Registered number
03675870
Newlyn Works Limited
Unaudited Filleted Accounts
31 May 2024
API Partnership Limited t/a Chandler & Georges
Chartered Accountants
75 Westow Hill
Crystal Palace
London
SE19 1TX
www.cgca.co.uk
Mob: 0208 761 2213
Newlyn Works Limited
Registered number: 03675870
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,759 3,178
Investments 4 13 13
1,772 3,191
Current assets
Stocks 28,872 28,865
Debtors 5 5,534 121,311
Investments held as current assets 6 870,109 -
Cash at bank and in hand 633,573 1,075,929
1,538,088 1,226,105
Creditors: amounts falling due within one year 7 (98,230) (130,499)
Net current assets 1,439,858 1,095,606
Total assets less current liabilities 1,441,630 1,098,797
Provisions for liabilities (440) (1,254)
Net assets 1,441,190 1,097,543
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,441,188 1,097,541
Shareholder's funds 1,441,190 1,097,543
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M H Newlyn
Director
Approved by the board on 11 November 2024
Newlyn Works Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 3 and 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Work in progress
Work in progress reflects work under taken during the year but not invoiced until after the yearend.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 8,195
Additions 835
At 31 May 2024 9,030
Depreciation
At 1 June 2023 5,017
Charge for the year 2,254
At 31 May 2024 7,271
Net book value
At 31 May 2024 1,759
At 31 May 2023 3,178
4 Investments
Other
investments
£
Cost
At 1 June 2023 13
At 31 May 2024 13
5 Debtors 2024 2023
£ £
Trade debtors 5,534 45,822
Other debtors - 75,489
5,534 121,311
6 Investments held as current assets 2024 2023
£ £
Fair value
Listed investments 870,109 -
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments 365,343 -
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 30 -
Trade creditors - 1,003
Taxation and social security costs 28,961 100,307
Other creditors 69,239 29,189
98,230 130,499
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr M H Newlyn
Loan 75,849 - (75,849) -
75,849 - (75,849) -
9 Controlling party
The company is controlled by Mr M H Newlyn.
10 Other information
Newlyn Works Limited is a private company limited by shares and incorporated in England. Its registered office is:
75 Westow Hill
Crystal Palace
London
SE19 1TX
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