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COMPANY REGISTRATION NUMBER: 13096229
The New European Ltd
Filleted Unaudited Financial Statements
31 December 2023
The New European Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
The New European Ltd
Officers and Professional Advisers
The board of directors
M Brophy
J L Henry
M J Kelly
K E Mogull
G K O'Reilly
E J Williams
Registered office
Screenworks
22 Highbury Grove
London
N5 2EF
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
The New European Ltd
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of The New European Ltd
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
The New European Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
315,688
359,740
Tangible assets
6
6,114
8,985
---------
---------
321,802
368,725
Current assets
Debtors
7
175,708
147,238
Cash at bank and in hand
903,937
849,536
------------
---------
1,079,645
996,774
Creditors: amounts falling due within one year
8
790,984
438,781
------------
---------
Net current assets
288,661
557,993
---------
---------
Total assets less current liabilities
610,463
926,718
---------
---------
Net assets
610,463
926,718
---------
---------
Capital and reserves
Called up share capital
2,053
2,053
Share premium account
2,070,120
2,070,120
Profit and loss account
( 1,461,710)
( 1,145,455)
------------
------------
Shareholders funds
610,463
926,718
------------
------------
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 comprehensive income has not been delivered.
For the year ending 31 December 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 .
The New European Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 8 August 2024 , and are signed on behalf of the board by:
G K O'Reilly
Director
Company registration number: 13096229
The New European Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Screenworks, 22 Highbury Grove, London, N5 2EF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 .
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses .
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intellectual property and goodwill
-
10% reducing balance
Software development
-
10% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
25% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 10 ).
5. Intangible assets
Intellectual property and goodwill
Software development
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
370,000
70,532
440,532
---------
--------
---------
Amortisation
At 1 January 2023
74,001
6,791
80,792
Charge for the year
36,999
7,053
44,052
---------
--------
---------
At 31 December 2023
111,000
13,844
124,844
---------
--------
---------
Carrying amount
At 31 December 2023
259,000
56,688
315,688
---------
--------
---------
At 31 December 2022
295,999
63,741
359,740
---------
--------
---------
6. Tangible assets
Equipment
£
Cost
At 1 January 2023
13,333
Additions
600
--------
At 31 December 2023
13,933
--------
Depreciation
At 1 January 2023
4,348
Charge for the year
3,471
--------
At 31 December 2023
7,819
--------
Carrying amount
At 31 December 2023
6,114
--------
At 31 December 2022
8,985
--------
7. Debtors
2023
2022
£
£
Trade debtors
102,030
54,675
Other debtors
73,678
92,563
---------
---------
175,708
147,238
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
51,031
94,471
Social security and other taxes
38,029
25,499
Other creditors
701,924
318,811
---------
---------
790,984
438,781
---------
---------
9. Controlling party
In the opinion of the directors, there is no one controlling party of the company .