REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
NEEM CONSULTING LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
NEEM CONSULTING LIMITED |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 10 |
Statement of Financial Position | 11 |
Statement of Changes in Equity | 12 |
Statement of Cash Flows | 13 |
Notes to the Statement of Cash Flows | 14 |
Notes to the Financial Statements | 15 |
NEEM CONSULTING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants & Statutory |
Auditors |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Milton Keynes |
Buckinghamshire |
MK12 5NN |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their strategic report for the year ended 31 January 2024. |
PRINCIPAL ACTIVITIES |
The principal activity of the Company is the provision of business and management consultancy, IT Consultancy and Business Software Development. There has been no change in the principal activities of the company during the year. |
Neem has a commitment to diversification, innovation, and client success. This strategic framework outlines key foundations to guide company growth over the next year and beyond. |
1. Market Analysis and Positioning: |
- Conduct a thorough market analysis to identify emerging trends and client needs. |
- Position Neem Consulting as a thought leader by leveraging expertise in areas such as sustainable business practices, digital transformation, and emerging technologies. |
2. Digital Transformation Integration: |
- Embrace and harness cutting-edge technologies to enhance service delivery and client engagement. Implement think-tank ideation sessions to spark creative thinking on how we can explore new and exciting innovations and develop tools using cutting edge digital advancements. |
- Develop tailored digital solutions for clients, leveraging AI, data analytics, and automation to optimise processes and drive efficiency. |
3. Global Expansion: |
- Identify strategic international markets for expansion, considering economic trends and the demand for services. |
- Establish partnerships and collaborations with local businesses to ensure a seamless entry into new markets. |
4. Talent Development and Retention: |
- Invest in ongoing training and development programs for employees to stay ahead of industry trends. |
- Foster a positive workplace culture that promotes innovation, diversity, and inclusivity to attract and retain top-tier talent. |
5. Client-Centric Approach: |
- Enhance the client experience by understanding and addressing their unique challenges and goals. |
- Implement feedback mechanisms to continuously improve service delivery and exceed client expectations. |
6. Strategic Partnerships: |
- Identify and nurture strategic partnerships with specific industry associations that harness our bread-and-butter case studies to back up our offer. For example FMCG suppliers and services (Distribution; Warehouse Services etc); and tech products such as Sanity, SAP etc |
7. Marketing |
- Define new marketing budgets to facilitate the diversification of the client base. Identify key target markets and implement strategic plans to build relationships, raise brand awareness and land new contracts for the delivery of digital tech solutions such as mobile applications, web applications, websites, software etc |
- Position the company as a thought leader through expo attendance, key-note speech, sponsorship, blog writing etc to raise awareness, but also position Neem as a baseline go-to on the digital landscape. We need to raise our voice and ensure it is heard. |
GENERAL BUSINESS | REVIEW | STATEMENT | OF INCOME |
The Company's performance for the year ended 31st January 2024 is in line with the expectations of the directors. The profit before tax and exceptional items for the year is £779,825 (2023: £1,182,989). |
GENERAL BUSINESS | REVIEW STATEMENT | OF FINANCIAL | POSITION |
The Company has positive net assets of £3,215,523 (2023: £2,950,441) strong cash position of £1,441,381 (2023: £841,386) and positive current assets of £5,139,978 (2023: £5,220,733). |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
SECTION | 172(1) STATEMENT |
The directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to: |
· the likely consequences of any decision in the long term; |
· the interest of the Company's employees; |
· the need to foster the Company's business relationships with suppliers, customers and others; |
· the impact of the Company's operations on the community and the environment; |
· the desirability of the Company maintaining a reputation for high standards of business conduct; and |
· the need to act fairly as between members of the Company. |
The Company prepares a budget on an annual basis and also has a 5-year strategic plan. The strategic plan facilitates the directors' consideration of the long term consequences of any decisions including any structural changes. |
The directors understand the importance of strong relationships with employees, customers and suppliers. Further details on what is done to actively promote these relationships are documented in the Directors' Report. |
ON BEHALF OF THE BOARD: |
22 January 2025 |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their report with the financial statements of the company for the year ended 31 January 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of business and management consultancy. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 31 January 2024 will be £ |
DIRECTOR |
Other changes in directors holding office are as follows: |
POLITICAL AND CHARITABLE CONTRIBUTION |
The company made charitable donations of £2,474 (2023: £3,704) in the year. No political donations were made. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
AUDITORS |
The auditors, Ad Valorem Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NEEM CONSULTING LIMITED |
Opinion |
We have audited the financial statements of Neem Consulting Limited (the 'company') for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NEEM CONSULTING LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NEEM CONSULTING LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur, as low by way of enquiry, prior knowledge and current year analytical review and testing. |
We have enquired with management and those charged with governance to obtain an understanding of the legal and regulatory framework applicable to the entity and, through our audit testing, our findings have confirmed that the entity is complying with the relevant frameworks. |
We have enquired with management and those charged with governance to obtain an understanding of the entity's policies and procedures relating to compliance with laws and regulations. Through our testing, we have reviewed all relevant documentation and confirmed that there have been no instances of non- compliance. |
Through enquiry, analytical review, walkthrough testing and substantive testing we have obtained an understanding of the entity's policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud. |
We have confirmed that the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations and fraud. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
Listed above is the extent of procedures we have taken to detect material misstatements in respect of irregularities, including fraud, to which we have found no instances. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NEEM CONSULTING LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants & Statutory |
Auditors |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Milton Keynes |
Buckinghamshire |
MK12 5NN |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JANUARY 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
TURNOVER | 3 |
Direct costs |
GROSS PROFIT |
Administrative expenses |
762,047 | 1,180,141 |
Other operating income |
OPERATING PROFIT | 5 |
Loan written off | 6 | ( |
) | ( |
) |
Provision for doubtful debts | 6 | ( |
) | ( |
) |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 7 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
STATEMENT OF FINANCIAL POSITION |
31 JANUARY 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 12 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 January 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2024 |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 503,610 | 264,008 |
Amount withdrawn by directors | (78,697 | ) | (341,367 | ) |
Equity dividends paid | ( |
) |
Bank Loan | ( |
) |
Inter entity | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,009,497 |
Cash and cash equivalents at end of year | 2 | 1,441,381 | 841,386 |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.1.24 | 31.1.23 |
£ | £ |
Profit/(loss) before taxation | ( |
) |
Depreciation charges |
Loss on disposal of fixed assets |
494,889 | (235,850 | ) |
Decrease in trade and other debtors |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 January 2024 |
31/1/24 | 1/2/23 |
£ | £ |
Cash and cash equivalents | 1,441,381 | 841,386 |
Year ended 31 January 2023 |
31/1/23 | 1/2/22 |
£ | £ |
Cash and cash equivalents | 841,386 | 1,009,497 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/2/23 | Cash flow | At 31/1/24 |
£ | £ | £ |
Net cash |
Cash at bank | 841,386 | 599,995 | 1,441,381 |
841,386 | 1,441,381 |
Total | 841,386 | 599,995 | 1,441,381 |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Neem Consulting Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company. |
ACCOUNTING ESTIMATES AND JUDGEMENTS |
In preparing the financial statements, management were not required to make any estimates or judgements which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities. |
DIVIDENDS |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. |
TANGIBLE FIXED ASSETS |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and fittings - 25% on cost |
Office and computer equipment - 33% on cost |
Motor Vehicle - 25% on cost |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
RESEARCH AND DEVELOPMENT |
Expenditure on research and development is written off in the year in which it is incurred. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
DEBTORS |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
CASH AND CASH EQUIVALENTS |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
CREDITORS |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | TURNOVER |
The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
31.1.24 | 31.1.23 |
£ | £ |
United Kingdom |
Europe |
United States of America |
Asia |
South Africa | 56,381 | 41,394 |
Turnover represents net invoiced sales of services, excluding value added tax. |
4. | EMPLOYEES AND DIRECTORS |
31.1.24 | 31.1.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.1.24 | 31.1.23 |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
31.1.24 | 31.1.23 |
£ | £ |
Director's remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.1.24 | 31.1.23 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Foreign exchange differences |
Director's remuneration |
Audit remuneration |
6. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Provision for doubtful debt | 75,564 | 883,735 |
Loan write off | 258,007 | 579,990 |
A provision for doubtful debt of £75,564 has been included in the accounts as it is believed that the trade debtor balance may no longer be recoverable. |
During the year a loan balance of £258,007, due from a connected party, was written off as it is no longer considered to be recoverable. |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.1.24 | 31.1.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit/(loss) |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
7. | TAXATION - continued |
RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.1.24 | 31.1.23 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Deferred tax | (4,615 | ) | 17,509 |
R & D enhanced deduction | - | (50,410 | ) |
Total tax charge | 170,547 | 28,501 |
8. | DIVIDENDS |
31.1.24 | 31.1.23 |
£ | £ |
Ordinary shares of £1 each |
Interim |
9. | TANGIBLE FIXED ASSETS |
Office |
Fixtures | and |
and | Motor | computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 February 2023 |
Additions |
At 31 January 2024 |
Depreciation |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
Net book value |
At 31 January 2024 |
At 31 January 2023 |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
HOP - Loan | 40,000 | 3,500 |
Georgie King - Loan A/c | - | 8,200 |
Nicola Pickering - Loan A/c | 49,000 | 60,000 |
Director's loan account | 72,365 | 497,278 |
S455 tax recoverable |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax payable |
Social security and other taxes |
VAT | 287,557 | 445,041 |
Other creditors |
Bank Account: COT-Credit Card | 26,481 | 24,807 |
Bank Account: TC-TravelCounsel | 10,267 | 31,610 |
Other Payroll Deductions | 257 | 257 |
Pension Creditors | 6,379 | 134 |
Accrued expenses |
12. | PROVISIONS FOR LIABILITIES |
31.1.24 | 31.1.23 |
£ | £ |
Deferred tax | 12,894 | 17,509 |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Utilised during year | ( |
) |
Balance at 31 January 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.24 | 31.1.23 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
NEEM CONSULTING LIMITED (REGISTERED NUMBER: 06783479) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 January 2024 |
15. | RELATED PARTY DISCLOSURES |
At balance sheet date, the outstanding balances for related parties are as below :- |
Debtor balances | 2024 | 2023 |
DLA - Ronald Tweedie | £72,364 | £497,278 |
HOP - Loan | £40,000 | £3,500 |
Nicola Pickering - Loan Account | £49,000 | £60,000 |
HOP trade debtor balance | £959,299 | £883,735 |
Inter entity - Neem Digital Limited | £101,000 | - |
Creditor balances | 2024 | 2023 |
Inter entity - Neem Digital Limited | - | £1,000 |
During the year a loan balance of £258,007, due from a connected party, was written off as it is no longer considered to be recoverable. |
16. | CONTROLLING PARTY |
Mr R M Tweedie controls the company by virtue of their controlling interest in the company. |