7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 425,376 414,745 10,631 425,376 10,631 222,172 174,442 80,442 4,525 320,697 320,697 222,172 xbrli:pure xbrli:shares iso4217:GBP 07559506 2023-04-01 2024-03-31 07559506 2024-03-31 07559506 2023-03-31 07559506 2022-04-01 2023-03-31 07559506 2023-03-31 07559506 2022-03-31 07559506 core:NetGoodwill 2023-04-01 2024-03-31 07559506 core:FurnitureFittings 2023-04-01 2024-03-31 07559506 bus:Director2 2023-04-01 2024-03-31 07559506 core:NetGoodwill 2023-03-31 07559506 core:NetGoodwill 2024-03-31 07559506 core:LandBuildings 2023-03-31 07559506 core:FurnitureFittings 2023-03-31 07559506 core:LandBuildings 2024-03-31 07559506 core:FurnitureFittings 2024-03-31 07559506 core:LandBuildings 2023-04-01 2024-03-31 07559506 core:WithinOneYear 2024-03-31 07559506 core:WithinOneYear 2023-03-31 07559506 core:AfterOneYear 2024-03-31 07559506 core:AfterOneYear 2023-03-31 07559506 core:ShareCapital 2024-03-31 07559506 core:ShareCapital 2023-03-31 07559506 core:RetainedEarningsAccumulatedLosses 2024-03-31 07559506 core:RetainedEarningsAccumulatedLosses 2023-03-31 07559506 core:NetGoodwill 2023-03-31 07559506 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 07559506 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 07559506 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-03-31 07559506 core:Non-currentFinancialInstruments core:OtherIncreaseDecreaseInInvestments 2024-03-31 07559506 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 07559506 core:Non-currentFinancialInstruments 2024-03-31 07559506 core:Non-currentFinancialInstruments 2023-03-31 07559506 core:LandBuildings 2023-03-31 07559506 core:FurnitureFittings 2023-03-31 07559506 bus:SmallEntities 2023-04-01 2024-03-31 07559506 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07559506 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07559506 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07559506 bus:FullAccounts 2023-04-01 2024-03-31 07559506 core:OfficeEquipment 2023-04-01 2024-03-31 07559506 core:OfficeEquipment 2023-03-31 07559506 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 07559506
Newton Smith Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Newton Smith Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
10,631
Tangible assets
6
37,379
27,002
Investments
7
320,697
222,172
---------
---------
358,076
259,805
Current assets
Debtors
8
505,806
307,890
Cash at bank and in hand
321,156
464,846
---------
---------
826,962
772,736
Creditors: amounts falling due within one year
9
194,585
141,495
---------
---------
Net current assets
632,377
631,241
---------
---------
Total assets less current liabilities
990,453
891,046
Creditors: amounts falling due after more than one year
10
32,529
38,256
Provisions
Taxation including deferred tax
9,207
6,436
---------
---------
Net assets
948,717
846,354
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
948,617
846,254
---------
---------
Shareholders funds
948,717
846,354
---------
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 .
Newton Smith Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 17 October 2024 , and are signed on behalf of the board by:
Mr J W Smith
Director
Company registration number: 07559506
Newton Smith Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit J, South Cambridge Business Park, Babraham Road, Sawston, Cambridge, CB22 3JH.
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. The turnover shown in the profit and loss account represents fees earned and commissions due during the year.
Income tax
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 directly in equity. 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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 or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
7 years straight line
Fixtures & fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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 7 (2023: 7 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
425,376
---------
Amortisation
At 1 April 2023
414,745
Charge for the year
10,631
---------
At 31 March 2024
425,376
---------
Carrying amount
At 31 March 2024
---------
At 31 March 2023
10,631
---------
6. Tangible assets
Leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
42,276
40,279
62,736
145,291
Additions
20,416
580
20,996
--------
--------
--------
---------
At 31 March 2024
42,276
60,695
63,316
166,287
--------
--------
--------
---------
Depreciation
At 1 April 2023
41,730
28,218
48,341
118,289
Charge for the year
546
6,460
3,613
10,619
--------
--------
--------
---------
At 31 March 2024
42,276
34,678
51,954
128,908
--------
--------
--------
---------
Carrying amount
At 31 March 2024
26,017
11,362
37,379
--------
--------
--------
---------
At 31 March 2023
546
12,061
14,395
27,002
--------
--------
--------
---------
7. Investments
Other investments other than loans
£
Cost or valuation
At 1 April 2023
222,172
Additions
174,442
Disposals
( 80,442)
Other movements
4,525
---------
At 31 March 2024
320,697
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
320,697
---------
At 31 March 2023
222,172
---------
8. Debtors
2024
2023
£
£
Other debtors
505,806
307,890
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,727
5,583
Social security and other taxes
172,015
127,344
Other creditors
16,843
8,568
---------
---------
194,585
141,495
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
32,529
38,256
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £8,135 (2023: £14,463) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Directors' advances, credits and guarantees
During the year the company operated a joint loan account on behalf of the directors. The amount advanced to the directors was £502,686 (2023: £355,835) and received repayments totalling £466,807 (2023: £373,000). At the balance sheet date, the amount owed to the company was £147,531 (2023: £111,652). Interest is charged at the HMRC approved rate on the balance while in excess of the beneficial loan exempt value. The loan is repayable on demand.
12. Related party transactions
The company has advanced interest free loans to related parties amounting to £164,810 (2023: £36,000). The balance outstanding at the year end was £312,451 (2023: £147,641).