Company registration number 10429048 (England and Wales)
NEOUS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
NEOUS LIMITED
COMPANY INFORMATION
Directors
Ms V L Antonious
Mrs R Katzanos
Company number
10429048
Registered office
Flat 5
22a Bouverie Road
London
England
N16 0AJ
Accountants
Kirk Rice LLP
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
NEOUS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
NEOUS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEOUS LIMITED FOR THE YEAR ENDED 31 OCTOBER 2022
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Neous Limited for the year ended 31 October 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Neous Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Neous Limited and state those matters that we have agreed to state to the Board of Directors of Neous Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Neous Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Neous Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Neous Limited. You consider that Neous Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Neous Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kirk Rice LLP
6 October 2023
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
NEOUS LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2022
31 October 2022
- 2 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
39,736
41,433
Current assets
Stocks
411,573
366,144
Debtors
4
1,209,277
592,872
Cash at bank and in hand
27,817
23,860
1,648,667
982,876
Creditors: amounts falling due within one year
5
(1,423,443)
(630,582)
Net current assets
225,224
352,294
Total assets less current liabilities
264,960
393,727
Creditors: amounts falling due after more than one year
6
(201,842)
(336,111)
Net assets
63,118
57,616
Capital and reserves
Called up share capital
100
100
Share premium account
12,000
12,000
Profit and loss reserves
51,018
45,516
Total equity
63,118
57,616

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

NEOUS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2022
31 October 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 6 October 2023 and are signed on its behalf by:
Ms V L Antonious
Director
Company Registration No. 10429048
NEOUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 4 -
1
Accounting policies
Company information

Neous Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 25, Archer Street, London, England, W1D 7AZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is aware of the affects of the recent COVID-19 pandemic on operations and supply chains. Having reviewed the company position the Directors feel they have adequate resources to continue to operate as a going concern.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes and is recognised on sale to the customer, which is considered the point of delivery. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
33.33% on cost
Fixtures and fittings
33.33% on cost
Computers
33.33% on cost
Lasts and Moulds
16.67% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

NEOUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.

Debtors

Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors

Creditors are not interest bearing and are included at their nominal value.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

NEOUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
5
5
3
Tangible fixed assets
Website
Fixtures and fittings
Computers
Lasts and Moulds
Total
£
£
£
£
£
Cost
At 1 November 2021
33,115
1,829
23,393
51,613
109,950
Additions
-
0
10,000
-
0
3,769
13,769
At 31 October 2022
33,115
11,829
23,393
55,382
123,719
Depreciation and impairment
At 1 November 2021
33,115
1,449
18,344
15,609
68,517
Depreciation charged in the year
-
0
1,491
5,049
8,926
15,466
At 31 October 2022
33,115
2,940
23,393
24,535
83,983
Carrying amount
At 31 October 2022
-
0
8,889
-
0
30,847
39,736
At 31 October 2021
-
0
380
5,049
36,004
41,433
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
396,921
139,896
Other debtors
812,356
452,976
1,209,277
592,872
NEOUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 7 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
458,496
150,264
Trade creditors
539,233
130,598
Taxation and social security
19,517
5,660
Other creditors
406,197
344,060
1,423,443
630,582
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
201,842
336,111
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
53,650
67,063
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Ms V L Antonious -
3.00
111,963
9,059
3,331
(10,000)
114,353
111,963
9,059
3,331
(10,000)
114,353
NEOUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 8 -
9
Prior period adjustment
Reconciliation of changes in equity
1 November
31 October
2020
2021
£
£
Adjustments to prior year
Prior period adjustment
-
36,004
Equity as previously reported
15,285
21,612
Equity as adjusted
15,285
57,616
Analysis of the effect upon equity
Profit and loss reserves
-
36,004
Reconciliation of changes in profit for the previous financial period
2021
£
Adjustments to prior year
Prior period adjustment
2,411
Profit as previously reported
6,327
Profit as adjusted
8,738
Notes to reconciliation

A prior year adjustment has been recognised in order to capitalise lasts and moulds from development costs in cost of sales and to depreciate these costs over a six year period.

 

The prior year adjustment includes adjustments pre-2021 for costs incurred from as far back as 2017, which are now capitalised and depreciated. The tax effect of these adjustments is nil due to the tax treatment of all costs remaining fully deductible in the year incurred.

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