Newton Financial Services Ltd. 09463209 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of the financial intermediation services. Digita Accounts Production Advanced 6.30.9574.0 true 09463209 2023-04-01 2024-03-31 09463209 2024-03-31 09463209 bus:OrdinaryShareClass1 2024-03-31 09463209 bus:OrdinaryShareClass2 2024-03-31 09463209 core:CurrentFinancialInstruments 2024-03-31 09463209 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09463209 core:FurnitureFittingsToolsEquipment 2024-03-31 09463209 core:MotorVehicles 2024-03-31 09463209 bus:SmallEntities 2023-04-01 2024-03-31 09463209 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09463209 bus:FilletedAccounts 2023-04-01 2024-03-31 09463209 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09463209 bus:RegisteredOffice 2023-04-01 2024-03-31 09463209 bus:Director1 2023-04-01 2024-03-31 09463209 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 09463209 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 09463209 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09463209 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 09463209 core:MotorVehicles 2023-04-01 2024-03-31 09463209 core:OfficeEquipment 2023-04-01 2024-03-31 09463209 countries:England 2023-04-01 2024-03-31 09463209 2023-03-31 09463209 core:FurnitureFittingsToolsEquipment 2023-03-31 09463209 core:MotorVehicles 2023-03-31 09463209 2022-04-01 2023-03-31 09463209 2023-03-31 09463209 bus:OrdinaryShareClass1 2023-03-31 09463209 bus:OrdinaryShareClass2 2023-03-31 09463209 core:CurrentFinancialInstruments 2023-03-31 09463209 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09463209 core:FurnitureFittingsToolsEquipment 2023-03-31 09463209 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09463209

Newton Financial Services Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Newton Financial Services Ltd.

(Registration number: 09463209)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

42,282

55,307

Investment property

5

260,000

250,000

 

302,282

305,307

Current assets

 

Debtors

6

115,383

105,298

Cash at bank and in hand

 

18,993

39,707

 

134,376

145,005

Creditors: Amounts falling due within one year

7

(88,580)

(95,291)

Net current assets

 

45,796

49,714

Total assets less current liabilities

 

348,078

355,021

Provisions for liabilities

(18,347)

(16,447)

Net assets

 

329,731

338,574

Capital and reserves

 

Called up share capital

8

200

200

Fair value reserve

33,417

25,317

Retained earnings

296,114

313,057

Shareholders' funds

 

329,731

338,574

 

Newton Financial Services Ltd.

(Registration number: 09463209)
Balance Sheet as at 31 March 2024

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board for issue on 28 October 2024 and signed on its behalf by:
 

.........................................

W S Newton

Director

 

Newton Financial Services Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Newby House
41 Eastgate
Deeping St James
Peterborough
Cambs
PE6 8HH

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Newton Financial Services Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

4 year straight line

Motor vehicles

25% reducing balance

Investment property

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

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.

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.

 

Newton Financial Services Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Newton Financial Services Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

3,301

59,073

62,374

Additions

1,199

-

1,199

At 31 March 2024

4,500

59,073

63,573

Depreciation

At 1 April 2023

2,105

4,962

7,067

Charge for the year

696

13,528

14,224

At 31 March 2024

2,801

18,490

21,291

Carrying amount

At 31 March 2024

1,699

40,583

42,282

At 31 March 2023

1,196

54,111

55,307

5

Investment properties

2024
£

At 1 April

250,000

Fair value adjustments

10,000

At 31 March

260,000

The property is measured at fair value by the directors and any gain or loss arising is charged to the profit and loss account.

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

6

Debtors

Current

2024
£

2023
£

Prepayments

315

230

Other debtors

115,068

105,068

115,383

105,298

 

Newton Financial Services Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to related parties

73,815

90,820

Taxation and social security

 

940

654

Other creditors

 

13,825

3,817

 

88,580

95,291

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary A shares of £1 each

100

100

100

100

200

200

200

200