11 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 144,632 274,264 254,227 18,290 272,517 272,517 254,227 xbrli:pure xbrli:shares iso4217:GBP 07112929 2023-01-01 2023-12-31 07112929 2023-12-31 07112929 2022-12-31 07112929 2022-01-01 2022-12-31 07112929 2022-12-31 07112929 2021-12-31 07112929 core:MotorVehicles 2023-01-01 2023-12-31 07112929 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 07112929 bus:Director1 2023-01-01 2023-12-31 07112929 bus:Director2 2023-01-01 2023-12-31 07112929 bus:Director3 2023-01-01 2023-12-31 07112929 bus:Director4 2023-01-01 2023-12-31 07112929 bus:CompanySecretary1 2023-01-01 2023-12-31 07112929 core:PlantMachinery 2022-12-31 07112929 core:MotorVehicles 2022-12-31 07112929 core:PlantMachinery 2023-12-31 07112929 core:MotorVehicles 2023-12-31 07112929 core:PlantMachinery 2023-01-01 2023-12-31 07112929 core:WithinOneYear 2023-12-31 07112929 core:WithinOneYear 2022-12-31 07112929 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07112929 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07112929 core:RetainedEarningsAccumulatedLosses 2022-12-31 07112929 core:RetainedEarningsAccumulatedLosses 2021-12-31 07112929 core:RetainedEarningsAccumulatedLosses 2023-12-31 07112929 core:RetainedEarningsAccumulatedLosses 2022-12-31 07112929 core:ShareCapital 2023-12-31 07112929 core:ShareCapital 2022-12-31 07112929 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 07112929 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-12-31 07112929 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 07112929 core:Non-currentFinancialInstruments 2023-12-31 07112929 core:Non-currentFinancialInstruments 2022-12-31 07112929 core:AfterOneYear 2023-12-31 07112929 core:AfterOneYear 2022-12-31 07112929 core:PlantMachinery 2022-12-31 07112929 bus:Director1 2022-12-31 07112929 bus:Director2 2022-12-31 07112929 bus:Director3 2022-12-31 07112929 bus:Director4 2022-12-31 07112929 bus:Director1 2021-12-31 07112929 bus:Director1 2022-12-31 07112929 bus:Director2 2021-12-31 07112929 bus:Director2 2022-12-31 07112929 bus:Director3 2021-12-31 07112929 bus:Director3 2022-12-31 07112929 bus:Director4 2021-12-31 07112929 bus:Director4 2022-12-31 07112929 bus:Director1 2022-01-01 2022-12-31 07112929 bus:Director2 2022-01-01 2022-12-31 07112929 bus:Director3 2022-01-01 2022-12-31 07112929 bus:Director4 2022-01-01 2022-12-31 07112929 bus:SmallEntities 2023-01-01 2023-12-31 07112929 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07112929 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07112929 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07112929 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 07112929
New Gen (UK) Limited
Unaudited Financial Statements
31 December 2023
New Gen (UK) Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Directors' report
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
New Gen (UK) Limited
Directors' Report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
A J Stevens
C M Stevens
D I Stevens
R A Stevens
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 19 September 2024 and signed on behalf of the board by:
R A Stevens
Company Secretary
New Gen (UK) Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of New Gen (UK) Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of New Gen (UK) Limited for the year ended 31 December 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
HARPER SHELDON LIMITED Chartered Accountants
Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ
19 September 2024
New Gen (UK) Limited
Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
512,650
723,280
Cost of sales
32,252
71,933
---------
---------
Gross profit
480,398
651,347
Administrative expenses
349,461
299,548
---------
---------
Operating profit
130,937
351,799
Other interest receivable and similar income
58,221
( 18,072)
Amounts written back to investments
( 4,000)
Interest payable and similar expenses
6
---------
---------
Profit before taxation
189,158
337,721
Tax on profit
44,526
63,457
---------
---------
Profit for the financial year and total comprehensive income
144,632
274,264
---------
---------
Dividends paid and payable
( 71,400)
( 220,000)
Retained earnings at the start of the year
899,755
845,491
---------
---------
Retained earnings at the end of the year
972,987
899,755
---------
---------
All the activities of the company are from continuing operations.
New Gen (UK) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
11,102
18,488
Investments
6
272,517
254,227
---------
---------
283,619
272,715
Current assets
Debtors
7
893,915
827,296
Cash at bank and in hand
30,045
44,740
---------
---------
923,960
872,036
Creditors: amounts falling due within one year
8
( 231,617)
( 241,599)
---------
---------
Net current assets
692,343
630,437
---------
---------
Total assets less current liabilities
975,962
903,152
Provisions
Taxation including deferred tax
( 2,575)
( 2,997)
---------
---------
Net assets
973,387
900,155
---------
---------
New Gen (UK) Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
400
400
Profit and loss account
972,987
899,755
---------
---------
Shareholders funds
973,387
900,155
---------
---------
These financial statements have been prepared 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'.
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.
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 .
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
R A Stevens
Director
Company registration number: 07112929
New Gen (UK) 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 Box Bush Cottage, Wickridge Street, Ashleworth, Gloucester, GL19 4JW.
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.
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 and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. 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.
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 of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20%, 25% and 33% straight line
Motor Vehicles
-
25% straight line
Office Furniture & Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 12 ).
5. Tangible assets
Plant and machinery
Motor Vehicles
Office Furniture & Equipment
Total
£
£
£
£
Cost
At 1 January 2023
36,838
13,337
23,807
73,982
Additions
2,240
2,240
Disposals
( 26,338)
( 15,866)
( 42,204)
--------
--------
--------
--------
At 31 December 2023
10,500
13,337
10,181
34,018
--------
--------
--------
--------
Depreciation
At 1 January 2023
24,497
13,337
17,660
55,494
Charge for the year
3,737
4,569
8,306
Disposals
( 25,165)
( 15,719)
( 40,884)
--------
--------
--------
--------
At 31 December 2023
3,069
13,337
6,510
22,916
--------
--------
--------
--------
Carrying amount
At 31 December 2023
7,431
3,671
11,102
--------
--------
--------
--------
At 31 December 2022
12,341
6,147
18,488
--------
--------
--------
--------
6. Investments
Other investments other than loans
£
Cost or valuation
At 1 January 2023
254,227
Revaluations
18,290
---------
At 31 December 2023
272,517
---------
Impairment
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
272,517
---------
At 31 December 2022
254,227
---------
7. Debtors
2023
2022
£
£
Trade debtors
144,674
162,029
Other debtors
749,241
665,267
---------
---------
893,915
827,296
---------
---------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
711,777
554,775
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
26,724
28,199
Social security and other taxes
60,006
76,773
Other creditors
144,887
136,627
---------
---------
231,617
241,599
---------
---------
9. Other financial commitments
At the reporting date the company had commitments for future minimum lease payments under non-cancellable operating leases of £41,393 (2022 - £nil).
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
A J Stevens
14,000
( 14,000)
C M Stevens
14,000
( 14,000)
D I Stevens
21,700
( 21,700)
R A Stevens
21,700
( 21,700)
--------
--------
----
71,400
( 71,400)
--------
--------
----
2022
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
A J Stevens
82,000
( 68,000)
14,000
C M Stevens
82,000
( 68,000)
14,000
D I Stevens
63,700
( 42,000)
21,700
R A Stevens
63,700
( 42,000)
21,700
---------
---------
--------
291,400
( 220,000)
71,400
---------
---------
--------
No interest has been charged on the advances to the directors.