Registered number
07111416
James Newman Limited
Filleted Accounts
31 December 2023
James Newman Limited
Registered number: 07111416
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 20,165 20,146
Current assets
Stocks 9,750 9,750
Debtors 5 8,051 433
Cash at bank and in hand 41,123 76,993
58,924 87,176
Creditors: amounts falling due within one year 6 (51,418) (40,434)
Net current assets 7,506 46,742
Total assets less current liabilities 27,671 66,888
Creditors: amounts falling due after more than one year 7 (16,808) (37,500)
Net assets 10,863 29,388
Capital and reserves
Called up share capital 100 100
Profit and loss account 10,763 29,288
Shareholders' funds 10,863 29,388
The director is 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 director acknowledges his 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.
James Newman
Director
Approved by the board on 31 July 2024
James Newman Limited
Notes to the Accounts
for the year ended 31 December 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.
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:
Equipment over 3 years
Plant and machinery 15% straight line
Fixtures and fittings 15% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 10,000
At 31 December 2023 10,000
Amortisation
At 1 January 2023 10,000
At 31 December 2023 10,000
Net book value
At 31 December 2023 -
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 Office Equipment Total
£ £ £
Cost
At 1 January 2023 53,323 29,901 83,224
Additions 4,417 5,042 9,459
At 31 December 2023 57,740 34,943 92,683
Depreciation
At 1 January 2023 37,184 25,894 63,078
Charge for the year 5,262 4,178 9,440
At 31 December 2023 42,446 30,072 72,518
Net book value
At 31 December 2023 15,294 4,871 20,165
At 31 December 2022 16,139 4,007 20,146
5 Debtors 2023 2022
£ £
Trade debtors 1,700 86
Other debtors 6,351 347
8,051 433
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,692 -
Trade creditors 20,976 2,618
Pensions 180 10,680
Taxation and social security costs 19,495 17,048
Other creditors 75 10,088
51,418 40,434
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,808 37,500
8 Other information
James Newman Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Barn, 173 Church Road
Northfield
Birmingham
B31 2LX
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