Newcav Finance Limited |
Registered number: 08947162 |
Balance Sheet |
at 31 March 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Investments in financial assets |
3 |
|
|
74,456 |
|
|
55,084 |
Investments in associates |
3 |
|
|
35 |
|
|
35 |
Total fixed assets |
|
|
|
74,491 |
|
|
55,119 |
|
|
|
|
|
|
|
|
Current assets |
Debtors |
4 |
|
|
550,000 |
|
|
- |
Cash at bank and in hand |
|
|
|
1,125,275 |
|
|
990,187 |
|
|
|
|
1,675,275 |
|
|
990,187 |
|
Creditors: amounts falling due within one year |
5 |
|
|
(682,301) |
|
|
(2,658) |
|
|
|
|
|
|
|
|
Net current assets |
|
|
|
992,974 |
|
|
987,529 |
|
Total assets less current liabilities and net assets |
|
|
|
1,067,465 |
|
|
1,042,648 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
2 |
|
|
2 |
Retained earnings |
|
|
|
1,067,463 |
|
|
1,042,646 |
|
Shareholders' funds |
|
|
|
1,067,465 |
|
|
1,042,648 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit of its financial statements under section 477 of the Companies Act 2006 ('the Act') for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
In accordance with section 444 of the Act, neither the profit and loss account nor the directors' report for the year ended 31 March 2024 are delivered. |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. |
|
|
|
|
M D Thompson |
Director |
Approved by the board on 17 February 2025 |
|
The notes on pages 2 to 3 form part of these financial statements. |
|
Newcav Finance Limited |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
|
1 |
Accounting policies |
|
|
Basis of preparation of financial statements |
|
The financial statements have been prepared in accordance with the provisions of FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") (as applied to small entities by section 1A of the standard) and the Companies Act 2006 ("the Act"). A summary of the material accounting policies, which have been consistently applied, and which have remained unchanged from the previous period, is given below. |
|
|
Investments in associates, jointly controlled entities and other equity share investments |
|
Investments are treated as investments in associates where it is considered the company has significant influence in the entity invested in. Investments in associates, jointly controlled entities and other equity share investments are stated at cost, being the fair value of consideration payable for the acquisition, including related acquisition costs. Investments are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is assessed by reference to the net present value of expected future cash flows of the relevant investment, or the net equity of the investment at the date of the review. Investments are classified as fixed asset investments where it is expected the investments will constitute a continuing long-term part of the company's activities. In the absence of such a long-term expectation, investments are classified as current asset investments. Income from all investments is accounted for in the profit and loss account upon whichever is the earlier of either being advised of quantified entitlement to share of profit by the investments or receipt of profit distributions from the investments. |
|
|
Jointly controlled assets |
|
Where the company considers the nature of its interest in a partnership amounts to joint control of the assets and liabilities of the partnership, the company recognises in its financial statements its shares of the assets, liabilities income and expenses of the partnership. Where the company does not consider the interest amounts to joint control of the assets and liabilities of the partnership, the investment is treated as a jointly controlled entity. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences arising from the recognition of income and expenses in the financial statements in periods different from those in which they are included 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 balance sheet date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. |
|
2 |
Employees |
2024 |
|
2023 |
|
|
The average number of employees during the year, including directors, was |
|
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
3 |
Investments |
Jointly |
controlled |
Investments |
& equity share |
in |
investments |
associates |
Total |
£ |
£ |
£ |
|
Cost and net book value |
|
At 1 April 2023 |
55,084 |
|
35 |
|
55,119 |
|
Additions |
20,000 |
|
- |
|
20,000 |
|
Disposals |
(628) |
|
- |
|
(628) |
|
At 31 March 2024 |
74,456 |
|
35 |
|
74,491 |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
550,000 |
|
- |
|
|
|
|
|
|
550,000 |
|
- |
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Corporation tax |
7,952 |
|
1,226 |
|
Amounts owed to related parties |
673,099 |
|
182 |
|
Accruals and deferred income |
1,250 |
|
1,250 |
|
|
|
|
|
|
682,301 |
|
2,658 |
|
|
Amounts owed to related parties includes £672,916 (2023 - £nil) loaned to the company for a period of less than one year, on an interest-free basis, by a shareholder-director of the company. |
|
6 |
Statutory information |
|
|
Newcav Finance Limited is a private company limited by shares and incorporated in England and Wales, registration number 08947162. Its registered office is Treviot House, 186-192 High Road, Ilford, Essex, IG1 1LR. |