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REGISTERED NUMBER: 05506845 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

NEUTEQ EUROPE LIMITED

NEUTEQ EUROPE LIMITED (REGISTERED NUMBER: 05506845)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NEUTEQ EUROPE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: R M Bristow
S D Kerr
M A Hendel





SECRETARY: B Clague





REGISTERED OFFICE: 34-36 Sandy Way
Amington Industrial Estate
Tamworth
Staffordshire
B77 4DS





REGISTERED NUMBER: 05506845 (England and Wales)





ACCOUNTANTS: Philip Barnes & Co Limited
Chartered Accountants
The Old Council Chambers
Halford Street
Tamworth
Staffordshire
B79 7RB

NEUTEQ EUROPE LIMITED (REGISTERED NUMBER: 05506845)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,772 10,724
Investments 5 100 100
10,872 10,824

CURRENT ASSETS
Stocks 35,265 35,900
Debtors 6 181,133 174,291
Cash at bank 241,895 35,550
458,293 245,741
CREDITORS
Amounts falling due within one year 7 339,781 388,473
NET CURRENT ASSETS/(LIABILITIES) 118,512 (142,732 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

129,384

(131,908

)

CAPITAL AND RESERVES
Called up share capital 8 500 500
Retained earnings 128,884 (132,408 )
SHAREHOLDERS' FUNDS 129,384 (131,908 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:



R M Bristow - Director


NEUTEQ EUROPE LIMITED (REGISTERED NUMBER: 05506845)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Neuteq Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In assessing the appropriateness of the going concern assumption the directors have produced forecasts and projections, taking account of reasonably possible changes in trading performance. The company has held discussions with its bankers about the current and future borrowing requirements and together with the continuing support of the directors and shareholders the directors have therefore concluded that it is appropriate for the financial statements to be prepared on the going concern basis.

Turnover
The amount recognised as turnover represents the value of work carried out during the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - straight line over 3 years
Computer equipment - straight line over 3 years

Stocks and work in progress
Work in progress and stocks (excluding long-term contract balances) are valued at the lower of cost and estimated selling price less costs to sell.

Long-term contract shall be assessed on a contract - by - contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract, the business and the industry in which it operates.

Where it is considered that the outcome of a long - term contract can be assessed with reasonable certainty before its conclusion, the prudently calculated attributable profit shall be recognised in the profit and loss account as the difference between the reported turnover and the related costs for that contract.

The amount by which the recorded turnover is in excess of payments on account shall be classified as 'amounts recoverable on contracts' and separately disclosed within debtors.

The balance of payments on account (in excess of the amounts matched with turnover and offset against long term contract balances) shall be classified as payments on account and separately disclosed within creditors.

The amount of long term contracts, at cost incurred, net of amounts transferred to cost of sales, after deducting foreseeable losses and payments on account not matched with turnover, shall be classified as 'long - term contract balances' and separately disclosed in the balance sheet heading 'stocks'.


NEUTEQ EUROPE LIMITED (REGISTERED NUMBER: 05506845)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES

The average number of employees during the year was 9 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 November 2022 54,127 150,124 31,515
Additions - - 3,994
At 31 October 2023 54,127 150,124 35,509
DEPRECIATION
At 1 November 2022 54,127 139,726 31,189
Charge for year - 5,200 283
At 31 October 2023 54,127 144,926 31,472
NET BOOK VALUE
At 31 October 2023 - 5,198 4,037
At 31 October 2022 - 10,398 326

NEUTEQ EUROPE LIMITED (REGISTERED NUMBER: 05506845)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2022 12,789 94,729 343,284
Additions - 1,574 5,568
At 31 October 2023 12,789 96,303 348,852
DEPRECIATION
At 1 November 2022 12,789 94,729 332,560
Charge for year - 37 5,520
At 31 October 2023 12,789 94,766 338,080
NET BOOK VALUE
At 31 October 2023 - 1,537 10,772
At 31 October 2022 - - 10,724

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2022
and 31 October 2023 100
NET BOOK VALUE
At 31 October 2023 100
At 31 October 2022 100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 137,009 70,549
Amounts owed by group undertakings 300 300
Other debtors 43,824 103,442
181,133 174,291

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 68,039 124,370
Taxation and social security 60,777 54,508
Other creditors 210,965 209,595
339,781 388,473

NEUTEQ EUROPE LIMITED (REGISTERED NUMBER: 05506845)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
500 Ordinary £1 500 500

9. RELATED PARTY DISCLOSURES

Within other creditors is an amount of £75,600 (2022 - £75,600) owed to the directors of the company, including £45,600 upon which no interest was paid (2022 - £12,188).