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Registration number: 03038357

Neo Group Holdings Limited
Annual Report and
Unaudited Financial Statements

31 May 2024

 

Neo Group Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Neo Group Holdings Limited

Balance Sheet
31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

324,272

324,272

Investments

5

100

100

 

324,372

324,372

Current assets

 

Debtors

6

123,134

123,849

Cash at bank and in hand

 

113,201

69,964

 

236,335

193,813

Creditors: Amounts falling due within one year

7

(161,410)

(161,308)

Net current assets

 

74,925

32,505

Net assets

 

399,297

356,877

Capital and reserves

 

Called up share capital

8

102

102

Retained earnings

399,195

356,775

Shareholders' funds

 

399,297

356,877

 

Neo Group Holdings Limited

Balance Sheet
31 May 2024

For the financial year ending 31 May 2024 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 accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 October 2024
 

.........................................
Mr C Schofield
Director

Company Registration Number: 03038357

 

Neo Group Holdings Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Tower House
269 Walmersley Road
Bury
Lancashire
BL9 6NX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

 

Neo Group Holdings Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Neo Group Holdings Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Investment property

Investment property is carried out at fair value, derived from the current market prices comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Neo Group Holdings Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 June

324,272

At 31 May

324,272

There has been no valuation of investment property by an independent valuer.

 

Neo Group Holdings Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 June 2023

100

Provision

Carrying amount

At 31 May 2024

100

At 31 May 2023

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Neo Electronics Limited

England and Wales

Ordinary shares

100%

100%

         

The subsidiary undertaking Neo Electronics Limited ceased to trade in June 2020.

 

Neo Group Holdings Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

6

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

9

122,551

123,401

Prepayments

 

583

448

 

123,134

123,849

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

397

397

Accruals and deferred income

1,541

1,440

Other creditors

159,472

159,471

161,410

161,308

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

102

102

102

102

       
 

Neo Group Holdings Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

9

Related party transactions

Summary of transactions with subsidiaries

Neo Electronics Limited
 Paid certain expenses on behalf of the company.
 The value of the debt has been impaired because the subsidiary does not have suffient asset value to repay the debt in full.
 

Loans to related parties

2024

Subsidiary
£

Other related parties
£

Total
£

At start of period

23,401

100,000

123,401

Repaid

(850)

-

(850)

At end of period

22,551

100,000

122,551

2023

Subsidiary
£

Other related parties
£

Total
£

At start of period

125,000

-

125,000

Advanced

-

100,000

100,000

Repaid

(101,599)

-

(101,599)

At end of period

23,401

100,000

123,401

Loans from related parties

2024

Key management
£

Total
£

At start of period

148,732

148,732

At end of period

148,732

148,732

 

Neo Group Holdings Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

2023

Key management
£

Total
£

At start of period

747

747

Advanced

294,734

294,734

Repaid

(148,840)

(148,840)

Interest transactions

2,091

2,091

At end of period

148,732

148,732

10

Parent and ultimate parent undertaking

The ultimate controlling party is is the director by virtue of his shareholding.