Company No:
Contents
2023 | 2022 | |||
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Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand |
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114,601 | 7 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current assets | 105,966 | 7 | ||
Total assets less current liabilities | 105,966 | 7 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 5 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of New Future Ventures Ltd (registered number:
James Alexander Hayward Moffat
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
New Future Ventures Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Littlecot Long Lane, Dawlish, Dawlish, EX7 0QR, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The Company was dormant for the previous accounting period and as a result there are no comparable balances outside of the balance sheet.
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Monthly average number of persons employed by the Company during the year, including the director |
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Trade debtors |
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Amounts owed by director |
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VAT recoverable |
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Other debtors |
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Trade creditors |
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Accruals |
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Other creditors |
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Allotted, called-up and fully-paid | |||
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Transactions with the entity's director
2023 | 2022 | ||
£ | £ | ||
Amounts owed by the director | 7 | 7 |
This amount owed by the director relates to unpaid share capital.
No interest is charged on the above amount and there is no fixed date of repayment.