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REGISTERED NUMBER: 12369872 (England and Wales)






















Newbegin Financial Services Limited

Financial Statements for the Year Ended 31st December 2023






Newbegin Financial Services Limited (Registered number: 12369872)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Newbegin Financial Services Limited

Company Information
for the year ended 31st December 2023







DIRECTORS: P T Simpson
J J Swaby
R E Thorpe
R Iverson





REGISTERED OFFICE: Newbegin House
14-16 Newbegin
Beverley
East Yorkshire
HU17 8EG





REGISTERED NUMBER: 12369872 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Newbegin Financial Services Limited (Registered number: 12369872)

Balance Sheet
31st December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 46,484 20,316
Cash at bank 17,918 10,020
64,402 30,336
CREDITORS
Amounts falling due within one year 5 30,112 30,299
NET CURRENT ASSETS 34,290 37
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,290

37

CAPITAL AND RESERVES
Called up share capital 6 4,000 4,000
Retained earnings 30,290 (3,963 )
SHAREHOLDERS' FUNDS 34,290 37

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2nd September 2024 and were signed on its behalf by:





R E Thorpe - Director


Newbegin Financial Services Limited (Registered number: 12369872)

Notes to the Financial Statements
for the year ended 31st December 2023

1. STATUTORY INFORMATION

Newbegin Financial Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 42,484 2,921
Amounts owed by group undertakings 3,000 16,395
Other debtors 1,000 1,000
46,484 20,316

Newbegin Financial Services Limited (Registered number: 12369872)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 23,130 -
Taxation and social security - 29,129
Other creditors 6,982 1,170
30,112 30,299

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3,000 Ordinary A £1 3,000 3,000
1,000 Ordinary B £1 1,000 1,000
4,000 4,000

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Stocks ACA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie

8. CONTINGENT LIABILITIES

There is a cross guarantee with other group company's in respect of bank and other borrowings. At 31st December 2023 the potential net liability of the company under the arrangement was £4,880,200 (2022 £6,037,608).

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. ULTIMATE CONTROLLING PARTY

The company is not controlled by any one party.