Registered number
10171038
Neal Energy Solutions Limited
Report and Accounts
31 October 2023
Accountancy 4 Wealth Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
Neal Energy Solutions Limited
Registered number: 10171038
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 220 440
Tangible assets 4 22,676 15,136
22,896 15,576
Current assets
Stocks 20,000 82,500
Debtors 5 93,443 60,231
Cash at bank and in hand 80,848 110,201
194,291 252,932
Creditors: amounts falling due within one year 6 (121,620) (88,153)
Net current assets 72,671 164,779
Total assets less current liabilities 95,567 180,355
Creditors: amounts falling due after more than one year 7 (16,620) (15,500)
Provisions for liabilities (1,631) (2,876)
Net assets 77,316 161,979
Capital and reserves
Called up share capital 1 1
Profit and loss account 77,315 161,978
Shareholder's funds 77,316 161,979
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.
Shawn Hogan
Director
Approved by the board on 4 April 2024
Neal Energy Solutions Limited
Notes to the Accounts
for the year ended 31 October 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.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Fixtures, fittings, tools and equipment 20% reducing balance
Motor vehicles 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 1,100
At 31 October 2023 1,100
Amortisation
At 1 November 2022 660
Provided during the year 220
At 31 October 2023 880
Net book value
At 31 October 2023 220
At 31 October 2022 440
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 2,571 18,000 20,571
Additions - 14,990 14,990
At 31 October 2023 2,571 32,990 35,561
Depreciation
At 1 November 2022 935 4,500 5,435
Charge for the year 327 7,123 7,450
At 31 October 2023 1,262 11,623 12,885
Net book value
At 31 October 2023 1,309 21,367 22,676
At 31 October 2022 1,636 13,500 15,136
5 Debtors 2023 2022
£ £
Trade debtors 80,000 22,500
Other debtors 13,443 37,731
93,443 60,231
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,000 6,000
Obligations under finance lease and hire purchase contracts 7,497 -
Trade creditors 48,853 15,239
Corporation tax 22,162 38,842
Other taxes and social security costs 27,341 3,386
Other creditors 9,767 24,686
121,620 88,153
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 9,500 15,500
Obligations under finance lease and hire purchase contracts 7,120 -
16,620 15,500
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