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Registration number: 09293665

Newtrack Project Direction Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Newtrack Project Direction Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Newtrack Project Direction Ltd

(Registration number: 09293665)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,815

2,419

Current assets

 

Debtors

5

74,924

46,859

Cash at bank and in hand

 

45,130

70,383

 

120,054

117,242

Creditors: Amounts falling due within one year

6

(86,927)

(75,003)

Net current assets

 

33,127

42,239

Total assets less current liabilities

 

34,942

44,658

Creditors: Amounts falling due after more than one year

6

(34,837)

(44,483)

Net assets

 

105

175

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

5

75

Shareholders' funds

 

105

175

 

Newtrack Project Direction Ltd

(Registration number: 09293665)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 August 2022
 

.........................................
N Davies
Director

 

Newtrack Project Direction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The director acknowledges the potential impact of the global coronavirus pandemic and believes that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook created by the pandemic. The director believes the company has adequate resources to continue in operational existence such that they believe the continued use of the going concern basis to be appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of management and commercial consultancy services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Newtrack Project Direction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Reducing Balance

Fixtures and Fittings

25% Reducing Balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

 

Newtrack Project Direction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2021

899

5,557

6,456

At 31 December 2021

899

5,557

6,456

Depreciation

At 1 January 2021

674

3,363

4,037

Charge for the year

56

548

604

At 31 December 2021

730

3,911

4,641

Carrying amount

At 31 December 2021

169

1,646

1,815

At 31 December 2020

225

2,194

2,419

 

Newtrack Project Direction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Debtors

2021
£

2020
£

Trade debtors

-

13,248

Other debtors

74,924

33,611

74,924

46,859

6

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Loans and borrowings

9,646

5,517

Trade creditors

13

-

Taxation and social security

75,946

68,164

Other creditors

1,322

1,322

86,927

75,003

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

7

34,837

44,483

7

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Bank borrowings

9,646

5,517

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

34,837

44,483

 

Newtrack Project Direction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Related party transactions

Transactions with the director

2021

At 1 January 2021
£

Advances to directors
£

Repayments by director
£

At 31 December 2021
£

N Davies

Overdrawn DLA

27,695

24,175

(4,812)

47,058

         
       

 

2020

At 1 January 2020
£

Advances to directors
£

Repayments by director
£

At 31 December 2020
£

N Davies

Overdrawn DLA

15,343

33,653

(21,301)

27,695

         
       

 

Other transactions with the director

N Davies (director) had a loan account with the company on which interest has been charged at the HMRC official rate. At the balance sheet date the amount due from N Davies was £47,058 (2020: £27,695).