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Company registration number: 12955354
New South Lodge Limited
Unaudited filleted financial statements
31 October 2023
New South Lodge Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
New South Lodge Limited
Directors and other information
Directors Mr Terry Potts
Ms Jeanette Squire
Company number 12955354
Registered office 83 High Street
Hemel Hempstead
Herts
HP1 3AH
Business address 67 Marlowes
Hemel Hempstead
Herts
HP1 1LE
Accountants Hicks And Company
Chartered Accountants
83 High Street
Hemel Hempstead
Herts
HP1 3AH
New South Lodge Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Current assets
Stocks 1,080,000 1,022,000
Debtors 4 248,932 6,840
Cash at bank and in hand 539 19,892
_______ _______
1,329,471 1,048,732
Creditors: amounts falling due
within one year 5 ( 1,459,182) ( 1,077,865)
_______ _______
Net current liabilities ( 129,711) ( 29,133)
_______ _______
Total assets less current liabilities ( 129,711) ( 29,133)
Creditors: amounts falling due
after more than one year 6 ( 154) ( 154)
_______ _______
Net liabilities ( 129,865) ( 29,287)
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account ( 129,875) ( 29,297)
_______ _______
Shareholders deficit ( 129,865) ( 29,287)
_______ _______
For the year ending 31 October 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Ms Jeanette Squire
Director
Company registration number: 12955354
New South Lodge Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 83 High Street, Hemel Hempstead, Herts, HP1 3AH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 stocks to their present location and condition.
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.
4. Debtors
2023 2022
£ £
Other debtors 248,932 6,840
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 335,517 -
Other creditors 1,123,665 1,077,865
_______ _______
1,459,182 1,077,865
_______ _______
6. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 154 154
_______ _______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Terry Potts 2,507 246,261 248,768
Ms Jeanette Squire 3 - 3
_______ _______ _______
2,510 246,261 248,771
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Terry Potts ( 47,493) 50,000 2,507
Ms Jeanette Squire 3 - 3
_______ _______ _______
( 47,490) 50,000 2,510
_______ _______ _______