IRIS Accounts Production v24.2.0.383 01477094 Board of Directors 1.3.23 29.2.24 29.2.24 true false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh014770942023-02-28014770942024-02-29014770942023-03-012024-02-29014770942022-02-28014770942022-03-012023-02-28014770942023-02-2801477094ns15:EnglandWales2023-03-012024-02-2901477094ns14:PoundSterling2023-03-012024-02-2901477094ns10:Director12023-03-012024-02-2901477094ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2901477094ns10:SmallEntities2023-03-012024-02-2901477094ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2901477094ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2901477094ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2901477094ns10:FullAccounts2023-03-012024-02-290147709412023-03-012024-02-2901477094ns10:Director22023-03-012024-02-2901477094ns10:Director32023-03-012024-02-2901477094ns10:CompanySecretary12023-03-012024-02-2901477094ns10:RegisteredOffice2023-03-012024-02-2901477094ns5:CurrentFinancialInstruments2024-02-2901477094ns5:CurrentFinancialInstruments2023-02-2801477094ns5:Non-currentFinancialInstruments2024-02-2901477094ns5:Non-currentFinancialInstruments2023-02-2801477094ns5:ShareCapital2024-02-2901477094ns5:ShareCapital2023-02-2801477094ns5:RevaluationReserve2024-02-2901477094ns5:RevaluationReserve2023-02-2801477094ns5:RetainedEarningsAccumulatedLosses2024-02-2901477094ns5:RetainedEarningsAccumulatedLosses2023-02-280147709412023-03-012024-02-2901477094ns5:NetGoodwill2023-03-012024-02-2901477094ns5:PlantMachinery2023-03-012024-02-2901477094ns5:FurnitureFittings2023-03-012024-02-2901477094ns5:MotorVehicles2023-03-012024-02-2901477094ns5:NetGoodwill2023-02-2801477094ns5:NetGoodwill2024-02-2901477094ns5:NetGoodwill2023-02-2801477094ns5:LandBuildings2023-02-2801477094ns5:PlantMachinery2023-02-2801477094ns5:FurnitureFittings2023-02-2801477094ns5:MotorVehicles2023-02-2801477094ns5:LandBuildings2023-03-012024-02-2901477094ns5:LandBuildings2024-02-2901477094ns5:PlantMachinery2024-02-2901477094ns5:FurnitureFittings2024-02-2901477094ns5:MotorVehicles2024-02-2901477094ns5:LandBuildings2023-02-2801477094ns5:PlantMachinery2023-02-2801477094ns5:FurnitureFittings2023-02-2801477094ns5:MotorVehicles2023-02-2801477094ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-2801477094ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-012024-02-2901477094ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-02-2901477094ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-2801477094ns5:Subsidiary12023-03-012024-02-2901477094ns5:Subsidiary112023-03-012024-02-2901477094ns5:Subsidiary12024-02-2901477094ns5:Subsidiary12023-02-2801477094ns5:Subsidiary22023-03-012024-02-29014770943ns5:Subsidiary22023-03-012024-02-2901477094ns5:Subsidiary22024-02-2901477094ns5:Subsidiary22023-02-2801477094ns5:Subsidiary32023-03-012024-02-2901477094ns5:Subsidiary352023-03-012024-02-2901477094ns5:Subsidiary32024-02-2901477094ns5:Subsidiary32023-02-2801477094ns5:Subsidiary42023-03-012024-02-29014770947ns5:Subsidiary42023-03-012024-02-2901477094ns5:Subsidiary42024-02-2901477094ns5:Subsidiary42023-02-2801477094ns5:Subsidiary52023-03-012024-02-29014770949ns5:Subsidiary52023-03-012024-02-2901477094ns5:Subsidiary52024-02-2901477094ns5:Subsidiary52023-02-2801477094ns5:Subsidiary62023-03-012024-02-2901477094ns5:Subsidiary6112023-03-012024-02-2901477094ns5:Subsidiary62024-02-2901477094ns5:Subsidiary62023-02-2801477094ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2901477094ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2801477094ns5:CurrentFinancialInstruments2023-03-012024-02-2901477094ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-02-2901477094ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-02-2801477094ns5:DeferredTaxation2023-03-012024-02-2901477094ns5:DeferredTaxation2024-02-2901477094ns5:RetainedEarningsAccumulatedLosses2023-02-2801477094ns5:RevaluationReserve2023-02-2801477094ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-29
REGISTERED NUMBER: 01477094 (England and Wales)










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: Mrs M.P. Deadman
A.P. Deadman
J.S. McCarthy





SECRETARY: Mrs M.P. Deadman





REGISTERED OFFICE: Newman House
Farningham Road
Crowborough
East Sussex
TN6 2JR





REGISTERED NUMBER: 01477094 (England and Wales)





ACCOUNTANTS: Ward Mackenzie Ltd
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 5 787,768 705,524
Investments 6 420,480 187,818
1,208,248 893,342

CURRENT ASSETS
Stocks 215,576 276,730
Debtors 7 469,777 550,559
Cash at bank and in hand 191,608 116,243
876,961 943,532
CREDITORS
Amounts falling due within one year 8 (712,235 ) (587,405 )
NET CURRENT ASSETS 164,726 356,127
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,372,974

1,249,469

CREDITORS
Amounts falling due after more than one year 9 (33,138 ) (34,022 )

PROVISIONS FOR LIABILITIES 10 (26,491 ) -
NET ASSETS 1,313,345 1,215,447

Newman Business Solutions Limited (Registered number: 01477094)

Balance Sheet - continued
29 February 2024

2024 2023
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 1,107 1,107
Revaluation reserve 11 79,472 -
Retained earnings 11 1,232,766 1,214,340
SHAREHOLDERS' FUNDS 1,313,345 1,215,447

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 16 November 2024 and were signed on its behalf by:





A.P. Deadman - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 33% on cost and 10% on cost
Office Equipment - 25% on cost and 10% on cost
Motor vehicles - 16.6% on cost

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 41 (2023 - 44 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 85,607
AMORTISATION
At 1 March 2023
and 29 February 2024 85,607
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 619,037 21,957 603,944 148,622 1,393,560
Additions - - 9,810 22,415 32,225
Disposals - - (52,211 ) (16,718 ) (68,929 )
Revaluations 105,963 - - - 105,963
At 29 February 2024 725,000 21,957 561,543 154,319 1,462,819
DEPRECIATION
At 1 March 2023 - 21,957 550,915 115,164 688,036
Charge for year - - 25,896 18,351 44,247
Eliminated on disposal - - (40,514 ) (16,718 ) (57,232 )
At 29 February 2024 - 21,957 536,297 116,797 675,051
NET BOOK VALUE
At 29 February 2024 725,000 - 25,246 37,522 787,768
At 28 February 2023 619,037 - 53,029 33,458 705,524

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 56,084
Additions 22,415
At 29 February 2024 78,499
DEPRECIATION
At 1 March 2023 13,939
Charge for year 2,462
At 29 February 2024 16,401
NET BOOK VALUE
At 29 February 2024 62,098
At 28 February 2023 42,145

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:

Newman Computers Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (30,481 ) (30,481 )

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

Drexsell-Newman Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2 2

Newman Business Machines (Worthing) Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100

Southern Technical Services Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100

Newman Business Machines & Supplies Ltd
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2 2

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

HBBM Limited
Registered office:
Nature of business: Trading
%
Class of shares: holding
Ordinary share
2024 2023
£    £   
Aggregate capital and reserves 202,803 152,339

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 467,886 540,626
Other debtors 3 3
Tax - 8,122
Bad Debt Provision (6,877 ) (6,877 )
Prepayments 8,765 8,685
469,777 550,559

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 7,323 -
Trade creditors 170,963 184,452
Corporation tax 18,046 (5,990 )
Social security and other tax 53,735 60,440
VAT 109,321 97,936
Other creditors 202,645 200,365
Due to Subsidiary Companies 150,202 50,202
712,235 587,405

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 23,999 34,022
Hire purchase contracts 9,139 -
33,138 34,022

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 26,491
Balance at 29 February 2024 26,491

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 March 2023 1,214,340 - 1,214,340
Profit for the year 18,426 18,426
Revaluation on assets - 79,472 79,472
At 29 February 2024 1,232,766 79,472 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).