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COMPANY REGISTRATION NUMBER: 06978446
NEIL BANERJEE AND ASSOCIATES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2023
NEIL BANERJEE AND ASSOCIATES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31st AUGUST 2023
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
NEIL BANERJEE AND ASSOCIATES LIMITED
STATEMENT OF FINANCIAL POSITION
31 August 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
6,180
7,285
CURRENT ASSETS
Debtors
7
21,616
9,638
Cash at bank and in hand
17,669
10,485
---------
---------
39,285
20,123
CREDITORS: amounts falling due within one year
8
115,060
31,567
----------
---------
NET CURRENT LIABILITIES
75,775
11,444
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 69,595)
( 4,159)
PROVISIONS
Taxation including deferred tax
655
---------
-------
NET LIABILITIES
( 69,595)
( 4,814)
---------
-------
CAPITAL AND RESERVES
Called up share capital
10
2
2
Profit and loss account
( 69,597)
( 4,816)
---------
-------
SHAREHOLDERS DEFICIT
( 69,595)
( 4,814)
---------
-------
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 income and retained earnings has not been delivered.
For the year ending 31st August 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 .
NEIL BANERJEE AND ASSOCIATES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 23 August 2024 , and are signed on behalf of the board by:
N. Banerjee
Director
Company registration number: 06978446
NEIL BANERJEE AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st AUGUST 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 4A Teasdale Street, Consett, County Durham, DH8 6AF.
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. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Taxation
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. 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
-
10% straight line
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:
Fixtures and fittings
-
15% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 16 (2022: 19 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1st September 2022 and 31st August 2023
105,000
----------
Amortisation
At 1st September 2022 and 31st August 2023
105,000
----------
Carrying amount
At 31st August 2023
----------
At 31st August 2022
----------
6. TANGIBLE ASSETS
Fixtures and fittings
£
Cost
At 1st September 2022 and 31st August 2023
39,153
---------
Depreciation
At 1st September 2022
31,868
Charge for the year
1,105
---------
At 31st August 2023
32,973
---------
Carrying amount
At 31st August 2023
6,180
---------
At 31st August 2022
7,285
---------
7. DEBTORS
2023
2022
£
£
Corporation tax repayable
610
Other debtors
21,006
9,638
---------
-------
21,616
9,638
---------
-------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
73,833
13,917
Corporation tax
10
Social security and other taxes
1,162
Director loan accounts
17,451
8,378
Little Legs Day Nursery Limited
23,776
8,100
----------
---------
115,060
31,567
----------
---------
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
655
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
1,384
Unused tax losses
( 729)
----
-------
655
----
-------
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
11. RELATED PARTY TRANSACTIONS
A director's loan account processes the transactions between N. and Mrs I. Banerjee and Neil Banerjee and Associates Limited. At 31st August 2023 the balance on this loan account was £17,451 (2022: £8,378). The directors of Neil Banerjee and Associates Limited are also directors of Little Legs Day Nursery Limited. An intercompany loan account processes the transactions between Neil Banerjee and Associates Limited and Little Legs Day Nursery Limited. At 31st August 2023, £23,776 (2022: £8,100) was owed to Little Legs Day Nursery Limited from Neil Banerjee and Associates Limited and this is included in creditors: amounts falling due within one year. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.