IRIS Accounts Production v23.3.1.45 01370596 director 1.10.22 30.9.23 30.9.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh013705962022-09-30013705962023-09-30013705962022-10-012023-09-30013705962021-09-30013705962021-10-012022-09-30013705962022-09-3001370596ns10:Originalns15:EnglandWales2022-10-012023-09-3001370596ns14:PoundSterlingns10:Original2022-10-012023-09-3001370596ns10:Originalns10:Director12022-10-012023-09-3001370596ns10:Original2022-10-012023-09-3001370596ns10:Original2023-09-3001370596ns10:Originalns10:PrivateLimitedCompanyLtd2022-10-012023-09-3001370596ns10:Originalns10:SmallEntities2022-10-012023-09-3001370596ns10:Originalns10:AuditExempt-NoAccountantsReport2022-10-012023-09-3001370596ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-10-012023-09-3001370596ns10:SmallCompaniesRegimeForAccountsns10:Original2022-10-012023-09-3001370596ns10:Originalns10:AbridgedAccounts2022-10-012023-09-3001370596ns10:Originalns10:RegisteredOffice2022-10-012023-09-3001370596ns10:Original2022-09-3001370596ns10:Originalns5:CurrentFinancialInstruments2023-09-3001370596ns10:Originalns5:CurrentFinancialInstruments2022-09-3001370596ns5:ShareCapitalns10:Original2023-09-3001370596ns5:ShareCapitalns10:Original2022-09-3001370596ns10:Originalns5:RevaluationReserve2023-09-3001370596ns10:Originalns5:RevaluationReserve2022-09-3001370596ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-09-3001370596ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-09-3001370596ns10:Originalns5:FurnitureFittings2022-10-012023-09-3001370596ns10:Originalns5:MotorVehicles2022-10-012023-09-3001370596ns10:Original2021-10-012022-09-3001370596ns10:Original2022-09-3001370596ns10:Originalns5:RevaluationReserve2022-09-30
REGISTERED NUMBER: 01370596 (England and Wales)















Unaudited Financial Statements for the Year Ended 30th September 2023

for

Need Enterprises Limited

Need Enterprises Limited (Registered number: 01370596)






Contents of the Financial Statements
for the Year Ended 30th September 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


Need Enterprises Limited

Company Information
for the Year Ended 30th September 2023







DIRECTOR: D J Need





REGISTERED OFFICE: 80 Redacre Road
Sutton Coldfield
West Midlands
B73 5EE





REGISTERED NUMBER: 01370596 (England and Wales)






Need Enterprises Limited (Registered number: 01370596)

Abridged Balance Sheet
30th September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,725 3,621
Investment property 5 780,000 780,000
782,725 783,621

CURRENT ASSETS
Debtors 200 200
Cash at bank 32,050 20,598
32,250 20,798
CREDITORS
Amounts falling due within one year 28,198 29,807
NET CURRENT ASSETS/(LIABILITIES) 4,052 (9,009 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

786,777

774,612

PROVISIONS FOR LIABILITIES 31,588 31,650
NET ASSETS 755,189 742,962

CAPITAL AND RESERVES
Called up share capital 100 100
Investment property
revaluation reserve 6 295,452 295,452
Retained earnings 459,637 447,410
SHAREHOLDERS' FUNDS 755,189 742,962

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30th September 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23rd January 2024 and were signed by:



D J Need - Director


Need Enterprises Limited (Registered number: 01370596)

Notes to the Financial Statements
for the Year Ended 30th September 2023

1. STATUTORY INFORMATION

Need Enterprises Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of services and rental income, excluding value added tax.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

In accordance with the provisions of the Financial Reporting Standard for Smaller Entities, investment properties are not depreciated. This treatment has been adopted in the interest of giving a true and fair view which overrides the otherwise specific requirement of the Companies Act to provide depreciation.

Taxation
Taxation for the year 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Need Enterprises Limited (Registered number: 01370596)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st October 2022
and 30th September 2023 8,225
DEPRECIATION
At 1st October 2022 4,604
Charge for year 896
At 30th September 2023 5,500
NET BOOK VALUE
At 30th September 2023 2,725
At 30th September 2022 3,621

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st October 2022
and 30th September 2023 780,000
NET BOOK VALUE
At 30th September 2023 780,000
At 30th September 2022 780,000

Investment properties, all of which are held freehold, have been valued by the director on the basis of professional advice at an open market value, which is considered to represent fair value, of £780,000 on 30th September 2023.

Fair value at 30th September 2023 is represented by:
£   
Valuation in 2008 166,652
Valuation in 2017 98,800
Valuation in 2018 30,000
Cost 484,548
780,000

6. RESERVES
Investment
property
revaluation
reserve
£   
At 1st October 2022
and 30th September 2023 295,452

7. RELATED PARTY DISCLOSURES

During the year, total dividends of £6,000 (2022 - £2,000) were paid to the director .