Newton Consulting Sprl. Limited 07620813 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is manufacture of other fabricated metal products not elsewhere classified Digita Accounts Production Advanced 6.30.9574.0 true 07620813 2023-06-01 2024-05-31 07620813 2024-05-31 07620813 core:AcceleratedTaxDepreciationDeferredTax 2024-05-31 07620813 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-05-31 07620813 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-05-31 07620813 core:CurrentFinancialInstruments 2024-05-31 07620813 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 07620813 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 07620813 core:FurnitureFittingsToolsEquipment 2024-05-31 07620813 core:MotorVehicles 2024-05-31 07620813 bus:SmallEntities 2023-06-01 2024-05-31 07620813 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 07620813 bus:FilletedAccounts 2023-06-01 2024-05-31 07620813 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 07620813 bus:RegisteredOffice 2023-06-01 2024-05-31 07620813 bus:Director1 2023-06-01 2024-05-31 07620813 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07620813 core:ComputerEquipment 2023-06-01 2024-05-31 07620813 core:FurnitureFittings 2023-06-01 2024-05-31 07620813 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 07620813 core:MotorVehicles 2023-06-01 2024-05-31 07620813 core:Vehicles 2023-06-01 2024-05-31 07620813 countries:EnglandWales 2023-06-01 2024-05-31 07620813 2023-05-31 07620813 core:FurnitureFittingsToolsEquipment 2023-05-31 07620813 core:MotorVehicles 2023-05-31 07620813 2022-06-01 2023-05-31 07620813 2023-05-31 07620813 core:AcceleratedTaxDepreciationDeferredTax 2023-05-31 07620813 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-05-31 07620813 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 07620813 core:CurrentFinancialInstruments 2023-05-31 07620813 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 07620813 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 07620813 core:FurnitureFittingsToolsEquipment 2023-05-31 07620813 core:MotorVehicles 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 07620813

Prepared for the registrar

Newton Consulting Sprl. Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Newton Consulting Sprl. Limited

(Registration number: 07620813)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

60,578

7,263

Current assets

 

Stocks

5

165,219

202,815

Debtors

6

24,901

23,294

Cash at bank and in hand

 

64,360

68,567

 

254,480

294,676

Creditors: Amounts falling due within one year

7

(132,478)

(113,372)

Net current assets

 

122,002

181,304

Total assets less current liabilities

 

182,580

188,567

Creditors: Amounts falling due after more than one year

7

(42,537)

-

Deferred tax liabilities

9

(3,478)

(1,816)

Net assets

 

136,565

186,751

Capital and reserves

 

Called up share capital

1

1

Retained earnings

136,564

186,750

Shareholders' funds

 

136,565

186,751

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 January 2025
 


Mr R Selby
Director

 

Newton Consulting Sprl. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bankside Works
London Road
Chalford
Stroud
GL6 8PR

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Newton Consulting Sprl. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

25% Reduced balance

Computer equipment

25% Straight line

Motor vehicles

25% Reduced balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Newton Consulting Sprl. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

Newton Consulting Sprl. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

 

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 June 2023

17,483

-

17,483

Additions

2,301

56,908

59,209

At 31 May 2024

19,784

56,908

76,692

Depreciation

At 1 June 2023

10,220

-

10,220

Charge for the year

2,337

3,557

5,894

At 31 May 2024

12,557

3,557

16,114

Carrying amount

At 31 May 2024

7,227

53,351

60,578

At 31 May 2023

7,263

-

7,263

 

5

Stocks

2024
£

2023
£

Raw materials and consumables

165,219

202,815

 

6

Debtors

2024
£

2023
£

Trade debtors

7,615

14,032

Prepayments

3,963

-

Other debtors

13,323

9,262

24,901

23,294

 

Newton Consulting Sprl. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

 

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

4,711

-

Trade creditors

 

84,091

72,880

Amounts due to related parties

10

8,536

1,994

Taxation and social security

 

31,990

35,498

Accruals and deferred income

 

3,150

3,000

 

132,478

113,372

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

42,537

-

 

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

4,711

-

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

42,537

-

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

3,478

2023

Liability
£

Fixed asset timing differences

1,816

 

10

Related party transactions

Transactions with directors

At the year end, the company owed the director £8,536 (2023: £1,994) in the form of a director's loan account. The loan has no fixed repayment terms, is repayable on demand and no interest was charge in the year.

 

Newton Consulting Sprl. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

 

11

Parent and ultimate parent undertaking

The company's immediate parent is RSK Selby Holdings Limited, incorporated in United Kingdom.

 The ultimate controlling parties are Mr Selby and his wife who between them own 90% of the holding company.