7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 16,000 16,000 2,667 2,667 13,333 xbrli:pure xbrli:shares iso4217:GBP 12620836 2023-04-01 2024-03-31 12620836 2024-03-31 12620836 2023-03-31 12620836 2022-06-01 2023-03-31 12620836 2023-03-31 12620836 2022-05-31 12620836 core:NetGoodwill 2023-04-01 2024-03-31 12620836 bus:Director2 2023-04-01 2024-03-31 12620836 core:NetGoodwill 2024-03-31 12620836 core:WithinOneYear 2024-03-31 12620836 core:WithinOneYear 2023-03-31 12620836 core:ShareCapital 2024-03-31 12620836 core:ShareCapital 2023-03-31 12620836 core:RetainedEarningsAccumulatedLosses 2024-03-31 12620836 core:RetainedEarningsAccumulatedLosses 2023-03-31 12620836 bus:Director1 2023-04-01 2024-03-31 12620836 bus:SmallEntities 2023-04-01 2024-03-31 12620836 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12620836 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12620836 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12620836 bus:FullAccounts 2023-04-01 2024-03-31 12620836 core:KeyManagementPersonnel 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 12620836
Ngsol Limited
Filleted Unaudited Financial Statements
31 March 2024
Ngsol Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
13,333
Current assets
Stocks
21,433
Debtors
6
80,569
41
Cash at bank and in hand
64,602
108
---------
----
166,604
149
Creditors: amounts falling due within one year
7
137,682
1,250
---------
-------
Net current assets/(liabilities)
28,922
( 1,101)
--------
-------
Total assets less current liabilities
42,255
( 1,101)
--------
-------
Net assets/(liabilities)
42,255
( 1,101)
--------
-------
Capital and reserves
Called up share capital
1
1
Profit and loss account
42,254
( 1,102)
--------
-------
Shareholders funds/(deficit)
42,255
( 1,101)
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ngsol Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 21 January 2025 , and are signed on behalf of the board by:
Mr L J Maunsell
Director
Company registration number: 12620836
Ngsol Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 Regis Industrial Estate, Dorset Road, Sheerness, Kent, ME12 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 1 ).
5. Intangible assets
Goodwill
£
Cost
Additions
Acquisitions through business combinations
16,000
--------
At 31 March 2024
16,000
--------
Amortisation
Charge for the year
2,667
--------
At 31 March 2024
2,667
--------
Carrying amount
At 31 March 2024
13,333
--------
At 31 March 2023
--------
6. Debtors
2024
2023
£
£
Trade debtors
27
Other debtors
80,542
41
--------
----
80,569
41
--------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,669
Trade creditors
11,564
Corporation tax
29,626
Social security and other taxes
5,758
Other creditors
88,065
1,250
---------
-------
137,682
1,250
---------
-------
8. Events after the end of the reporting period
On 1st July 2023 Mr L J Maunsell was appointed director and Mr N Hosken resigned.
9. Related party transactions
At the balance sheet date the company owed a director £nil (2023: £500).