REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Audited Financial Statements for the Year Ended 31 December 2020 |
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New Conveyor Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Audited Financial Statements for the Year Ended 31 December 2020 |
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for |
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New Conveyor Limited |
New Conveyor Limited (Registered number: 07460028) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Statement of Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Cash Flow Statement | 10 |
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Notes to the Cash Flow Statement | 11 |
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Notes to the Financial Statements | 12 |
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New Conveyor Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Certified Accountants |
Statutory Auditors |
The Old Doctor's House |
74 Grange Road |
Dudley |
West Midlands |
DY1 2AW |
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BANKERS: |
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81 High Street |
Stourbridge |
West Midlands |
DY1 1EB |
New Conveyor Limited (Registered number: 07460028) |
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Strategic Report |
for the Year Ended 31 December 2020 |
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The directors present their strategic report for the year ended 31 December 2020. |
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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. |
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During the previous year, the group underwent a structural reorganisation. A new holding company (Galton Bridge Enterprises Limited) acquired all the share capital of New Conveyor Limited and became the company's new ultimate parent company. The assets of New Conveyor Limited remained within the company. |
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During the year the company decided to sell one of its investment properties (Glengarriff Castle, Glengarriff, Co Cork) as it was no longer considered to be a viable investment proposition for the company; the sale completed before the year end.. |
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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. |
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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. |
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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. |
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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. |
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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. |
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RESULTS AND PERFORMANCE |
The results of the company are set out on page 6 and 7 and show profit on ordinary activities before tax for the year of £1,519,328 (2019 - £2,871,657. The shareholders' funds of the company at the year end amount to £944,784 (2019 - £1,077,369). |
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KEY PERFORMANCE INDICATORS |
The Board does not measure the performance of the company by reference to KPI's. |
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ON BEHALF OF THE BOARD: |
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New Conveyor Limited (Registered number: 07460028) |
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Report of the Directors |
for the Year Ended 31 December 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2020. |
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DIVIDENDS |
Interim dividends of £1,050,000 and £600,000 were paid during the year. The directors recommend that no final dividend is to be paid. |
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Therefore, the total distribution of dividends for the year ended 31 December 2020 will be £1,650,000. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report. |
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Other changes in directors holding office are as follows: |
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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. |
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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: |
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- | 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. |
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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. |
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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) |
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Report of the Directors |
for the Year Ended 31 December 2020 |
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AUDITORS |
The auditors, Lewis Smith & Co will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
New Conveyor Limited |
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Opinion |
We have audited the financial statements of New Conveyor Limited (the 'company') for the year ended 31 December 2020 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2020 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. |
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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. |
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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. |
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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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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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. |
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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. |
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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. |
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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 |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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for and on behalf of
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Chartered Certified Accountants |
Statutory Auditors |
The Old Doctor's House |
74 Grange Road |
Dudley |
West Midlands |
DY1 2AW |
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New Conveyor Limited (Registered number: 07460028) |
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Statement of Comprehensive Income |
for the Year Ended 31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Administrative expenses | ( |
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29,354 | (113,023 | ) |
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Other operating income |
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OPERATING PROFIT | 4 |
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Income from shares in group undertakings |
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Interest receivable and similar income |
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1,650,000 | 3,175,887 |
1,794,178 | 3,190,934 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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New Conveyor Limited (Registered number: 07460028) |
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Balance Sheet |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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Investments | 9 |
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Investment property | 10 |
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CURRENT ASSETS |
Debtors | 11 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT LIABILITIES |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 14 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 15 |
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Retained earnings | 16 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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New Conveyor Limited (Registered number: 07460028) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2020 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2019 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2019 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2020 |
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New Conveyor Limited (Registered number: 07460028) |
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Cash Flow Statement |
for the Year Ended 31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Finance costs paid | (274,850 | ) | (319,277 | ) |
Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Purchase of investment property |
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Sale of tangible fixed assets |
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Sale of investment property | ( |
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Interest received |
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Dividends received |
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Net cash from investing activities |
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Cash flows from financing activities |
New loans taken in the year |
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Loan repayments on loans taken | ( |
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New loans given in the year | (195,897 | ) | (201,212 | ) |
Amount introduced by directors | - | 3,600 |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of
year |
2 |
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172,146 |
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Cash and cash equivalents at end of year | 2 | 222,298 | 193,727 |
New Conveyor Limited (Registered number: 07460028) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 December 2020 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31.12.20 | 31.12.19 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Finance costs | 274,850 | 319,277 |
Finance income | (1,650,000 | ) | (3,175,887 | ) |
(61,747 | ) | 20,556 |
Decrease/(increase) in trade and other debtors |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 31 December 2020 |
31.12.20 | 1.1.20 |
£ | £ |
Cash and cash equivalents | 222,298 | 193,727 |
Year ended 31 December 2019 |
31.12.19 | 1.1.19 |
£ | £ |
Cash and cash equivalents | 193,727 | 172,146 |
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3. | ANALYSIS OF CHANGES IN NET DEBT |
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At 1.1.20 | Cash flow | At 31.12.20 |
£ | £ | £ |
Net cash |
Cash at bank | 193,727 | 28,571 | 222,298 |
193,727 |
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222,298 |
Debt |
Debts falling due within 1 year | (8,994,000 | ) | - | (8,994,000 | ) |
(8,994,000 | ) | - | (8,994,000 | ) |
Total | (8,800,273 | ) | 28,571 | (8,771,702 | ) |
New Conveyor Limited (Registered number: 07460028) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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New Conveyor Limited is a
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2. | ACCOUNTING POLICIES |
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General information and basis of preparing the financial statements |
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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. |
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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 Enterprises Limited, Sandy Lane, Titton, Stourport-on-Severn, Worcestershire, DY13 9QA.. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
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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. |
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In respect of the Castle property, which is undergoing major renovation works, valuations based upon initial cost plus costs of renovation are confirmed by a registered surveyor to its present condition. |
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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. |
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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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New Conveyor Limited (Registered number: 07460028) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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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. |
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3. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the year ended 31 December 2020 nor for the year ended 31 December 2019. |
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The average number of employees during the year was NIL (2019 - NIL). |
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31.12.20 | 31.12.19 |
£ | £ |
Directors' remuneration |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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31.12.20 | 31.12.19 |
£ | £ |
Depreciation - owned assets |
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Profit on disposal of fixed assets | ( |
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Auditors' remuneration |
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Foreign exchange differences | ( |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.20 | 31.12.19 |
£ | £ |
A Preference share dividend | 100,000 | 116,164 |
B Preference share dividend | 174,850 | 203,113 |
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New Conveyor Limited (Registered number: 07460028) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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6. | TAXATION |
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Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
31.12.20 | 31.12.19 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
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Tax on profit |
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( |
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Reconciliation of total tax charge/(credit) 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: |
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31.12.20 | 31.12.19 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Income not taxable for tax purposes | ( |
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Depreciation in excess of capital allowances | - |
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Utilisation of tax losses | ( |
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Deferred Tax | (3,852 | ) | (590 | ) |
Total tax charge/(credit) | 1,913 | (590 | ) |
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There was no corporation tax charge in the accounts in the previous year. This was due to group loss relief being available to the company and this was used to fully relieve the company's taxable profits for that year. |
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7. | DIVIDENDS |
31.12.20 | 31.12.19 |
£ | £ |
Ordinary B shares of £1 each |
Interim dividends |
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New Conveyor Limited (Registered number: 07460028) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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8. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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Disposals |
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( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Eliminated on disposal |
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( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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Although the depreciation policy on leasehold property is 2% on cost, no depreciation had been charged for the year as the directors consider that due to the property having a higher estimated residual value, depreciation would be negligible. |
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9. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
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PROVISIONS |
At 1 January 2020 |
and 31 December 2020 | 11,145,408 |
NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: United Kingdom |
Nature of business:
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% |
Class of shares: | holding |
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31.12.20 | 31.12.19 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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New Conveyor Limited (Registered number: 07460028) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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9. | FIXED ASSET INVESTMENTS - continued |
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Registered office: United Kingdom |
Nature of business:
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% |
Class of shares: | holding |
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31.12.20 | 31.12.19 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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Fixed asset investments are valued at fair value. |
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10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2020 |
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Disposals | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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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. |
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11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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Directors' current accounts | 900 | 900 |
Tax |
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VAT |
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Prepayments and accrued income |
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12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Preference shares (see note 13) |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
VAT | 94,225 | - |
Accruals and deferred income |
|
|
|
|
New Conveyor Limited (Registered number: 07460028) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
13. | LOANS |
|
|
Preference shares within creditors consist of 2,000,000 £1 redeemable A preference shares and 6,994,000 £1 redeemable B preference shares. Dividends are voted upon these shares at fixed rates of 5% on the A preference shares and 2.5% on the B preference shares. |
|
These preference shares do not have a fixed redemption date. The shares are redeemable at the option of the holder within a 30 day notice period. |
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The A and B preference shares were held by Mr E W Toye but during the previous year were acquired by Galton Bridge Enterprises Limited as part of the group structural reorganisation. |
|
During the year interest accrued of £274,850 on these preference shares. |
|
14. | PROVISIONS FOR LIABILITIES |
31.12.20 | 31.12.19 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
|
Deferred |
tax |
£ |
Balance at 1 January 2020 |
|
Accelerated capital allowances | (3,852 | ) |
Balance at 31 December 2020 |
|
|
15. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
|
Ordinary A | £1 | 6,000 | 6,000 |
|
Ordinary B | £1 | 4,000 | 4,000 |
10,000 | 10,000 |
|
16. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2020 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 December 2020 |
|
New Conveyor Limited (Registered number: 07460028) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
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 2020 and 31 December 2019: |
|
31.12.20 | 31.12.19 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts repaid |
|
( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
|
Balance outstanding at start of year |
|
|
Amounts repaid |
|
( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
18. | ULTIMATE PARENT COMPANY |
|
Previously, New Conveyor Limited was regarded by the directors as being the ultimate parent company of the New Conveyor Limited group. |
|
However in the pervious year, a new holding company (Galton Bridge Enterprises Limited) was incorporated and acquired the share capital of New Conveyor Limited and become the new ultimate parent company. |
|
After the year end a new holding company (Galton Bridge Holdings Limited) was incorporated and acquired the share capital of Galton Bridge Enterprises Limited and became the company's new ultimate parent company. |
|
19. | ULTIMATE CONTROLLING PARTY |
|
At the year end the directors Mr I A Bytheway, Mr R P Hickman and Mr B J E Toye were the ultimate controlling parties of New Conveyor Limited. |
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Previously Mr E W Toye had been the ultimate controlling party by virtue of his shareholding in the previous holding company New Conveyor Limited. |
|
However, as mentioned in note 20 above, during the previous year a new holding company (Galton Bridge Enterprises Limited) was incorporated and acquired the share capital of New Conveyor Limited, with the above directors all jointly owning the share capital of Galton Bridge Enterprises Limited. In addition to this Mr E W Toye passed away on 2nd January 2020. |
|
After the year end Mr B J E Toye sold his shares in Galton Bridge Enterprises Limited and a new holding company (Galton Bridge Holdings Limited) was incorporated with the remaining two directors (Mr I A Bytheway and Mr R P Hickmam) jointly owning the share capital of Galton Bridge Holdings Limited and therefore becoming the new ultimate controlling parties of New Conveyor Limited. |