Naveo Limited 11825749 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is that of aerospace and aviation consultancy Digita Accounts Production Advanced 6.30.9574.0 true true 11825749 2022-03-01 2023-02-28 11825749 2023-02-28 11825749 core:CurrentFinancialInstruments 2023-02-28 11825749 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 11825749 core:FurnitureFittingsToolsEquipment 2023-02-28 11825749 bus:SmallEntities 2022-03-01 2023-02-28 11825749 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 11825749 bus:FullAccounts 2022-03-01 2023-02-28 11825749 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 11825749 bus:RegisteredOffice 2022-03-01 2023-02-28 11825749 bus:Director1 2022-03-01 2023-02-28 11825749 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11825749 core:FurnitureFittings 2022-03-01 2023-02-28 11825749 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 11825749 1 2022-03-01 2023-02-28 11825749 countries:EnglandWales 2022-03-01 2023-02-28 11825749 2022-02-28 11825749 core:FurnitureFittingsToolsEquipment 2022-02-28 11825749 2021-03-01 2022-02-28 11825749 2022-02-28 11825749 core:CurrentFinancialInstruments 2022-02-28 11825749 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 11825749 core:FurnitureFittingsToolsEquipment 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 11825749

Naveo Limited

Unaudited Financial Statements

for the Year Ended 28 February 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Naveo Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Naveo Limited

Company Information

Director

R O Brown

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Naveo Limited

Statement of Financial Position as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,363

6,147

Current assets

 

Debtors

5

230,678

104,841

Cash at bank and in hand

 

36,106

4,010

 

266,784

108,851

Creditors: Amounts falling due within one year

6

(68,636)

(44,864)

Net current assets

 

198,148

63,987

Total assets less current liabilities

 

205,511

70,134

Provisions for liabilities

(1,841)

(1,168)

Net assets

 

203,670

68,966

Capital and reserves

 

Retained earnings

203,670

68,966

Shareholders' funds

 

203,670

68,966

For the financial year ending 28 February 2023 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of Income and Retained Earnings has been taken.

 

Naveo Limited

Statement of Financial Position as at 28 February 2023

Approved and authorised by the director on 3 October 2023
 

.........................................

R O Brown

Director

Company registration number: 11825749

 

Naveo Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of aerospace and aviation consultancy.

2

Accounting policies

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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

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.

Going concern

The company made a profit for the year ended 28 February 2023 and had net assets at that date amounting to £203,670.

The director has considered the current economic uncertainty, and the director's view is that the impact on the company will continue to be manageable as the aerospace and aviation industry continues to recover from the pandemic. The company continues to trade profitably with no reduction in activity.

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

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

The company recognises turnover as services are performed, on an accruals basis, once it is probable that economic benefit will flow to the company.

 

Naveo Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 during the year was 1 (2022 - 1).

 

Naveo Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

10,417

10,417

Additions

5,275

5,275

Disposals

(1,677)

(1,677)

At 28 February 2023

14,015

14,015

Depreciation

At 1 March 2022

4,270

4,270

Charge for the year

2,476

2,476

Eliminated on disposal

(94)

(94)

At 28 February 2023

6,652

6,652

Carrying amount

At 28 February 2023

7,363

7,363

At 28 February 2022

6,147

6,147

5

Debtors

2023
£

2022
£

Trade debtors

14,093

38,336

Other debtors

216,585

66,505

230,678

104,841

 

Naveo Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

1,241

19,174

Taxation and social security

54,053

20,340

Other creditors

13,342

5,350

68,636

44,864

7

Transactions with directors

At 28 February 2023 an amount of £141,025 (2022: £65,384) was due from the director. During the year advances of £187,515 and repayments of £113,640 were made. Interest of £1,766 (2021: £445) was charged at a rate of 2% p.a.. There are no agreed terms.

8

Non adjusting events after the financial period

Subsequent to 28 February 2023, interim dividends of £15,170 were declared and paid.