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COMPANY REGISTRATION NUMBER: 07762216
NEED SOLUTIONS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2023
NEED SOLUTIONS LTD
FINANCIAL STATEMENTS
YEAR ENDED 31st AUGUST 2023
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 9
NEED SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION
31 August 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
40,757
9,226
CURRENT ASSETS
Stocks
7
900
844
Debtors
8
58,838
62,634
Cash at bank and in hand
101,484
82,022
----------
----------
161,222
145,500
CREDITORS: amounts falling due within one year
9
131,514
149,178
----------
----------
NET CURRENT ASSETS/(LIABILITIES)
29,708
( 3,678)
---------
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
70,465
5,548
CREDITORS: amounts falling due after more than one year
10
22,001
PROVISIONS
Taxation including deferred tax
10,189
1,753
---------
-------
NET ASSETS
38,275
3,795
---------
-------
CAPITAL AND RESERVES
Called up share capital
12
100
100
Profit and loss account
38,175
3,695
---------
-------
SHAREHOLDERS FUNDS
38,275
3,795
---------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st August 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
NEED SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:
S. Hutchinson
Director
Company registration number: 07762216
NEED SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st AUGUST 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 East Farm Mews, Backworth, Newcastle Upon Tyne, NE27 0FB, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Hire purchase contracts
Assets held under hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum hire purchase payments, which is determined at the inception of the hire purchase term. Any initial direct costs of the hire purchase are added to the amount recognised as an asset. Hire purchase payments are apportioned between the finance charges and reduction of the outstanding hire purchase liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1st September 2022 and 31st August 2023
10,000
---------
Amortisation
At 1st September 2022 and 31st August 2023
10,000
---------
Carrying amount
At 31st August 2023
---------
At 31st August 2022
---------
6. TANGIBLE ASSETS
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1st September 2022
33,517
7,530
41,047
Additions
41,590
1,343
42,933
Disposals
( 27,395)
( 5,680)
( 33,075)
---------
-------
---------
At 31st August 2023
47,712
3,193
50,905
---------
-------
---------
Depreciation
At 1st September 2022
24,499
7,322
31,821
Charge for the year
4,839
353
5,192
Disposals
( 21,185)
( 5,680)
( 26,865)
---------
-------
---------
At 31st August 2023
8,153
1,995
10,148
---------
-------
---------
Carrying amount
At 31st August 2023
39,559
1,198
40,757
---------
-------
---------
At 31st August 2022
9,018
208
9,226
---------
-------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31st August 2023
34,835
---------
At 31st August 2022
---------
7. STOCKS
2023
2022
£
£
Raw materials and consumables
900
844
----
----
8. DEBTORS
2023
2022
£
£
Trade debtors
57,428
61,556
Prepayments
1,410
1,078
---------
---------
58,838
62,634
---------
---------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,987
32,422
Accruals
11,106
1,070
Corporation tax
12,823
8,663
Social security and other taxes
7,094
8,195
Obligations under finance leases and hire purchase contracts
4,008
Director loan accounts
69,219
92,788
Other creditors
11,277
6,040
----------
----------
131,514
149,178
----------
----------
The hire purchase contract, included within creditors falling due within one year, is secured against the asset which is funded in this way .
10. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
22,001
---------
----
The hire purchase contract, included within creditors falling due after more than one year, is secured against the asset which is funded in this way.
11. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
10,189
1,753
---------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
10,189
1,753
---------
-------
12. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
13. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.