REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
Newman Business Solutions Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
Newman Business Solutions Limited |
Newman Business Solutions Limited (Registered number: 01477094) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Newman Business Solutions Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Thatcher House |
12 Mount Ephraim |
Tunbridge Wells |
Kent |
TN4 8AS |
Newman Business Solutions Limited (Registered number: 01477094) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
NET ASSETS |
Newman Business Solutions Limited (Registered number: 01477094) |
Balance Sheet - continued |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Newman Business Solutions Limited (Registered number: 01477094) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Newman Business Solutions Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
TURNOVER |
Turnover is represented by the sale of goods and services, excluding value added tax. |
GOODWILL |
Goodwill, being the amount paid in connection with the acquisition of businesses in 2000, 2002 and 2003, has been fully amortised over its estimated useful life of three years. |
TANGIBLE FIXED ASSETS |
Plant and machinery | - |
Office Equipment | - |
Motor vehicles | - |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Newman Business Solutions Limited (Registered number: 01477094) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
HIRE PURCHASE AND LEASING COMMITMENTS |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
DEFERRED TAX |
Deferred tax is not recognised in respect of all timing differences that have originated but not reversed at the balance sheet date as these are considered immaterial. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
AMORTISATION |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Newman Business Solutions Limited (Registered number: 01477094) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Office | Motor |
property | machinery | Equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Revaluations |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Cost or valuation at 29 February 2024 is represented by: |
Freehold | Plant and | Office | Motor |
property | machinery | Equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2024 | 105,963 | - | - | - | 105,963 |
Cost | 619,037 | 21,957 | 561,543 | 154,319 | 1,356,856 |
725,000 | 21,957 | 561,543 | 154,319 | 1,462,819 |
Freehold land and buildings were valued for £725,000 on 29/02/2024 . Freehold land and building are shown with the cost and revalued amount and no deprecation is charged on it. |
Newman Business Solutions Limited (Registered number: 01477094) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST OR VALUATION |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
6. | FIXED ASSET INVESTMENTS |
Investments (neither listed nor unlisted) were as follows: |
2024 | 2023 |
£ | £ |
Newman Computers Ltd (Shares) | 100 | 100 |
Drexsell-Newman Ltd (Shares) | 2 | 2 |
Newman Business Machines (Worthing) Ltd (Shares) | 100 | 100 |
Southern Technical Services Ltd (Shares) | 100 | 100 |
Newman Business Machines & Supplies Ltd (Shares) | 2 | 2 |
Investment HBBM | 420,176 | 187,514 |
420,480 | 187,818 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Newman Business Solutions Limited (Registered number: 01477094) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
6. | FIXED ASSET INVESTMENTS - continued |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Newman Business Solutions Limited (Registered number: 01477094) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
6. | FIXED ASSET INVESTMENTS - continued |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
Bad Debt Provision | ( |
) | ( |
) |
Prepayments |
The directors consider the carrying value of trade and other receivables approximate to their fair values. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Corporation tax | ( |
) |
Social security and other tax |
VAT | 109,321 | 97,936 |
Other creditors |
Due to Subsidiary Companies | 150,202 | 50,202 |
The directors consider the carrying amounts of current liabilities approximate to their fair values. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 2-5 years |
Hire purchase contracts |
Newman Business Solutions Limited (Registered number: 01477094) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred Tax Creditor | 26,491 | - |
Deferred |
tax |
£ |
Provided during year |
Balance at 29 February 2024 |
11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2023 | 1,214,340 |
Profit for the year |
Revaluation on assets | - | 79,472 | 79,472 |
At 29 February 2024 | 1,312,238 |
Retained earnings consist of fair value adjustments and deferred tax in relation to freehold properties |
. |
At the balance sheet date the reserves therefore comprise of the following: |
Distributable reserves of £1,239,766 (2023 - £1,214,340). |
Non Distributable reserves of £79,472 (2023 - Nil) (consisting of fair value adjustments in relation to |
investment properties less the corresponding deferred tax calculated on the fair value). |