Registered number
06242825
NEW LEVEL INTERIORS LTD
Filleted Accounts
31 May 2023
NEW LEVEL INTERIORS LTD
Registered number: 06242825
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 668 890
Current assets
Stocks 5,000 5,000
Creditors: amounts falling due within one year 4 (73,553) (83,017)
Net current liabilities (68,553) (78,017)
Net liabilities (67,885) (77,127)
Capital and reserves
Called up share capital 1 1
Profit and loss account (67,886) (77,128)
Shareholder's funds (67,885) (77,127)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Z Zrnic
Director
Approved by the board on 22 February 2024
NEW LEVEL INTERIORS LTD
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery and motor vehicle 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Number of persons (including director) employed by the company 1 1
3 Tangible fixed assets
Motor vehicle
£
Cost
At 1 June 2022 5,000
At 31 May 2023 5,000
Depreciation
At 1 June 2022 4,110
Charge for the year 222
At 31 May 2023 4,332
Net book value
At 31 May 2023 668
At 31 May 2022 890
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,606 7,747
Taxation and social security costs 4,696 522
Other creditors 67,251 74,748
73,553 83,017
5 Related party transactions
Other creditors include £65,850 (2022: £73,799) advanced to the company by the director. There are no fixed terms as to interest or repayment of this amount.
6 Controlling party
The company is controlled by the director.
7 Other information
NEW LEVEL INTERIORS LTD is a private company limited by shares and incorporated in England. Its registered office is:
36 Mersham Road
Thornton Heath
Surrey CR7 8LW
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