NEW (UK) Limited 08565306 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Electrical wholesale Digita Accounts Production Advanced 6.30.9574.0 true true 08565306 2023-01-01 2023-12-31 08565306 2023-12-31 08565306 bus:Director2 1 2023-12-31 08565306 bus:Director3 1 2023-12-31 08565306 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-12-31 08565306 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-12-31 08565306 core:CurrentFinancialInstruments 2023-12-31 08565306 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08565306 core:Goodwill 2023-12-31 08565306 core:MotorVehicles 2023-12-31 08565306 core:OtherPropertyPlantEquipment 2023-12-31 08565306 bus:SmallEntities 2023-01-01 2023-12-31 08565306 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08565306 bus:FullAccounts 2023-01-01 2023-12-31 08565306 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08565306 bus:RegisteredOffice 2023-01-01 2023-12-31 08565306 bus:Director1 2023-01-01 2023-12-31 08565306 bus:Director2 2023-01-01 2023-12-31 08565306 bus:Director2 1 2023-01-01 2023-12-31 08565306 bus:Director3 2023-01-01 2023-12-31 08565306 bus:Director3 1 2023-01-01 2023-12-31 08565306 bus:Director5 2023-01-01 2023-12-31 08565306 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-01-01 2023-12-31 08565306 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-01-01 2023-12-31 08565306 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08565306 core:Goodwill 2023-01-01 2023-12-31 08565306 core:MotorVehicles 2023-01-01 2023-12-31 08565306 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 08565306 core:PlantMachinery 2023-01-01 2023-12-31 08565306 countries:England 2023-01-01 2023-12-31 08565306 2022-12-31 08565306 bus:Director2 1 2022-12-31 08565306 bus:Director3 1 2022-12-31 08565306 core:Goodwill 2022-12-31 08565306 core:MotorVehicles 2022-12-31 08565306 core:OtherPropertyPlantEquipment 2022-12-31 08565306 2022-01-01 2022-12-31 08565306 2022-12-31 08565306 bus:Director2 1 2022-12-31 08565306 bus:Director3 1 2022-12-31 08565306 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-12-31 08565306 bus:OrdinaryShareClass2 bus:CumulativeShares 2022-12-31 08565306 core:CurrentFinancialInstruments 2022-12-31 08565306 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 08565306 core:Goodwill 2022-12-31 08565306 core:MotorVehicles 2022-12-31 08565306 core:OtherPropertyPlantEquipment 2022-12-31 08565306 bus:Director2 1 2022-01-01 2022-12-31 08565306 bus:Director3 1 2022-01-01 2022-12-31 08565306 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-01-01 2022-12-31 08565306 bus:OrdinaryShareClass2 bus:CumulativeShares 2022-01-01 2022-12-31 08565306 bus:Director2 1 2021-12-31 08565306 bus:Director3 1 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08565306

NEW (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

NEW (UK) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

NEW (UK) Limited

Company Information

Directors

Mr M Holt

Mr A Holt

Mr J Fisher

Mr C Collins

Registered office

100 Oxford Street
Hull
East Yorkshire
HU2 0QP

Accountants

Botterill & Co
Chartered Certified Accountants
First Floor Offices
40 Norwood
Beverley
East Yorkshire
HU17 9EY

 

NEW (UK) Limited

(Registration number: 08565306)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

35,000

40,000

Tangible assets

5

76,302

40,572

 

111,302

80,572

Current assets

 

Stocks

6

219,775

184,986

Debtors

7

110,810

145,927

Cash at bank and in hand

 

72,902

105,742

 

403,487

436,655

Creditors: Amounts falling due within one year

8

(199,379)

(245,176)

Net current assets

 

204,108

191,479

Net assets

 

315,410

272,051

Capital and reserves

 

Called up share capital

9

202

202

Retained earnings

315,208

271,849

Shareholders' funds

 

315,410

272,051

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 March 2024 and signed on its behalf by:
 

 

NEW (UK) Limited

(Registration number: 08565306)
Balance Sheet as at 31 December 2023

.........................................
Mr A Holt
Director

.........................................
Mr J Fisher
Director

 

NEW (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
100 Oxford Street
Hull
East Yorkshire
HU2 0QP

The principal place of business is:
100 Oxford Street
Hull
East Yorkshire
HU2 0QP

These financial statements were authorised for issue by the Board on 13 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

NEW (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 Years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

NEW (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

NEW (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 9).

 

NEW (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

50,000

50,000

At 31 December 2023

50,000

50,000

Amortisation

At 1 January 2023

10,000

10,000

Amortisation charge

5,000

5,000

At 31 December 2023

15,000

15,000

Carrying amount

At 31 December 2023

35,000

35,000

At 31 December 2022

40,000

40,000

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

6,300

58,088

64,388

Additions

26,583

35,529

62,112

Disposals

(5,300)

-

(5,300)

At 31 December 2023

27,583

93,617

121,200

Depreciation

At 1 January 2023

4,790

19,026

23,816

Charge for the year

6,786

18,648

25,434

Eliminated on disposal

(4,352)

-

(4,352)

At 31 December 2023

7,224

37,674

44,898

Carrying amount

At 31 December 2023

20,359

55,943

76,302

At 31 December 2022

1,510

39,062

40,572

 

NEW (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Raw materials and consumables

219,775

184,986

7

Debtors

Current

2023
£

2022
£

Trade debtors

110,028

145,145

Prepayments

782

782

 

110,810

145,927

 

NEW (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

55,005

49,868

Taxation and social security

47,810

69,215

Accruals and deferred income

2,750

5,293

Other creditors

93,814

120,800

199,379

245,176

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

B Shares of £1 each

2

2

2

2

 

202

202

202

202

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £43.75 (2022 - £18.75) per each Ordinary

 

8,750

 

3,750

Interim dividend of £1,000.00 (2022 - £2,000.00) per each B Shares

 

2,000

 

4,000

   

10,750

 

7,750

11

Related party transactions

The following loans existed with directors during the year;

 

NEW (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr A Holt

Directors loan account

105,489

(23,487)

-

82,002

         
       

Mr J Fisher

Directors loan account

11,313

-

500

11,813

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr A Holt

Directors loan account

135,504

(42,414)

12,400

105,489

         
       

Mr J Fisher

Directors loan account

19,013

(10,221)

2,520

11,313

         
       

 

 

NEW (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

99,502

94,000

Contributions paid to money purchase schemes

49,087

31,380

148,589

125,380