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frs-bus:Original dpl-frs:AdministrativeExpenses dpl-frs:Item11 2022-02-21 2023-02-28 13930121 frs-bus:Original dpl-frs:Item12 2022-02-21 2023-02-28 13930121 frs-bus:Original dpl-frs:Item12 2022-02-20 13930121 frs-bus:Original dpl-frs:Item12 2023-02-28 13930121 frs-bus:Original dpl-frs:CostSales dpl-frs:Item12 2022-02-21 2023-02-28 13930121 frs-bus:Original dpl-frs:CostSales dpl-frs:Item12 2022-02-20 13930121 frs-bus:Original dpl-frs:CostSales dpl-frs:Item12 2023-02-28 13930121 frs-bus:Original dpl-frs:DistributionCosts dpl-frs:Item12 2022-02-21 2023-02-28 13930121 frs-bus:Original dpl-frs:AdministrativeExpenses dpl-frs:Item12 2022-02-21 2023-02-28 13930121 frs-bus:Original 1 2022-02-21 2023-02-28 13930121 frs-bus:Original frs-countries:EnglandWales 2022-02-21 2023-02-28
Registered number: 13930121
Neol Ltd
Unaudited Financial Statements
For the Period 21 February 2022 to 28 February 2023
LAS Accountants LLP
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13930121
28 February 2023
Notes £ £
FIXED ASSETS
Intangible Assets 4 9,135
Tangible Assets 5 13,823
22,958
CURRENT ASSETS
Debtors 6 59,751
Cash at bank and in hand 3,461,393
3,521,144
Creditors: Amounts Falling Due Within One Year 7 (38,496 )
NET CURRENT ASSETS (LIABILITIES) 3,482,648
TOTAL ASSETS LESS CURRENT LIABILITIES 3,505,606
NET ASSETS 3,505,606
CAPITAL AND RESERVES
Called up share capital 8 407
Share premium account 4,508,974
Profit and Loss Account (1,003,775 )
SHAREHOLDERS' FUNDS 3,505,606
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Page 2
For the period ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr K Alper
Director
17/11/2023
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Neol Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13930121 . The registered office is C/O LAS Acccountants LLP, No.1 Royal Exchange, London, EC3V 3DG.
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2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements are prepared in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
These financial statements For the Period 21 February 2022 to 28 February 2023 are the first financial statements of Neol Ltd prepared in accordance with FRS 102 (Section 1A), The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of adoption to FRS 102 (Section 1A) was 21 February 2022.
The financial statements are prepared in UK sterling, which is the financial currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Website Development. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost and subsequently stated at cost less accumulated depreciation and impairment losses.
Computer Equipment 25% Reducing Balance
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.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
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 statement of financial position date.
2.7. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.8. 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.
2.9. Critical Accounting Judgements And Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
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3. Average Number of Employees
Average number of employees, including directors, during the period was as follows: 8
8
4. Intangible Assets
Other
£
Cost
As at 21 February 2022 -
Additions 10,150
As at 28 February 2023 10,150
Amortisation
As at 21 February 2022 -
Provided during the period 1,015
As at 28 February 2023 1,015
Net Book Value
As at 28 February 2023 9,135
As at 21 February 2022 -
5. Tangible Assets
Computer Equipment
£
Cost
As at 21 February 2022 -
Additions 18,431
As at 28 February 2023 18,431
Depreciation
As at 21 February 2022 -
Provided during the period 4,608
As at 28 February 2023 4,608
Net Book Value
As at 28 February 2023 13,823
As at 21 February 2022 -
6. Debtors
28 February 2023
£
Due within one year
Trade debtors 20,987
Prepayments and accrued income 36,856
Other debtors 294
VAT 1,614
59,751
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7. Creditors: Amounts Falling Due Within One Year
28 February 2023
£
Trade creditors 12,482
Accruals and deferred income 26,014
38,496
8. Share Capital
28 February 2023
£
Allotted, Called up and fully paid 407
During the period, the company issued 40,000 USD 0.01 Ordinary shares for the nominal value of USD 0.01 per share. As at 28 February 2023 there are 40,000 Ordinary shares in issue.
During the period, the company issued 14,529 USD 0.01 Seed Series for the nominal value of USD 0.01 per share. As at 28 February 2023 there are 14,529 Seed Series in issue.
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