New Spirit Naturals Ltd
Registered number: 03755328
Statement of Financial Position
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 3,146 4,268
Current assets
Stocks 7,746 6,634
Debtors 4 1,079 2,407
Cash at bank and in hand 145,792 157,141
154,617 166,182
Creditors: amounts falling due within one year 5 (3,182) (2,435)
Net current assets 151,435 163,747
Total assets less current liabilities 154,581 168,015
Creditors: amounts falling due after more than one year 6 (328,620) (314,965)
Net liabilities (174,039) (146,950)
Capital and reserves
Called up share capital 100 100
Profit and loss account (174,139) (147,050)
Shareholders' funds (174,039) (146,950)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr L Milam
Director
Approved by the board on 30 January 2025
New Spirit Naturals Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Going concern
The company had retained losses as at the balance sheet date which were not covered by the share capital of the company. The company is continuing to trade as the parent company is funding the company in the form of an intercompany loan. The parent company is planning to continue this financial support for the company for the foreseeable future.
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction 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.
Creditors
Short term creditors are measured at transaction 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
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.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 3 3
3 Intangible fixed assets £
Website:
Cost
At 1 May 2023 9,829
Additions 1,335
At 30 April 2024 11,164
Amortisation
At 1 May 2023 5,561
Provided during the year 2,457
At 30 April 2024 8,018
Net book value
At 30 April 2024 3,146
At 30 April 2023 4,268
Website costs are being written off in equal annual instalments over its estimated economic life of 4 years.
4 Debtors 2024 2023
£ £
Prepayments - 500
Other debtors 1,079 1,907
1,079 2,407
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 125
Accruals 2,310 2,310
Other taxes and social security costs 872 -
3,182 2,435
6 Creditors: amounts falling due after one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 328,620 314,965
7 Related party transactions 2024 2023
£ £
New Spirit Naturals Inc
90% shareholder of New Spirit Naturals Limited
Amount due from (to) the related party 328,620 314,965
8 Other information
New Spirit Naturals Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Glennifer Farm
Sandy Lane
Wokingham
Berkshire
RG41 4DD
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