Company Registration No. 08792207 (England and Wales)
Needingworth Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Needingworth Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
Needingworth Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
60,768
78,130
Investments
5
139,515
139,515
200,283
217,645
Current assets
Debtors
7
712,317
801,225
Investments
924,562
137,085
Cash at bank and in hand
215,147
960,221
1,852,026
1,898,531
Creditors: amounts falling due within one year
8
(11,362)
(16,178)
Net current assets
1,840,664
1,882,353
Net assets
2,040,947
2,099,998
Capital and reserves
Called up share capital
9
50,001
50,001
Share premium account
41,586
41,586
Capital redemption reserve
2,778
2,778
Profit and loss reserves
1,946,582
2,005,633
Total equity
2,040,947
2,099,998

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

Needingworth Limited
Statement of financial position (continued)
As at 31 December 2023
2
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
Richard Newlove
Director
Company Registration No. 08792207
Needingworth Limited
Statement of changes in equity
For the year ended 31 December 2023
3
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
52,779
41,586
-
0
2,165,094
2,259,459
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
306,956
306,956
Dividends
-
-
-
(148,837)
(148,837)
Own shares acquired
(2,778)
-
2,778
(317,580)
(317,580)
Balance at 31 December 2022
50,001
41,586
2,778
2,005,633
2,099,998
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
46,277
46,277
Dividends
-
-
-
(105,328)
(105,328)
Balance at 31 December 2023
50,001
41,586
2,778
1,946,582
2,040,947
Needingworth Limited
Notes to the financial statements
For the year ended 31 December 2023
4
1
Accounting policies
Company information

Needingworth Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cirrus House, Glebe Road, Huntingdon, Cambridgeshire, PE29 7DL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings - Freehold
over 10 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Fixed asset investments

Interests in subsidiaries entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Needingworth Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Needingworth Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
6
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2022: 2).

3
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 and 31 December 2023
173,621
Depreciation and impairment
At 1 January 2023
95,491
Depreciation charged in the year
17,362
At 31 December 2023
112,853
Carrying amount
At 31 December 2023
60,768
At 31 December 2022
78,130
Needingworth Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
4
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Amina Technologies Limited
England
Design and manufacture of loudspeakers
Ordinary
100
The Invisible Loud Speaker Company, UAB
Lithuania
Design and manufacture of loudspeakers
Ordinary
75
Osiviso Limited
England
Design, manufacture and distribution of audio equipment
Ordinary
60
Osiviso Shanghai Science & Technology Development Company Limited
China
Dormant company
Ordinary
75
5
Fixed asset investments
2023
2022
£
£
Investments
139,515
139,515
6
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
924,562
137,085
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,816
4,816
Amounts owed by group undertakings
103,499
103,499
Other debtors
604,002
692,910
712,317
801,225
Needingworth Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
603
603
Amounts owed to group undertakings
82
6,441
Corporation tax
2,831
1,037
Other taxation and social security
777
803
Other creditors
7,069
7,294
11,362
16,178
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of £1 each
45,001
45,001
45,001
45,001
B ordinary shares of £1 each
5,000
5,000
5,000
5,000
50,001
50,001
50,001
50,001

The holders of the "A" shares are entitled to one vote in any circumstances, full rights to participate in capital distribution, shares fully redeemable by the shareholder to any party in any circumstances, full rights to participate in or decline to participate in dividend distribution.

 

The holders of the "B" shares are entitled to one vote in any circumstances, full rights to capital distribution, right to redeem shares to majority shareholder or to company under buy back scheme only, no right to sell shares to a third party without board permission, right to participate in or decline to participate in dividend distribution.

 

10
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other related parties
601,500
691,234

Included in the amount above for 2023 is a loan of £100,672 not conducted under normal market conditions. The amount due is interest free and repayable on demand.

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