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COMPANY REGISTRATION NUMBER: 10199022
NEWTON ENERGI LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 May 2024
NEWTON ENERGI LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
39,615
38,936
Current assets
Debtors
6
2,461,511
1,521,940
Cash at bank and in hand
134,924
76,590
-------------
-------------
2,596,435
1,598,530
Creditors: amounts falling due within one year
7
( 1,544,720)
( 919,555)
-------------
-------------
Net current assets
1,051,715
678,975
-------------
----------
Total assets less current liabilities
1,091,330
717,911
Creditors: amounts falling due after more than one year
8
( 406,952)
Provisions
( 9,659)
-------------
----------
Net assets
674,719
717,911
-------------
----------
Capital and reserves
Called up share capital
1
1
Profit and loss account
674,718
717,910
----------
----------
Shareholders funds
674,719
717,911
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
NEWTON ENERGI LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 6 February 2025 , and are signed on behalf of the board by:
K W Smithers
Director
Company registration number: 10199022
NEWTON ENERGI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Meadow House, Long Bennington Business Park, Long Bennington, Newark, NG23 5JR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Judgements and key sources of estimation uncertainty In the application of the Company's accounting policies, which are described in note 3, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. - Significant judgements There were no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies. - Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Amounts recoverable on contracts Amounts recoverable on contracts represent services provided during the year, which at the balance sheet date have not been billed to customers. Assumptions have to be made regarding the recoverability of these services, and this is based upon agreed contracts at the time of preparing the accounts. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue for the rendering of services is recognised in the accounting period in which the services are rendered and at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer. Turnover is inclusive of accrued income. Services provided during the year, which at the balance sheet date have not been billed to clients, have been recognised as turnover in accordance with FRS 102 long term contracts and is included in the balance sheet as amounts recoverable on contract. Turnover recognised in this manner is based upon an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20% straight line
Impairment of fixed assets A review for 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 reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 9 ).
5. Tangible assets
Plant and machinery
Website
Total
£
£
£
Cost
At 1 June 2023
64,606
64,606
Additions
2,068
9,856
11,924
---------
-------
---------
At 31 May 2024
66,674
9,856
76,530
---------
-------
---------
Depreciation
At 1 June 2023
25,670
25,670
Charge for the year
11,245
11,245
---------
-------
---------
At 31 May 2024
36,915
36,915
---------
-------
---------
Carrying amount
At 31 May 2024
29,759
9,856
39,615
---------
-------
---------
At 31 May 2023
38,936
38,936
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
22,312
65,660
Amounts recoverable on contracts
1,620,000
900,000
Other debtors
819,199
556,280
-------------
-------------
2,461,511
1,521,940
-------------
-------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
272,550
376,439
Corporation tax
369,514
244,843
Social security and other taxes
42,816
142,187
Other creditors
859,840
156,086
-------------
----------
1,544,720
919,555
-------------
----------
Within Other Creditors are payments on account totalling £150,000 which are secured.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
406,952
----------
----
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
K W Smithers
251,711
284,729
( 262,968)
273,472
J C Smithers
251,710
284,730
( 262,968)
273,472
----------
----------
----------
----------
503,421
569,459
( 525,936)
546,944
----------
----------
----------
----------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
K W Smithers
293,302
243,409
( 285,000)
251,711
J C Smithers
293,302
243,408
( 285,000)
251,710
----------
----------
----------
----------
586,604
486,817
( 570,000)
503,421
----------
----------
----------
----------
Interest is charged on the overdrawn director's loan account.