bridge Enterprises Limited. |
The registered office of New Conveyor Limited is also that of Galton Bridge Enterprises Limited and Galton Bridge Holdings Limited. |
Copies of the financial statements for all companies above are available from Companies House. |
19. | ULTIMATE CONTROLLING PARTY |
At the year end the directors Mr I A Bytheway and Mr R P Hickman were the ultimate controlling parties of |
New Conveyor Limited. |
This is due them being the equal owners of Galton Bridge Holdings Limited who (as per note 17 above) is the ultimate parent company of New Conveyor Limited. |
20. | GOING CONCERN |
Within the group there are sufficient reserves to clear any intercompany debts, therefore going concern is appropriate. |