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COMPANY REGISTRATION NUMBER: 09318557
AARON & NEWTON CO LTD
Filleted Unaudited Financial Statements
31 March 2023
AARON & NEWTON CO LTD
Statement of Financial Position
31 March 2023
31 Mar 23
30 Nov 21
Note
£
£
Current assets
Stocks
30,956
41,495
Debtors
5
98,595
71,556
Cash at bank and in hand
3,930
32,498
---------
---------
133,481
145,549
Creditors: amounts falling due within one year
6
90,981
82,573
---------
---------
Net current assets
42,500
62,976
--------
--------
Total assets less current liabilities
42,500
62,976
Creditors: amounts falling due after more than one year
7
42,425
50,000
--------
--------
Net assets
75
12,976
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
74
12,975
----
--------
Shareholders funds
75
12,976
----
--------
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 period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AARON & NEWTON CO LTD
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 12 March 2024 , and are signed on behalf of the board by:
Nisha Newton
Director
Company registration number: 09318557
AARON & NEWTON CO LTD
Notes to the Financial Statements
Period from 1 December 2021 to 31 March 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 2 Wise Lane, London, NW7 2RE.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 4 (2021: 4 ).
5. Debtors
31 Mar 23
30 Nov 21
£
£
Other debtors
98,595
71,556
--------
--------
6. Creditors: amounts falling due within one year
31 Mar 23
30 Nov 21
£
£
Trade creditors
60,105
57,749
Corporation tax
14,070
Social security and other taxes
16,941
186
Other creditors
13,935
10,568
--------
--------
90,981
82,573
--------
--------
7. Creditors: amounts falling due after more than one year
31 Mar 23
30 Nov 21
£
£
Bank loans and overdrafts
42,425
50,000
--------
--------
8. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
31 Mar 23
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Nisha Newton
9,132
( 849)
8,283
-------
----
-------
30 Nov 21
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Nisha Newton
19,552
( 10,420)
9,132
--------
--------
-------
9. Related party transactions
The company was under the control of Nisha Newton throughout the current year. Nisha Newton is the managing director and majority shareholder. Other Debtors includes £90,083 (2022:-£60,424) loan to NN Properties Ltd, in which Nisha Newton is a director and 100% shareholder.