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Registration number: 10322838

Neuco Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

image-name
 

Neuco Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Neuco Limited

Company Information

Directors

Mr William John Trenchard

Mr Laurie Scott

Mr John Benjamin Clifton

Mr Simon Farnsworth

Mrs Kelley Louise Scott

Mrs Caroline Charlotte Clifton

Mrs Chloe Jayne Trenchard

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Neuco Limited

(Registration number: 10322838)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed Assets

 

Tangible Assets

5

99,805

69,192

Current assets

 

Debtors

6

514,862

446,095

Cash at bank and in hand

 

744,742

685,772

 

1,259,604

1,131,867

Creditors: Amounts falling due within one year

7

(287,110)

(409,170)

Net current assets

 

972,494

722,697

Total assets less current liabilities

 

1,072,299

791,889

Creditors: Amounts falling due after more than one year

7

(34,165)

(45,706)

Provisions for liabilities

(14,884)

(12,986)

Net assets

 

1,023,250

733,197

Capital and Reserves

 

Called up share capital

360

360

Profit and loss account

1,022,890

732,837

Total equity

 

1,023,250

733,197

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 November 2023 and signed on its behalf by:
 

 

Neuco Limited

(Registration number: 10322838)
Balance Sheet as at 31 March 2023

.........................................
Mr John Benjamin Clifton
Director

   
     
 

Neuco Limited

Notes to the Financial Statements for the Year Ended 31 March 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:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
England

These financial statements were authorised for issue by the Board on 23 November 2023.

2

Accounting policies

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.

 

Neuco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

A deferred tax asset is only recognised when it is more likely than not that the asset will be recoverable in the foreseeable future out of suitable taxable profits from which the underlying timing differences can be deducted.

Tangible Assets

Tangible Assets are stated in the balance sheet 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

25% on reducing balance

Computer Equipment

25% on cost

Plant and Machinery

20% on cost

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.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Neuco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Administration and support

24

15

24

15

4

Profit before tax

Arrived at after charging/(crediting)

 

Neuco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Depreciation expense

32,260

21,444

5

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

7,407

90,625

9,621

107,653

Additions

24,621

33,164

5,088

62,873

Disposals

-

(11,915)

-

(11,915)

At 31 March 2023

32,028

111,874

14,709

158,611

Depreciation

At 1 April 2022

-

36,042

2,419

38,461

Charge for the year

4,414

24,904

2,942

32,260

Eliminated on disposal

-

(11,915)

-

(11,915)

At 31 March 2023

4,414

49,031

5,361

58,806

Carrying amount

At 31 March 2023

27,614

62,843

9,348

99,805

At 31 March 2022

7,407

54,583

7,202

69,192

6

Debtors

Current

2023
£

2022
£

Trade Debtors

438,751

405,370

Prepayments

47,321

28,200

Other debtors

28,790

12,525

 

514,862

446,095

 

Neuco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

10,629

3,207

Trade Creditors

 

12,553

33,554

Social security and other taxes

 

-

35,106

Outstanding defined contribution pension costs

 

19,403

2,736

Other payables

 

12,253

2,100

Accrued expenses

 

36,415

144,842

Corporation tax liability

195,857

187,625

 

287,110

409,170

Due after one year

 

Loans and borrowings

8

34,165

45,706

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

34,165

45,706

8

Loans and borrowings

2023
 £

2022
 £

Non-current loans and borrowings

Bank borrowings

34,165

45,706

2023
 £

2022
 £

Current loans and borrowings

Bank borrowings

6,219

-

Other borrowings

4,410

3,207

10,629

3,207

 

Neuco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £187,103 (2022 - £Nil). These are annual commitments under non-cancellable operating leases. Financial commitments relate to operating lease payments committed to be paid over periods following the balance sheet date. The total commitment payable within one year is £54,183 (2022- £Nil), witth the balance of comittments falling due for payment more than one year after the balance sheet date.