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Registered number: 6745823
Neuvo Home Furnishings Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Graver & Co Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 6745823
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 345 1,147
345 1,147
CURRENT ASSETS
Stocks 5 500 500
Cash at bank and in hand 1,605 1,748
2,105 2,248
Creditors: Amounts Falling Due Within One Year 6 (120 ) -
NET CURRENT ASSETS (LIABILITIES) 1,985 2,248
TOTAL ASSETS LESS CURRENT LIABILITIES 2,330 3,395
Creditors: Amounts Falling Due After More Than One Year 7 (22,056 ) (22,491 )
NET LIABILITIES (19,726 ) (19,096 )
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account (19,728 ) (19,098 )
SHAREHOLDERS' FUNDS (19,726) (19,096)
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Kim Limehouse
Director
Mr Gary Limehouse
Director
19th August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Neuvo Home Furnishings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 6745823 . The registered office is 2 Station Road, Brundall, Norfolk, NR13 5LA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Going Concern Disclosure
The accounts have been prepared on a going concern basis as at 30th November 2023 the liablities exceeded the assets by £19726.62 (£19096.35 - 2022). The company meets it's day to day working capital requirements through a loan provided by the shareholders who are also directors. In light of this ongoing support the directors believe that it is apprpriate to prepare the accounts on a going concern which assumes that the company will continue in operational existence for the forseeable future.
2.3. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.All income is derived from activities within the UK.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Fixtures & Fittings 15% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
The directors reviewed stock at the year end and revalued to take into account obsolete and damaged stock. This revaluation resulted in the gross loss shown for the year.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 1
Sales, marketing and distribution 1 1
2 2
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4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 December 2022 1,557 6,549 8,106
Disposals - (300 ) (300 )
As at 30 November 2023 1,557 6,249 7,806
Depreciation
As at 1 December 2022 1,119 5,840 6,959
Provided during the period 93 - 93
Disposals - 409 409
As at 30 November 2023 1,212 6,249 7,461
Net Book Value
As at 30 November 2023 345 - 345
As at 1 December 2022 438 709 1,147
5. Stocks
2023 2022
£ £
Finished goods 500 500
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 120 -
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other creditors - 10,250
Directors loan account 22,056 12,241
22,056 22,491
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8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
9. Related Party Transactions
During the year a loan with Savannah Estates (UK) Ltd was written off, a company of which Mr & Mrs Limehouse were the directors and shareholders. Savannah Estates ceased trading during the year.
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