Company registration number 05043459 (England and Wales)
NEAL AND CO BUSINESS SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
NEAL AND CO BUSINESS SERVICES LIMITED
COMPANY INFORMATION
Directors
Ian Marsh
Robert Chance
N Kirkham
Secretary
Ian Marsh
Company number
05043459
Registered office
Accountants
Neal and Co Business Services Limited
Shakespeare Buildings
26 Cradley Road
Cradley Heath
West Midlands
B64 6AG
NEAL AND CO BUSINESS SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NEAL AND CO BUSINESS SERVICES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
270,000
360,000
Investments
6
300
300
270,300
360,300
Current assets
Stocks
47,698
61,887
Debtors
7
225,247
225,906
Cash at bank and in hand
207,950
224,180
480,895
511,973
Creditors: amounts falling due within one year
8
(188,692)
(202,970)
Net current assets
292,203
309,003
Total assets less current liabilities
562,503
669,303
Creditors: amounts falling due after more than one year
9
(213,596)
(286,600)
Net assets
348,907
382,703
Capital and reserves
Called up share capital
10
65,300
65,300
Capital redemption reserve
7,300
7,300
Profit and loss reserves
276,307
310,103
Total equity
348,907
382,703

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 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.

NEAL AND CO BUSINESS SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 October 2024 and are signed on its behalf by:
Ian Marsh
Robert Chance
Director
Director
Company Registration No. 05043459
NEAL AND CO BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Neal and Co Business Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is .

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

 

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

1.3
Intangible fixed assets - goodwill

Acquired goodwill from related parties on incorporation is not subject to annual charges as the Directors consider its value has not decreased and any write-off would be inappropriate. Notwithstanding this the carrying value of goodwill is reviewed each year in conjunction with market conditions and gross recurring fees. If any impairment is recognised an immediate provision will be made.

 

Goodwill acquired from unrelated parties is written off equally over five years

1.4
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:

Fixtures and fittings
Straight line over three years
Computers
Straight line over three 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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled 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.

NEAL AND CO BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Stocks

Work in progress is valued at the lower of cost and estimated realisable value .

1.7
Financial instruments

The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans and directors’ loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised costs using the effective interest method.

Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received

 

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

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

Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings/Profit and Loss Account.

 

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

NEAL AND CO BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 16 (2023 - 16).

2024
2023
Number
Number
Total
16
16
4
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
478,499
Amortisation and impairment
At 1 February 2023
118,499
Amortisation charged for the year
90,000
At 31 January 2024
208,499
Carrying amount
At 31 January 2024
270,000
At 31 January 2023
360,000
NEAL AND CO BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 and 31 January 2024
37,438
Depreciation and impairment
At 1 February 2023 and 31 January 2024
37,438
Carrying amount
At 31 January 2024
-
0
At 31 January 2023
-
0
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
300
300
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
190,341
189,058
Other debtors
34,906
36,848
225,247
225,906
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,629
9,643
Corporation tax
65,119
62,380
Other taxation and social security
71,484
77,877
Other creditors
41,460
53,070
188,692
202,970
NEAL AND CO BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
24,596
34,600
Other creditors
189,000
252,000
213,596
286,600
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
60,000 Ordinary A Shares of £1 each
54,000
54,000
12,600 Ordinary B Shares of £1 each
11,300
11,300
65,300
65,300
11
Operating lease commitments
Lessee

The company has an annual rental commitment of £21,000 in respect of office premises it occupies. The lease is subject to five yearly reviews.

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