Company registration number 10651789 (England and Wales)
NEW VIEW SURFACES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NEW VIEW SURFACES LIMITED
COMPANY INFORMATION
Directors
Mr K M J Pizzie
Mrs S J Pizzie
Company number
10651789
Registered office
Unit 17
Forge Trading Estate
Mucklow Hill
Halesowen
B62 8TP
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
153 High Street
Rowley Regis
West Midlands
B65 0EB
NEW VIEW SURFACES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
NEW VIEW SURFACES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEW VIEW SURFACES LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of New View Surfaces Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of New View Surfaces Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of New View Surfaces Limited and state those matters that we have agreed to state to the board of directors of New View Surfaces Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New View Surfaces Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that New View Surfaces Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of New View Surfaces Limited. You consider that New View Surfaces Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of New View Surfaces Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
9 October 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
NEW VIEW SURFACES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,094
10,913
Current assets
Stocks
7,398
7,254
Debtors
4
83,342
43,514
Cash at bank and in hand
19,333
58,015
110,073
108,783
Creditors: amounts falling due within one year
5
(80,997)
(72,297)
Net current assets
29,076
36,486
Total assets less current liabilities
38,170
47,399
Creditors: amounts falling due after more than one year
6
(12,995)
(24,301)
Provisions for liabilities
8
(1,818)
(2,068)
Net assets
23,357
21,030
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
22,357
20,030
Total equity
23,357
21,030

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

NEW VIEW SURFACES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Mr K M J Pizzie
Director
Company registration number 10651789 (England and Wales)
NEW VIEW SURFACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

New View Surfaces Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 17, Forge Trading Estate, Mucklow Hill, Halesowen, England, B62 8TP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
25% on reducing balance
Plant and machinery
25% on reducing balance
Office equipment
25% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

NEW VIEW SURFACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
NEW VIEW SURFACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Improvements to property
Plant and machinery
Office equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
4,473
25,448
1,492
4,427
16,990
52,830
Additions
650
200
-
0
419
-
0
1,269
At 31 March 2024
5,123
25,648
1,492
4,846
16,990
54,099
Depreciation and impairment
At 1 April 2023
3,258
19,186
1,079
4,427
13,967
41,917
Depreciation charged in the year
468
1,620
104
140
756
3,088
At 31 March 2024
3,726
20,806
1,183
4,567
14,723
45,005
Carrying amount
At 31 March 2024
1,397
4,842
309
279
2,267
9,094
At 31 March 2023
1,215
6,262
413
-
0
3,023
10,913
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
76,848
38,833
Other debtors
6,494
4,681
83,342
43,514
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
11,375
11,325
Trade creditors
26,897
24,359
Taxation and social security
41,618
35,476
Other creditors
1,107
1,137
80,997
72,297
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,995
24,301
NEW VIEW SURFACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
24,370
35,626
Bank loans are secured by way of a government backed guarantee.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,818
2,068
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
750
750
750
750
Ordinary B of £1 each
150
150
150
150
Ordinary C of £1 each
100
100
100
100
1,000
1,000
1,000
1,000
10
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan accounts
-
2,635
124,343
(121,075)
5,903
2,635
124,343
(121,075)
5,903

The directors' loan accounts were repaid within nine months of the year end.

11
Ultimate controlling party

The ultimate controlling party is Mr K M J Pizzie.

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