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Registration number: 1742171

Neatafan Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Neatafan Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 14

 

Neatafan Ltd

Company Information

Director

Mr Steven Groves

Company secretary

Britannia Accountancy & Tax Services Ltd

Registered office

1633 Parkway
Whiteley
Fareham
Hampshire
PO15 7AH

Accountants

Britannia Accountancy & Tax Services Ltd
1633 Parkway
Whiteley
Fareham
Hampshire
PO15 7AH

 

Neatafan Ltd

Director's Report for the Year Ended 30 September 2024

The director presents his report and the financial statements for the year ended 30 September 2024.

Director of the company

The director who held office during the year was as follows:

Mr Steven Groves (appointed 3 September 2024)

Principal activity

The principal activity of the company is manufacture of heating products

Small companies provision statement

This report has 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.

Approved by the director on 20 March 2025 and signed on its behalf by:

.........................................
Mr Steven Groves
Director

   
     
 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Neatafan Ltd
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Neatafan Ltd for the year ended 30 September 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Neatafan Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Neatafan Ltd and state those matters that we have agreed to state to the Board of Directors of Neatafan Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Neatafan Ltd and its Board of Directors as a body for our work or for this report. To the best of our knowledge at the time of preparation; all information contained in this report is accurate, based upon the information and representations made to us by Neatafan Ltd

It is your duty to ensure that Neatafan Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Neatafan Ltd. You consider that Neatafan Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Neatafan Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Britannia Accountancy & Tax Services Ltd
1633 Parkway
Whiteley
Fareham
Hampshire
PO15 7AH

20 March 2025

 

Neatafan Ltd

Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

 

1,117,251

1,018,670

Cost of sales

 

(386,178)

(619,132)

Gross profit

 

731,073

399,538

Distribution costs

 

(785)

(895)

Administrative expenses

 

(637,506)

(639,328)

Other operating income

 

-

250,000

Operating profit

 

92,782

9,315

Profit before tax

4

92,782

9,315

Profit for the financial year

 

92,782

9,315

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Neatafan Ltd

Statement of Comprehensive Income for the Year Ended 30 September 2024

2024
£

2023
£

Profit for the year

92,782

9,315

Total comprehensive income for the year

92,782

9,315

 

Neatafan Ltd

(Registration number: 1742171)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

280,000

315,000

Tangible assets

6

86,798

101,799

 

366,798

416,799

Current assets

 

Stocks

7

118,286

26,253

Debtors

8

472,052

177,662

Cash at bank and in hand

 

54,066

273,159

 

644,404

477,074

Creditors: Amounts falling due within one year

9

(319,487)

(279,940)

Net current assets

 

324,917

197,134

Net assets

 

691,715

613,933

Capital and reserves

 

Called up share capital

10

500

500

Retained earnings

691,215

613,433

Shareholders' funds

 

691,715

613,933

For the financial year ending 30 September 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.

Approved and authorised by the director on 20 March 2025
 

.........................................
Mr Steven Groves
Director

   
     
 

Neatafan Ltd

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Retained earnings
£

Total
£

At 1 October 2023

500

613,433

613,933

Profit for the year

-

92,782

92,782

Dividends

-

(15,000)

(15,000)

At 30 September 2024

500

691,215

691,715

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

500

684,118

684,618

Profit for the year

-

9,315

9,315

Dividends

-

(80,000)

(80,000)

At 30 September 2023

500

613,433

613,933

 

Neatafan Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
1633 Parkway
Whiteley
Fareham
Hampshire
PO15 7AH

These financial statements were authorised for issue by the director on 20 March 2025.

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 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.

 

Neatafan Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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

Plant and machinery

18% on net book value

Vehicles

18% on net book value

Office equipment

18% on net book value

Furniture and fittings

18% on net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

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.

 

Neatafan Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

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.

 

Neatafan Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2023 - 15).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

10,850

22,347

Amortisation expense

35,000

35,000

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

350,000

350,000

At 30 September 2024

350,000

350,000

Amortisation

At 1 October 2023

35,000

35,000

Amortisation charge

35,000

35,000

At 30 September 2024

70,000

70,000

Carrying amount

At 30 September 2024

280,000

280,000

At 30 September 2023

315,000

315,000

The aggregate amount of research and development expenditure recognised as an expense during the period is £68 (2023 - £4,665).
 

 

Neatafan Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

74,464

43,704

286,432

404,600

Disposals

-

(7,769)

(37,366)

(45,135)

At 30 September 2024

74,464

35,935

249,066

359,465

Depreciation

At 1 October 2023

68,032

27,626

207,143

302,801

Charge for the year

1,158

2,146

7,546

10,850

Eliminated on disposal

-

(3,618)

(37,366)

(40,984)

At 30 September 2024

69,190

26,154

177,323

272,667

Carrying amount

At 30 September 2024

5,274

9,781

71,743

86,798

At 30 September 2023

6,432

16,078

79,289

101,799

7

Stocks

2024
£

2023
£

Raw materials and consumables

118,286

1,917

Work in progress

-

24,336

118,286

26,253

8

Debtors

Current

2024
£

2023
£

Trade debtors

136,954

168,948

Prepayments

9,935

8,714

Other debtors

325,163

-

 

472,052

177,662

9

Creditors

Creditors: amounts falling due within one year

 

Neatafan Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

217,034

224,212

Trade creditors

 

63,307

13,476

Taxation and social security

 

28,634

45,723

Accruals and deferred income

 

10,384

7,808

Other creditors

 

128

(11,279)

 

319,487

279,940

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

500

500

500

500

       

11

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

217,034

224,212

12

Dividends

Interim dividends paid

 

2024
£

2023
£

Interim dividend of £0 per each Ordinary share

-

-

     

13

Related party transactions

 

Neatafan Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Director's remuneration

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

2024
£

2023
£

Remuneration

70,877

78,713

Contributions paid to money purchase schemes

22,000

24,000

92,877

102,713