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REGISTERED NUMBER: 08478281 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

NEOWORLD LTD

NEOWORLD LTD (REGISTERED NUMBER: 08478281)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


NEOWORLD LTD

COMPANY INFORMATION
for the Year Ended 30 April 2024







DIRECTORS: J Arora
R K Talwar





REGISTERED OFFICE: Langley House
Park Road
London
N2 8EY





REGISTERED NUMBER: 08478281 (England and Wales)





ACCOUNTANTS: Accura Accountants Ltd
Langley House
Park Road
East Finchley
London
N2 8EY

NEOWORLD LTD (REGISTERED NUMBER: 08478281)

STATEMENT OF FINANCIAL POSITION
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,609 4,975

CURRENT ASSETS
Debtors 5 3,093,994 1,711,621
Cash at bank and in hand 2,100,309 2,550,683
5,194,303 4,262,304
CREDITORS
Amounts falling due within one year 6 1,837,678 1,265,187
NET CURRENT ASSETS 3,356,625 2,997,117
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,362,234

3,002,092

PROVISIONS FOR LIABILITIES 945 945
NET ASSETS 3,361,289 3,001,147

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,361,189 3,001,047
SHAREHOLDERS' FUNDS 3,361,289 3,001,147

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

NEOWORLD LTD (REGISTERED NUMBER: 08478281)

STATEMENT OF FINANCIAL POSITION - continued
30 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





J Arora - Director


NEOWORLD LTD (REGISTERED NUMBER: 08478281)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Neoworld Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


NEOWORLD LTD (REGISTERED NUMBER: 08478281)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Impairment of assets
A review of 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 reversals at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the assets and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any material unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

NEOWORLD LTD (REGISTERED NUMBER: 08478281)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 31,423
Additions 2,503
At 30 April 2024 33,926
DEPRECIATION
At 1 May 2023 26,448
Charge for year 1,869
At 30 April 2024 28,317
NET BOOK VALUE
At 30 April 2024 5,609
At 30 April 2023 4,975

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 2,044,292 1,093,877
Other debtors 1,049,702 617,744
3,093,994 1,711,621

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 1,229,660 712,485
Taxation and social security 158,968 182,485
Other creditors 449,050 370,217
1,837,678 1,265,187

Included in other creditors are accruals of £23,000 (2023: £23,000) and a provision for an exceptional cost of £240,000 ($300,000) (2022: £240,000) arising from legal and clearance costs of damaged containers within the jurisdiction of Indian Custom & Excise.

NEOWORLD LTD (REGISTERED NUMBER: 08478281)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

30.4.24 30.4.23
£    £   
R K Talwar
Balance outstanding at start of year - -
Amounts advanced 250,377 -
Amounts repaid (89,527 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 160,850 -

Included within the amount advanced is interest of £377 (2023: £nil) charged at the HMRC prescribed rate on the outstanding loan balance. The overdrawn loan balance is repayable on demand and personally guaranteed by the director.