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Company Registration No. 03929498 (England and Wales)
New Exhibitions Of Contemporary Art Limited Unaudited accounts for the year ended 29 February 2024
New Exhibitions Of Contemporary Art Limited Unaudited accounts Contents
Page
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New Exhibitions Of Contemporary Art Limited Company Information for the year ended 29 February 2024
Director
Mr Daniel Newburg
Company Number
03929498 (England and Wales)
Registered Office
Unit 6 30 Friern Park London N12 9DA United Kingdom
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New Exhibitions Of Contemporary Art Limited Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
542 
252 
Current assets
Inventories
64,553 
64,553 
Debtors
51,956 
56,321 
Cash at bank and in hand
8,974 
13,082 
125,483 
133,956 
Creditors: amounts falling due within one year
(145,378)
(117,448)
Net current (liabilities)/assets
(19,895)
16,508 
Total assets less current liabilities
(19,353)
16,760 
Creditors: amounts falling due after more than one year
(13,333)
(23,333)
Provisions for liabilities
Deferred tax
- 
(47)
Net liabilities
(32,686)
(6,620)
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
(32,687)
(6,621)
Shareholders' funds
(32,686)
(6,620)
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 November 2024 and were signed on its behalf by
Mr Daniel Newburg Director Company Registration No. 03929498
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New Exhibitions Of Contemporary Art Limited Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
New Exhibitions Of Contemporary Art Limited is a private company, limited by shares, registered in England and Wales, registration number 03929498. The registered office is Unit 6, 30 Friern Park, London, N12 9DA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33% - Straight line
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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New Exhibitions Of Contemporary Art Limited Notes to the Accounts for the year ended 29 February 2024
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Going concern
The company's financial statements are prepared on a going concern basis on the grounds that current and future sources of funding or support from the director will be continued to be received.
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 March 2023
29,167 
Additions
814 
At 29 February 2024
29,981 
Depreciation
At 1 March 2023
28,915 
Charge for the year
524 
At 29 February 2024
29,439 
Net book value
At 29 February 2024
542 
At 28 February 2023
252 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
7,386 
3,040 
Trade debtors
11,418 
2,243 
Other debtors
33,019 
51,038 
51,823 
56,321 
Amounts falling due after more than one year
Other debtors
133 
- 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,000 
10,000 
Trade creditors
10,618 
6,301 
Taxes and social security
1,031 
10,224 
Other creditors
30,892 
36,094 
Loans from directors
91,337 
52,029 
Accruals
1,500 
2,800 
145,378 
117,448 
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New Exhibitions Of Contemporary Art Limited Notes to the Accounts for the year ended 29 February 2024
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
13,333 
23,333 
8
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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