1 false false false false false false false false false false true false false false false false false No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,822 5,420 80 5,500 322 402 51,662 51,662 51,662 xbrli:pure xbrli:shares iso4217:GBP 06317797 2022-08-01 2023-07-31 06317797 2023-07-31 06317797 2022-07-31 06317797 2021-08-01 2022-07-31 06317797 2022-07-31 06317797 2021-07-31 06317797 core:FurnitureFittings 2022-08-01 2023-07-31 06317797 bus:Director1 2022-08-01 2023-07-31 06317797 core:FurnitureFittings 2022-07-31 06317797 core:FurnitureFittings 2023-07-31 06317797 core:WithinOneYear 2023-07-31 06317797 core:WithinOneYear 2022-07-31 06317797 core:ShareCapital 2023-07-31 06317797 core:ShareCapital 2022-07-31 06317797 core:RetainedEarningsAccumulatedLosses 2023-07-31 06317797 core:RetainedEarningsAccumulatedLosses 2022-07-31 06317797 core:CostValuation core:Non-currentFinancialInstruments 2023-07-31 06317797 core:Non-currentFinancialInstruments 2023-07-31 06317797 core:Non-currentFinancialInstruments 2022-07-31 06317797 core:FurnitureFittings 2022-07-31 06317797 bus:Director1 2022-07-31 06317797 bus:Director1 2021-07-31 06317797 bus:SmallEntities 2022-08-01 2023-07-31 06317797 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 06317797 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 06317797 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 06317797 bus:FullAccounts 2022-08-01 2023-07-31
COMPANY REGISTRATION NUMBER: 06317797
NEW VENTURES INTERNATIONAL LIMITED
Filleted Unaudited Financial Statements
31 July 2023
NEW VENTURES INTERNATIONAL LIMITED
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
322
402
Investments
6
51,662
51,662
--------
--------
51,984
52,064
Current assets
Debtors
7
2,330,914
2,225,136
Cash at bank and in hand
125,056
312,076
------------
------------
2,455,970
2,537,212
Creditors: amounts falling due within one year
8
2,678,922
2,677,659
------------
------------
Net current liabilities
222,952
140,447
---------
---------
Total assets less current liabilities
( 170,968)
( 88,383)
---------
--------
Net liabilities
( 170,968)
( 88,383)
---------
--------
Capital and reserves
Called up share capital
30
30
Profit and loss account
( 170,998)
( 88,413)
---------
--------
Shareholders deficit
( 170,968)
( 88,383)
---------
--------
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 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
NEW VENTURES INTERNATIONAL LIMITED
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
Mr H V Last
Director
Company registration number: 06317797
NEW VENTURES INTERNATIONAL LIMITED
Notes to the Financial Statements
Year ended 31 July 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 Hallswelle House, 1 Hallswwlle Road, London, NW11 0DH.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Fixtures and fittings
-
20% reducing balance
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.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 August 2022 and 31 July 2023
5,822
5,822
-------
-------
Depreciation
At 1 August 2022
5,420
5,420
Charge for the year
80
80
-------
-------
At 31 July 2023
5,500
5,500
-------
-------
Carrying amount
At 31 July 2023
322
322
-------
-------
At 31 July 2022
402
402
-------
-------
6. Investments
Other investments other than loans
£
Cost
At 1 August 2022 and 31 July 2023
51,662
--------
Impairment
At 1 August 2022 and 31 July 2023
--------
Carrying amount
At 31 July 2023
51,662
--------
At 31 July 2022
51,662
--------
7. Debtors
2023
2022
£
£
Other debtors
2,330,914
2,225,136
------------
------------
Included in other debtors is a loan to the Fortys Capital Ltd £1,000,000( 2022- £1,000,000) and interest is charged per month.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Loans
1,400,000
1,400,000
Corporation tax
17,160
11,486
Social security and other taxes
4,586
Other creditors
1,261,762
1,261,587
------------
------------
2,678,922
2,677,659
------------
------------
Included in Creditors as a loans for £1,400,000 (2022 -£ 1,400,000) from Kintol property Company Ltd. Kintol property Company Ltd is a company that is controlled by Mr H Last and family members.
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward and outstanding
2023
2022
£
£
Mr H V Last
232,500
232,500
---------
---------
The director paid interest on loan amounting to £5,813 ( £2022-£4,650).