Neos Wave Limited
Unaudited Financial Statements
For the year ended 31 May 2023
For Filing with Registrar
Company Registration No. 12002488 (England and Wales)
Neos Wave Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Neos Wave Limited
Balance Sheet
As at 31 May 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,276
1,324
Current assets
Debtors
4
83,469
87,111
Cash at bank and in hand
21,677
13,268
105,146
100,379
Creditors: amounts falling due within one year
5
(67,005)
(31,312)
Net current assets
38,141
69,067
Net assets
39,417
70,391
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
39,317
70,291
Total equity
39,417
70,391
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 May 2023 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.
The financial statements were approved by the board of directors and authorised for issue on 24 November 2023 and are signed on its behalf by:
G Ede
Director
Company Registration No. 12002488
Neos Wave Limited
Notes to the Financial Statements
For the year ended 31 May 2023
Page 2
1
Accounting policies
Company information
Neos Wave Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Charlotte Building, 17 Gresse Street, London, W1T 1QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 truecompany made a loss for the year after taxation of £30,974 (2022: profit after taxation of £71,182) and had net assets at the balance sheet date of £39,417 (2022: £70,391). These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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:
Computers
33.33% straight line method
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.
Neos Wave Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
Page 3
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash at bank and in hand
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.
1.7
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Neos Wave Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
Page 4
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022: 2).
Neos Wave Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022
1,324
Additions
590
At 31 May 2023
1,914
Depreciation and impairment
At 1 June 2022
Depreciation charged in the year
638
At 31 May 2023
638
Carrying amount
At 31 May 2023
1,276
At 31 May 2022
1,324
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
42,055
45,657
Corporation tax recoverable
7,289
Amounts owed by group undertakings
37,496
Other debtors
-
2,158
Prepayments and accrued income
34,125
1,800
83,469
87,111
Neos Wave Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
Page 6
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
37,762
10,260
Amounts owed to group undertakings
15,664
Corporation tax
3,428
16,293
Other taxation and social security
1,575
Other creditors
5,826
2,009
Accruals and deferred income
2,750
2,750
67,005
31,312
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
7
Related party transactions
EMF Enterprises Limited is a related party by virtue of mutual directorship. During the period, the company made purchases totalling £98,786 (2022: £70,335) from EMF Enterprises Limited.
At the balance sheet date, the company owed £5,309 (2022: £2,009) to the directors. The company paid dividends of £nil (2022: £20,000) during the year to the directors.
8
Controlling party
There is no ultimate controlling party.