Unaudited Financial Statements
Neueda Holdings Limited
For the period ended 31 March 2024
Registered number: NI692491
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Company Information
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Mr D Bole (appointed 10 November 2022)
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Ms K Dinsmore (appointed 10 November 2022)
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5e Stirling House Castlereagh Road Business Park
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12 - 15 Donegall Square West
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Contents
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Statement of Changes in Equity
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Notes to the Financial Statements
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Independent Accountant's Report to the director of the unaudited financial statements of Neueda Holdings Limited for the period ended 31 March 2024
In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Neueda Holdings Limited for the period ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.
The financial statements have been prepared on the basis set out in the notes to the financial statements.
This report is made solely to the directors of Neueda Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Neueda Holdings Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Neueda Holdings Limited and its directors, as a body, for our work or for this report.
We have carried out this engagement in accordance with the technical guidance issued by Chartered Accountants Ireland ("the Institute") and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.
You have approved the financial statements for the period ended 31 March 2024 and you have acknowledged on the Balance Sheet as at 31 March 2024 your duty to ensure that Neueda Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Neueda Holdings Limited is exempt from the statutory audit requirement for the period ended 31 March 2024.
We have not been instructed to carry out an audit or review the financial statements of Neueda Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
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Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH
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Date: 6 August 2024
Page 1
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Neueda Holdings Limited
Registered number:NI692491
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Balance Sheet
As at 31 March 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Page 2
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Neueda Holdings Limited
Registered number:NI692491
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Balance Sheet (continued)
As at 31 March 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 August 2024.
The notes on pages 5 to 10 form part of these financial statements.
Page 3
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Statement of Changes in Equity
For the period ended 31 March 2024
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Shares issued during the period
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The notes on pages 5 to 10 form part of these financial statements.
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Page 4
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Notes to the Financial Statements
For the period ended 31 March 2024
Neueda Holdings Limited is a private company limited by shares which is registered and incorporated in Northern Ireland. The registered address is 5e Stirling House Castlereagh Road Business Park, 478 Castlereagh Road, Belfast, Nothern Ireland, BT5 6BQ.
The principal activity of the company is that of a holding company.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are presented in Sterling (£).
The following principal accounting policies have been applied:
The director has assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
These financial statements contain information about the company as an individual and do not contain consolidated financial information as the parent undertaking of a group. The company has taken advantage of exemptions available to small groups not to prepare consolidated financial statements.
Page 5
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Notes to the Financial Statements
For the period ended 31 March 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 6
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Notes to the Financial Statements
For the period ended 31 March 2024
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 7
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Notes to the Financial Statements
For the period ended 31 March 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
Market value of investment properties
Estimates are made in respect of the market value of investment properties. When assessing the market value of these assets, factors including current rent receivable and available data on current market yields and activity are considered.
Carrying value of investments
Investment in subsidiary undertakings is measured at cost less accumulated impairment. Where there is an indication of impairment the recoverable amount is estimated and compared with the carrying amount. The estimate of recoverable amount is considered in light of the trading and balance sheet strength of the subsidiary together with the director's best estimate of future performance of the subsidiary.
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The Company has no employees other than the director, who did not receive any remuneration.
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Page 8
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Notes to the Financial Statements
For the period ended 31 March 2024
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Investments in subsidiary companies
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Freehold investment property
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The 2024 valuations were made by the director, on an open market value for existing use basis.
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Prepayments and accrued income
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Cash and cash equivalents
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Page 9
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Notes to the Financial Statements
For the period ended 31 March 2024
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Allotted, called up and fully paid
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100 Ordinary shares of £1.00 each
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On 10th November 2022 the Company issued 1 Ordinary share with a nominal value of £1.00.
On 22nd December 2022 the Company issued a further 99 Ordinary shares with a nominal value of £1.00 each.
Share premium account
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit and loss account
This includes all current period retained profits.
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Related party transactions
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Included within other loans in debtors is an amount of £128,315 owed by a Company connected by virtue of common directorship. During the period Neueda Holdings Limited advanced funds of £128,315 to the Company.
There are no other related party transactions such as are required to be disclosed.
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Page 10
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