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Registration number: 11825749

Naveo Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Naveo Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Naveo Limited

Company Information

Director

R O Brown

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Naveo Limited

Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,593

7,363

Current assets

 

Debtors

5

178,034

230,678

Cash at bank and in hand

 

-

36,106

 

178,034

266,784

Creditors: Amounts falling due within one year

6

(35,969)

(68,636)

Net current assets

 

142,065

198,148

Total assets less current liabilities

 

153,658

205,511

Provisions for liabilities

(2,203)

(1,841)

Net assets

 

151,455

203,670

Capital and reserves

 

Retained earnings

151,455

203,670

Shareholders' funds

 

151,455

203,670

For the financial year ending 29 February 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Naveo Limited

Statement of Financial Position as at 29 February 2024

Approved and authorised by the director on 15 November 2024
 

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

R O Brown

Director

Company registration number: 11825749

 

Naveo Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of aerospace and aviation consultancy.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 29 February 2024 and had net assets at that date amounting to £151,455.

The director has considered the current economic uncertainty, and the director's view is that the impact on the company will continue to be manageable as the aerospace and aviation industry continues to recover from the pandemic. The company continues to trade profitably.

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises turnover as services are performed, on an accruals basis, once it is probable that economic benefit will flow to the company.

 

Naveo Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

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 statement of financial position 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 over their estimated useful lives as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% straight line

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.

 

Naveo Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 during the year was 1 (2023 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

14,015

14,015

Additions

7,700

7,700

At 29 February 2024

21,715

21,715

Depreciation

At 1 March 2023

6,652

6,652

Charge for the year

3,470

3,470

At 29 February 2024

10,122

10,122

Carrying amount

At 29 February 2024

11,593

11,593

At 28 February 2023

7,363

7,363

 

Naveo Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Debtors

2024
£

2023
£

Trade debtors

70,864

14,093

Other debtors

107,170

216,585

178,034

230,678

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

7

8,103

-

Trade creditors

 

8,779

1,241

Taxation and social security

 

13,587

54,053

Accruals and deferred income

 

5,500

13,342

 

35,969

68,636

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

8,103

-

8

Transactions with directors

At 29 February 2024 an amount of £95,956 (2023: £141,025) was due from the director. During the year advances of £110,730 and repayments of £159,071 were made. Interest of £3,272 (2023: £1,766) was charged at a rate of 2% p.a. then 2.25% p.a. from April 2023. There are no set terms.