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Next Generation (Liverpool) Limited

Registration number : 09582008



















Annual Report and Unaudited Financial Statements

for the year ended 31 May 2024

 

Next Generation (Liverpool) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Next Generation (Liverpool) Limited

Company Information

Director

Mr Paul Andrew Rimmer

Registered office

19 Calveley Close
Prenton
Wirral
CH43 2NE

Accountants

McParland Williams Limited
Accountants and Tax Practitioners
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

Next Generation (Liverpool) Limited

(Registration number: 09582008)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

21,983

15,078

Current assets

 

Debtors

6

15,107

1,694

Cash at bank and in hand

 

142,257

103,191

 

157,364

104,885

Creditors: Amounts falling due within one year

7

(42,151)

(26,179)

Net current assets

 

115,213

78,706

Total assets less current liabilities

 

137,196

93,784

Creditors: Amounts falling due after more than one year

7

(3,998)

(7,500)

Provisions for liabilities

(4,177)

(2,865)

Net assets

 

129,021

83,419

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

129,020

83,418

Total equity

 

129,021

83,419

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 November 2024
 

 

Next Generation (Liverpool) Limited

(Registration number: 09582008)
Balance Sheet as at 31 May 2024

.........................................
Mr Paul Andrew Rimmer
Director

   
     
 

Next Generation (Liverpool) Limited

Notes to the Unaudited Financial Statements for the year ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
19 Calveley Close
Prenton
Wirral
CH43 2NE

These financial statements were authorised for issue by the director on 1 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Next Generation (Liverpool) Limited

Notes to the Unaudited Financial Statements for the year ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20 % reducing balance method

Short leasehold additions

Straight line over the remainder of the lease term

Office equipment

33% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Next Generation (Liverpool) Limited

Notes to the Unaudited Financial Statements for the year ended 31 May 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Taxation

Tax charged/(credited) in the income statement

2024
 £

2023
 £

Current taxation

UK corporation tax

26,238

13,527

Deferred taxation

Arising from origination and reversal of timing differences

1,312

1,063

Tax expense in the income statement

27,550

14,590

 

Next Generation (Liverpool) Limited

Notes to the Unaudited Financial Statements for the year ended 31 May 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

6,800

29,420

36,220

Additions

12,669

682

13,351

At 31 May 2024

19,469

30,102

49,571

Depreciation

At 1 June 2023

4,080

17,062

21,142

Charge for the year

3,078

3,368

6,446

At 31 May 2024

7,158

20,430

27,588

Carrying amount

At 31 May 2024

12,311

9,672

21,983

At 31 May 2023

2,720

12,358

15,078

Included within the net book value of land and buildings above is £12,311 (2023 - £2,720) in respect of short leasehold land and buildings.
 

6

Debtors

2024
£

2023
£

Trade debtors

11,668

-

Other debtors

3,439

1,694

15,107

1,694

 

Next Generation (Liverpool) Limited

Notes to the Unaudited Financial Statements for the year ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

7,770

7,770

Taxation and social security

 

34,381

17,772

Other creditors

 

-

637

 

42,151

26,179

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

3,998

7,500

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

9

Related party transactions

Transactions with the director

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Contributions paid to money purchase schemes

4,200

4,200

 

Next Generation (Liverpool) Limited

Notes to the Unaudited Financial Statements for the year ended 31 May 2024

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

3,998

7,500

2024
£

2023
£

Current loans and borrowings

Bank borrowings

3,600

3,600

Other borrowings

4,170

4,170

7,770

7,770