Registered number
13241039
NEWSPICS LTD
Filleted Accounts
29 February 2024
NEWSPICS LTD
Registered number: 13241039
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 600 703
Current assets
Stocks 12,950 10,820
Debtors 4 8,715 8,715
Cash at bank and in hand 21,770 6,020
43,435 25,555
Creditors: amounts falling due within one year 5 (4,979) (1,907)
Net current assets 38,456 23,648
Total assets less current liabilities 39,056 24,351
Creditors: amounts falling due after more than one year 6 (38,678) (23,308)
Net assets 378 1,043
Capital and reserves
Called up share capital 100 100
Profit and loss account 278 943
Shareholders' funds 378 1,043
The director is 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 director acknowledges his 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.
HEMANGKUMAR SHAH
Director
Approved by the board on 31 March 2024
NEWSPICS LTD
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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.
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:
Plant and machinery over 10 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 1,030
At 29 February 2024 1,030
Depreciation
At 1 March 2023 327
Charge for the year 103
At 29 February 2024 430
Net book value
At 29 February 2024 600
At 28 February 2023 703
4 Debtors 2024 2023
£ £
Other debtors (Rent Deposit) 8,715 8,715
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 508 409
Taxation and social security costs 466 128
Other creditors 4,005 1,370
4,979 1,907
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank Loans 24,108 4,538
Directors Loans 14,570 18,770
38,678 23,308
7 Other information
NEWSPICS LTD is a private company limited by shares and incorporated in England. Its registered office is:
14 DAVEYHULME CIRCLE
URMSTON
MANCHESTER
M41 0SS
NEWSPICS LTD 13241039 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts April 2024 HEMANGKUMAR SHAH No description of principal activity 13241039 2022-03-01 2023-02-28 13241039 core:WithinOneYear 2023-02-28 13241039 core:AfterOneYear 2023-02-28 13241039 core:ShareCapital 2023-02-28 13241039 core:RetainedEarningsAccumulatedLosses 2023-02-28 13241039 2023-03-01 2024-02-29 13241039 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13241039 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 13241039 bus:Director40 2023-03-01 2024-02-29 13241039 2 2023-03-01 2024-02-29 13241039 core:PlantMachinery 2023-03-01 2024-02-29 13241039 countries:England 2023-03-01 2024-02-29 13241039 bus:FRS102 2023-03-01 2024-02-29 13241039 bus:FilletedAccounts 2023-03-01 2024-02-29 13241039 2024-02-29 13241039 core:WithinOneYear 2024-02-29 13241039 core:AfterOneYear 2024-02-29 13241039 core:ShareCapital 2024-02-29 13241039 core:RetainedEarningsAccumulatedLosses 2024-02-29 13241039 core:PlantMachinery 2024-02-29 13241039 2023-02-28 13241039 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure