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NEWFOUND GLOBAL LIMITED

Registered Number
09551634
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

NEWFOUND GLOBAL LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Director

GILLINGWATER, Peter Barry

Registered Address

Holy Trinity House, 1a
Orsett Terrace
London
W2 6AH

Registered Number

09551634 (England and Wales)
NEWFOUND GLOBAL LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets42,52216,080
2,52216,080
Current assets
Debtors616,28517,886
Cash at bank and on hand31,922190,054
48,207207,940
Creditors amounts falling due within one year7(122,158)(133,383)
Net current assets (liabilities)(73,951)74,557
Total assets less current liabilities(71,429)90,637
Creditors amounts falling due after one year8(10,773)(20,795)
Provisions for liabilities(479)(1,441)
Net assets(82,681)68,401
Capital and reserves
Called up share capital300300
Profit and loss account(82,981)68,101
Shareholders' funds(82,681)68,401
The financial statements were approved and authorised for issue by the Director on 16 January 2025, and are signed on its behalf by:
GILLINGWATER, Peter Barry
Director
Registered Company No. 09551634
NEWFOUND GLOBAL LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Office Equipment25
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year34
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 May 2392,532
Additions874
At 30 April 2493,406
Depreciation and impairment
At 01 May 2376,452
Charge for year14,432
At 30 April 2490,884
Net book value
At 30 April 242,522
At 30 April 2316,080
5.Fixed asset investments
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables13,687500
Amounts owed by associates and joint ventures / participating interests-12,528
Other debtors-316
Prepayments and accrued income2,5984,542
Total16,28517,886
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables27,52910,644
Bank borrowings and overdrafts10,00010,000
Amounts owed to related parties7,472-
Taxation and social security13,87626,704
Other creditors61,57162,432
Accrued liabilities and deferred income1,71023,603
Total122,158133,383
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts10,77320,795
Total10,77320,795
9.Related party transactions
The loan outstanding to P B Gillingwater as at 30 April 2024 is £61,129 (2023: £61,088). The loan is unsecured, interest free and repayable on demand. The company received £20,000 from Nexec Partners Limited, a company controlled by the director, during the year. The loan outstanding to Nexec Partners Limited as at 30 April 2024 is £7,472 (2023: £12,858 owed to to Newfound Global Limited). The loan is unsecured, interest free and repayable on demand.
10.Controlling party
The ultimate controlling party is P B Gillingwater.