Registered number
09166713
NEYA LTD
Report and Accounts
31 August 2023
NEYA LTD
Registered number: 09166713
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 20,000 50,000
Tangible assets 4 72,622 76,243
92,622 126,243
Current assets
Stocks 151,784 121,784
Cash at bank and in hand 26,824 38,516
178,608 160,300
Creditors: amounts falling due within one year 5 (154,230) (218,976)
Net current assets/(liabilities) 24,378 (58,676)
Total assets less current liabilities 117,000 67,567
Creditors: amounts falling due after more than one year 6 (90,568) (35,622)
Net assets 26,432 31,945
Capital and reserves
Called up share capital 100 100
Profit and loss account 26,332 31,845
Shareholders' funds 26,432 31,945
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr N Nehru
Director
Approved by the board on 31 July 2024
NEYA LTD
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Goodwill over the lease term
Plant and machinery 15% Reducing Balance
Fixtures, fittings, tools and equipment 15% Reducing Balance
Motor Vehicle 15% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2022 250,000
At 31 August 2023 250,000
Amortisation
At 1 September 2022 200,000
Provided during the year 30,000
At 31 August 2023 230,000
Net book value
At 31 August 2023 20,000
At 31 August 2022 50,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Fixtures & fitting Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 94,281 45,394 32,550 172,225
Additions 8,059 - - 8,059
At 31 August 2023 102,340 45,394 32,550 180,284
Depreciation
At 1 September 2022 53,534 28,838 13,610 95,982
Charge for the year 6,112 2,483 3,085 11,680
At 31 August 2023 59,646 31,321 16,695 107,662
Net book value
At 31 August 2023 42,694 14,073 15,855 72,622
At 31 August 2022 40,747 16,556 18,940 76,243
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,825 10,341
Amounts owed to group undertakings and undertakings in which the company has a participating interest 4,794 5,011
Taxation and social security costs 8,452 12,925
Other creditors 138,159 190,699
154,230 218,976
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 90,568 27,327
Obligations under finance lease and hire purchase contracts - 8,295
90,568 35,622
7 Other information
NEYA LTD is a private company limited by shares and incorporated in England. Its registered office is:
20 Sea Road,
Boscombe
BH5 1DD
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