7 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 425,376 372,207 42,538 414,745 10,631 53,169 178,113 67,450 556 22,835 222,172 222,172 178,113 xbrli:pure xbrli:shares iso4217:GBP 07559506 2022-04-01 2023-03-31 07559506 2023-03-31 07559506 2022-03-31 07559506 2021-04-01 2022-03-31 07559506 2022-03-31 07559506 core:NetGoodwill 2022-04-01 2023-03-31 07559506 core:FurnitureFittings 2022-04-01 2023-03-31 07559506 bus:Director2 2022-04-01 2023-03-31 07559506 core:NetGoodwill 2022-03-31 07559506 core:NetGoodwill 2023-03-31 07559506 core:LandBuildings 2022-03-31 07559506 core:FurnitureFittings 2022-03-31 07559506 core:LandBuildings 2023-03-31 07559506 core:FurnitureFittings 2023-03-31 07559506 core:LandBuildings 2022-04-01 2023-03-31 07559506 core:WithinOneYear 2023-03-31 07559506 core:WithinOneYear 2022-03-31 07559506 core:AfterOneYear 2023-03-31 07559506 core:AfterOneYear 2022-03-31 07559506 core:ShareCapital 2023-03-31 07559506 core:ShareCapital 2022-03-31 07559506 core:RetainedEarningsAccumulatedLosses 2023-03-31 07559506 core:RetainedEarningsAccumulatedLosses 2022-03-31 07559506 core:NetGoodwill 2022-03-31 07559506 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 07559506 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-03-31 07559506 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-03-31 07559506 core:Non-currentFinancialInstruments core:OtherIncreaseDecreaseInInvestments 2023-03-31 07559506 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 07559506 core:Non-currentFinancialInstruments 2023-03-31 07559506 core:Non-currentFinancialInstruments 2022-03-31 07559506 core:LandBuildings 2022-03-31 07559506 core:FurnitureFittings 2022-03-31 07559506 bus:SmallEntities 2022-04-01 2023-03-31 07559506 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07559506 bus:FullAccounts 2022-04-01 2023-03-31 07559506 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07559506 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07559506 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 07559506 core:FurnitureFittingsToolsEquipment 2022-03-31 07559506 core:FurnitureFittingsToolsEquipment 2023-03-31 07559506 core:OtherRelatedParties 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 07559506
Newton Smith Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
Newton Smith Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
10,631
53,169
Tangible assets
6
27,002
35,605
Investments
7
222,172
178,113
---------
---------
259,805
266,887
Current assets
Debtors
8
307,890
277,175
Cash at bank and in hand
464,846
489,928
---------
---------
772,736
767,103
Creditors: amounts falling due within one year
9
141,495
158,724
---------
---------
Net current assets
631,241
608,379
---------
---------
Total assets less current liabilities
891,046
875,266
Creditors: amounts falling due after more than one year
10
38,256
43,842
Provisions
Taxation including deferred tax
6,436
8,052
---------
---------
Net assets
846,354
823,372
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
846,254
823,272
---------
---------
Shareholders funds
846,354
823,372
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Newton Smith Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 3 July 2023 , and are signed on behalf of the board by:
Mr J W Smith
Director
Company registration number: 07559506
Newton Smith Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit J, South Cambridge Business Park, Babraham Road, Sawston, Cambridge, CB22 3JH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. The turnover shown in the profit and loss account represents fees earned and commissions due during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
7 years straight line
Fixtures & fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
425,376
---------
Amortisation
At 1 April 2022
372,207
Charge for the year
42,538
---------
At 31 March 2023
414,745
---------
Carrying amount
At 31 March 2023
10,631
---------
At 31 March 2022
53,169
---------
6. Tangible assets
Leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
42,276
39,607
62,181
144,064
Additions
672
1,440
2,112
Disposals
( 885)
( 885)
--------
--------
--------
---------
At 31 March 2023
42,276
40,279
62,736
145,291
--------
--------
--------
---------
Depreciation
At 1 April 2022
39,807
24,159
44,493
108,459
Charge for the year
1,923
4,059
4,537
10,519
Disposals
( 689)
( 689)
--------
--------
--------
---------
At 31 March 2023
41,730
28,218
48,341
118,289
--------
--------
--------
---------
Carrying amount
At 31 March 2023
546
12,061
14,395
27,002
--------
--------
--------
---------
At 31 March 2022
2,469
15,448
17,688
35,605
--------
--------
--------
---------
7. Investments
Other investments other than loans
£
Cost or valuation
At 1 April 2022
178,113
Additions
67,450
Disposals
( 556)
Other movements
( 22,835)
---------
At 31 March 2023
222,172
---------
Impairment
At 1 April 2022 and 31 March 2023
---------
Carrying amount
At 31 March 2023
222,172
---------
At 31 March 2022
178,113
---------
8. Debtors
2023
2022
£
£
Other debtors
307,890
277,175
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,583
5,448
Social security and other taxes
127,344
145,937
Other creditors
8,568
7,339
---------
---------
141,495
158,724
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
38,256
43,842
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £14,463 (2022: £20,636) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Directors' advances, credits and guarantees
During the period the company operated a joint loan account on behalf of the directors. The amount advanced to the directors was £355,835 (2022: £470,879) and received repayments totalling £373,000 (2022: £373,000). At the balance sheet date, the amount owed to the company was £111,652 (2022: £128,817). Interest is charged at the HMRC approved rate on the balance while in excess of the beneficial loan exempt value. The loan is repayable on demand.
12. Related party transactions
The company has advanced interest free loans to related parties amounting to £nil (2022: £60,000). The balance outstanding at the year end was £111,641 (2022: £111,641).