Registered number
04291461
NEARBY GROUP LIMITED
Filleted Accounts
1 October 2023
NEARBY GROUP LIMITED
Registered number: 04291461
Balance Sheet
as at 1 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 542,479 542,479
Current assets
Debtors 5 1,633,009 206,898
Cash at bank and in hand 454,939 99,135
2,087,948 306,033
Creditors: amounts falling due within one year 6 (1,865,051) (984,686)
Net current assets/(liabilities) 222,897 (678,653)
Net assets/(liabilities) 765,376 (136,174)
Capital and reserves
Called up share capital 600 600
Profit and loss account 764,776 (136,774)
Shareholders' funds 765,376 (136,174)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Raees Iqbal Malik
Director
Approved by the board on 4 September 2024
NEARBY GROUP LIMITED
Notes to the Accounts
for the period from 1 October 2022 to 1 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 70 26
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2022 1,310,000
At 1 October 2023 1,310,000
Amortisation
At 1 October 2022 767,521
At 1 October 2023 767,521
Net book value
At 1 October 2023 542,479
At 30 September 2022 542,479
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022 62,996
At 1 October 2023 62,996
Depreciation
At 1 October 2022 62,996
At 1 October 2023 62,996
Net book value
At 1 October 2023 -
5 Debtors 2023 2022
£ £
Trade debtors 433,862 206,898
Other debtors 1,199,147 -
1,633,009 206,898
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,511,525 929,187
Taxation and social security costs 353,525 55,499
Other creditors 1 -
1,865,051 984,686
7 Other information
NEARBY GROUP LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
140
Victoria Road
South Shields
NE33 4NQ
NEARBY GROUP LIMITED 04291461 false 2022-10-01 2023-10-01 2023-10-01 VT Final Accounts April 2024 Raees Iqbal Malik No description of principal activity 04291461 2021-10-01 2022-09-30 04291461 core:WithinOneYear 2022-09-30 04291461 core:ShareCapital 2022-09-30 04291461 core:RetainedEarningsAccumulatedLosses 2022-09-30 04291461 2022-10-01 2023-10-01 04291461 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-10-01 04291461 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-10-01 04291461 bus:Director40 2022-10-01 2023-10-01 04291461 1 2022-10-01 2023-10-01 04291461 2 2022-10-01 2023-10-01 04291461 countries:England 2022-10-01 2023-10-01 04291461 bus:FRS102 2022-10-01 2023-10-01 04291461 bus:FilletedAccounts 2022-10-01 2023-10-01 04291461 2023-10-01 04291461 core:WithinOneYear 2023-10-01 04291461 core:ShareCapital 2023-10-01 04291461 core:RetainedEarningsAccumulatedLosses 2023-10-01 04291461 core:Goodwill 2023-10-01 04291461 core:PlantMachinery 2023-10-01 04291461 2022-09-30 04291461 core:Goodwill 2022-09-30 04291461 core:PlantMachinery 2022-09-30 iso4217:GBP xbrli:pure