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Registered number: 13930121
Neol Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Goldwyns London LLP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 13930121
29 February 2024 28 February 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 11,379 9,135
Tangible Assets 5 20,739 13,823
Investments 6 2,514,439 -
2,546,557 22,958
CURRENT ASSETS
Debtors 7 117,214 59,751
Cash at bank and in hand 124,226 3,461,393
241,440 3,521,144
Creditors: Amounts Falling Due Within One Year 8 (90,156 ) (38,496 )
NET CURRENT ASSETS (LIABILITIES) 151,284 3,482,648
TOTAL ASSETS LESS CURRENT LIABILITIES 2,697,841 3,505,606
NET ASSETS 2,697,841 3,505,606
CAPITAL AND RESERVES
Called up share capital 9 427 407
Share premium account 5,294,500 4,508,974
Income Statement (2,597,086 ) (1,003,775 )
SHAREHOLDERS' FUNDS 2,697,841 3,505,606
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr K Alper
Director
14/02/2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Neol Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13930121 . The registered office is C/O Goldwyns London LLP, No.1 Royal Exchange, London, EC3V 3DG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements are prepared in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in UK sterling, which is the financial currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
2.2. Going Concern Disclosure
The directors have considered the prospect of the business for the next twelve months and beyond and has arrived at a reasonable expectation the company will  continue to meet its obligations as they fall due. The directors have also pledged their financial support to assist with this if required. On this basis, the directors will continue to adopt the going concern basis of accounting in preparing the financial statements. 
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets include a Trademark which is amortised to the income statement over its estimated economic life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost and subsequently stated at cost less accumulated depreciation and impairment losses.
Computer Equipment 25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Investments
Investments in listed and unlisted company shares whose market value can be reliably determined are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. For unlisted investments where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
2.6. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.
Deferred Tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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2.8. Financial Instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Convertible debt or similiar compound financial instruments
The company also issues convertible debt that potentially contain both a liability and an equity component.
For convertible debt instruments issued for a year of less than one year, there is no fair value adjustment of the debt component and the instrument is therefore recognised in full (being the total proceeds received) as a liability and the same principal value is transferred to equity on conversion of the loan.
For convertible debt issued for a year greater than one year, the proceeds are allocated accordingly between the liability and equity. In order to determine the apportionment of  the allocation, the debt component is determined using the fair value of a similiar liability that does not have a conversion feature or similiar associated equity component. The residual amount is then treated as the equity component. Transaction costs shall be allocated between the debt component and the equity component on the basis of their relative fair values.
For year subsequent to the issue, the liability element is accounted for as a financial instrument in accordance with Section 11 Basic Financial Instruments.
2.9. Cash And Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.10. Critical Accounting Judgements And Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the year end.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 6 (2023: 8)
6 8
4. Intangible Assets
Trademark
£
Cost
As at 1 March 2023 10,150
Additions 3,621
As at 29 February 2024 13,771
Amortisation
As at 1 March 2023 1,015
Provided during the period 1,377
As at 29 February 2024 2,392
Net Book Value
As at 29 February 2024 11,379
As at 1 March 2023 9,135
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5. Tangible Assets
Computer Equipment
£
Cost
As at 1 March 2023 18,431
Additions 16,578
Disposals (2,749 )
As at 29 February 2024 32,260
Depreciation
As at 1 March 2023 4,608
Provided during the period 6,913
As at 29 February 2024 11,521
Net Book Value
As at 29 February 2024 20,739
As at 1 March 2023 13,823
6. Investments
Listed Unlisted Total
£ £ £
Cost
As at 1 March 2023 - - -
Additions 2,494,268 20,171 2,514,439
As at 29 February 2024 2,494,268 20,171 2,514,439
Provision
As at 1 March 2023 - - -
As at 29 February 2024 - - -
Net Book Value
As at 29 February 2024 2,494,268 20,171 2,514,439
As at 1 March 2023 - - -
7. Debtors
29 February 2024 28 February 2023
£ £
Due within one year
Trade debtors 21,581 20,987
Prepayments and accrued income 78,140 36,856
Other debtors 294 294
VAT recoverable 17,199 1,614
117,214 59,751
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8. Creditors: Amounts Falling Due Within One Year
29 February 2024 28 February 2023
£ £
Trade creditors 55,154 12,482
Other creditors 20,323 -
Accruals and deferred income 14,679 26,014
90,156 38,496
9. Share Capital
29 February 2024 28 February 2023
£ £
Allotted, Called up and fully paid 427 407
The nominal value per share is 0.01 USD. During the year, the company issued 2,500 USD 0.01 Seed Series for a premium of USD 399.99 per share As at 29 February 2024 there are 40,000 Ordinary shares and 17,029 Seed Series in issue.
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