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REGISTERED NUMBER: 13700536 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Newood Technology Limited

Newood Technology Limited (Registered number: 13700536)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Newood Technology Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J S Els
S J Jones
A J Mackie





REGISTERED OFFICE: Paget House
Unit 8, Curran Road
Cardiff
CF10 5DF





REGISTERED NUMBER: 13700536 (England and Wales)





ACCOUNTANTS: DHB Accountants Limited
Chartered Accountants
Statutory Auditors
110 Whitchurch Road
Cardiff
CF14 3LY

Newood Technology Limited (Registered number: 13700536)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
ASSETS

FIXED ASSETS
Tangible assets 4 55,277 7,447

CURRENT ASSETS
Debtors 5 65,380 5,838
Cash at bank 1,092 100
66,472 5,938
121,749 13,385

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (152,383 ) (48,237 )
(152,283 ) (48,137 )

CREDITORS 6 274,032 61,522
121,749 13,385

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Newood Technology Limited (Registered number: 13700536)

Balance Sheet - continued
31 March 2024


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 26 November 2024 and were signed on its behalf by:





A J Mackie - Director


Newood Technology Limited (Registered number: 13700536)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Newood Technology 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.

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.

The accounts are presented in pounds sterling which is the base currency in which the company operates.

The accounts, which disclose a loss and an excess of liabilities over assets, have been prepared on a going concern basis and make no provision for any losses or additional costs that might arise if this were found to be inappropriate. The creditors of the company have agreed to continue their support for the foreseeable future and on this basis the directors are of the opinion that the going concern basis is entirely appropriate.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 10% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Research & development tax credits
Where claims are made to HMRC for Research & Development tax credits these are credited to profit and loss account when the funds are received or when the amount due can be calculated with reasonable certainty.

Newood Technology Limited (Registered number: 13700536)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 8,275
Additions 54,063
At 31 March 2024 62,338
DEPRECIATION
At 1 April 2023 828
Charge for year 6,233
At 31 March 2024 7,061
NET BOOK VALUE
At 31 March 2024 55,277
At 31 March 2023 7,447

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 65,380 5,838

Other debtors includes £47,000 due from a company in which a director has an interest.

6. CREDITORS
2024 2023
£    £   
Amounts falling due within one year:
Taxation and social security 3,293 272
Other creditors 1,800 1,800
5,093 2,072

Amounts falling due after more than one year:
Other creditors 268,939 59,450

Aggregate amounts 274,032 61,522

Newood Technology Limited (Registered number: 13700536)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. CREDITORS - continued

Other creditors due after more than one year include an amount of £220,937 (2023: £59,450) due companies in which one of the directors has an interest and in respect of which he is also a director. There are no fixed repayment terms for these loans and no interest or security required for them. The creditors have indicated they will not seek repayment until the company is in a position to repay the loans and only then after all other creditors can be satisfied.

Also included on other creditors is an unsecured interest free loan of £48,000 due to a local authority and repayable on 15 September 2025.

7. ULTIMATE CONTROLLING PARTY

The controlling parties of the company are the shareholders acting together. No one shareholder has a controlling interest.