Company registration number 06968508 (England and Wales)
NEWEY GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NEWEY GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
NEWEY GROUP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
99,388
106,919
Investments
5
1,512,501
1,512,501
1,611,889
1,619,420
Current assets
Debtors
6
114,000
196,115
Cash at bank and in hand
133,617
36,671
247,617
232,786
Creditors: amounts falling due within one year
7
(186,665)
(125,298)
Net current assets
60,952
107,488
Total assets less current liabilities
1,672,841
1,726,908
Creditors: amounts falling due after more than one year
8
-
0
(66,945)
Provisions for liabilities
(18,884)
(20,315)
Net assets
1,653,957
1,639,648
Capital and reserves
Called up share capital
9
12,501
12,501
Profit and loss reserves
1,641,456
1,627,147
Total equity
1,653,957
1,639,648

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

NEWEY GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 11 October 2024
Philip Hingley
Director
Company Registration No. 06968508
NEWEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Newey Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hingley House, 98-99 Reddal Hill Road, Cradley Heath, West Midlands, B64 5JR.

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. 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
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:

Land and buildings Freehold
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance

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.

1.4
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.

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.

NEWEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.

1.6
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
9,680
154,457
164,137
Depreciation and impairment
At 1 April 2023
9,078
48,140
57,218
Depreciation charged in the year
150
7,381
7,531
At 31 March 2024
9,228
55,521
64,749
Carrying amount
At 31 March 2024
452
98,936
99,388
At 31 March 2023
602
106,317
106,919
4
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

NEWEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Subsidiaries
(Continued)
- 5 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Newey Construction Ltd
UK
Construction Activities
Ordinary
100.00
Newey Electrical Installations Ltd
UK
Electrical Installations
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Newey Construction Ltd
(385)
(100)
Newey Electrical Installations Ltd
609,070
38,739

The company acquired 41,000 (100%) ordinary shares of Newey Electrical Installations Ltd on 14 September 2009. It acquired 28,500 shares for a consideration of £1.5million. This consideration was in the form of cash of £500,000 and unsecured loan notes of £1 million. The loan notes carry an interest rate of 2% above base and are repayable in equal installments over five years commencing April 2010. The remaining 12,500 shares were exchanged with PW Hingley for 12,500 shares in Newey Group

 

At the same time there was a further share exchange with PW Hingley for the 1 share in Newey Construction Ltd for 1 share in Newey Group Ltd. Both companies are now 100% subsidiaries.

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,512,500
1,512,500
Loans to group undertakings and participating interests
1
1
1,512,501
1,512,501
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
96,000
180,000
Corporation tax recoverable
-
0
8,115
Other debtors
18,000
8,000
114,000
196,115
NEWEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
356
197
Corporation tax
4,730
6,576
Other taxation and social security
112,828
90,697
Other creditors
68,751
27,828
186,665
125,298
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
66,945
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
12,501
12,501
12,501
12,501
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