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Registered number: SC484520
Newtown Renovations Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2023
Rosslyn Associates Ltd
Chartered Tax Advisers & Accountants
The Walled Garden
South Building
Bush Estate
Midlothian
EH26 0SD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC484520
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 170,298 113,297
170,298 113,297
CURRENT ASSETS
Stocks 5 33,260 135,076
Debtors 6 30,243 71,913
Cash at bank and in hand 106,578 44,296
170,081 251,285
Creditors: Amounts Falling Due Within One Year 7 (152,076 ) (116,787 )
NET CURRENT ASSETS (LIABILITIES) 18,005 134,498
TOTAL ASSETS LESS CURRENT LIABILITIES 188,303 247,795
Creditors: Amounts Falling Due After More Than One Year 8 (106,575 ) (173,663 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (22,775 ) -
NET ASSETS 58,953 74,132
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 58,951 74,130
SHAREHOLDERS' FUNDS 58,953 74,132
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For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jonathon Morrice
Director
26/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Newtown Renovations Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC484520 . The registered office is 83 Peffer Place, Edinburgh, EH16 4BB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 15% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
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2.7. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2022: 10)
14 10
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2022 - 128,384 1,411 8,365 138,160
Additions 4,138 95,135 748 4,986 105,007
Disposals - (21,616 ) - - (21,616 )
As at 30 September 2023 4,138 201,903 2,159 13,351 221,551
Depreciation
As at 1 October 2022 - 19,043 551 5,269 24,863
Provided during the period 424 28,115 402 2,020 30,961
Disposals - (4,571 ) - - (4,571 )
As at 30 September 2023 424 42,587 953 7,289 51,253
Net Book Value
As at 30 September 2023 3,714 159,316 1,206 6,062 170,298
As at 1 October 2022 - 109,341 860 3,096 113,297
5. Stocks
2023 2022
£ £
Stock 5,000 -
Work in progress 28,260 135,076
33,260 135,076
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 22,640 70,913
Other debtors 7,603 1,000
30,243 71,913
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 27,102 -
Trade creditors 32,007 55,294
Bank loans and overdrafts 27,500 -
Other creditors 15,765 43,043
Taxation and social security 49,702 18,450
152,076 116,787
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 67,617 80,434
Bank loans 38,958 93,229
106,575 173,663
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 27,102 -
Later than one year and not later than five years 67,617 80,434
94,719 80,434
94,719 80,434
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
11. Related Party Transactions
The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.
12. Controlling Party
The company has no ultimate controlling party.
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