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COMPANY REGISTRATION NUMBER: 03888634
Newam Limited
Filleted Unaudited Financial Statements
31 December 2023
Newam Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Current assets
Investments
5
810,813
1,474,649
Cash at bank and in hand
21,271
7,828
---------
------------
832,084
1,482,477
Creditors: amounts falling due within one year
6
564,794
734,806
---------
------------
Net current assets
267,290
747,671
---------
---------
Total assets less current liabilities
267,290
747,671
Creditors: amounts falling due after more than one year
7
282,736
293,709
---------
---------
Net (liabilities)/assets
( 15,446)
453,962
---------
---------
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss account
( 16,446)
452,962
--------
---------
Shareholder (deficit)/funds
( 15,446)
453,962
--------
---------
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 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Newam Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr F Mazeyrat
Director
Company registration number: 03888634
Newam Limited
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 Unit 10 Edison Court, Ellice Way, Wrexham Technology Park, Wrexham, LL13 7YT.
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, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the presentational currency of the entity.
Current asset investments
The investments consist of complex financial instruments and shares held in listed companies throughout the world. They are carried at fair value (mark to market) and measured at each reporting date. All gains and losses are recorded in the Statement of Income and Retained Earnings.
Going concern
The director has prepared the accounts on a going concern basis due to the continued support offered to the company by the director.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
The company also benefitted from the services of an independent business services provider and office services provider, although these were not directly employed.
5. Investments
2023
2022
£
£
Listed investments
810,813
1,474,649
---------
------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors - intercompany loan
276,430
267,661
Other creditors - margin loans
185,220
Other creditors
288,364
281,925
---------
---------
564,794
734,806
---------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
282,736
293,709
---------
---------
8. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
9. Director's advances, credits and guarantees
The director operates a current account with the company. The opening balance was £274,576 (2022 - £270,014) with net movements in the year of £5,388 leading to a closing balance of £279,964 (2022 - £274,576) at the year end.
10. Related party transactions
The company has a loan from a French company under common control which is repayable on demand. The balance of the loan at the year end was £276,431. Included in other creditors are shareholder loans which are repayable within 20 years, subject to an agreement dated August 16 2016.
11. Controlling party
Franck Mazeyrat is considered to be the ultimate controlling party.