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Registered Number: 07616015
England and Wales

 

 

 

NEWROOMS (METHWOLD) LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
  2024   2023
    £ £   £ £
Fixed assets   33,630      57,822 
Current assets 237,563      174,814   
Prepayments and accrued income 714      2,175   
Creditors: amount falling due within one year (277,115)     (318,008)  
Net current assets   (38,838)     (141,019)
Total assets less current liabilities   (5,208)     (83,197)
Creditors: amount falling due after more than one year   (132,517)     (139,714)
Provisions for liabilities   (1,110)    
Net assets   (138,835)     (222,911)
 

         
Capital and reserves   (138,835)     (222,911)
 
NOTES TO THE ACCOUNTS

General Information
Newrooms (Methwold) Limited is a private company, limited by shares, registered in England and Wales, registration number 07616015, registration address Newrooms (Methwold) Ltd, The Workshops Brandon Road, Methwold, Thetford, IP26 4RJ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 105 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Motor Vehicles 20% Reducing Balance
Fixtures and Fittings 20% Reducing Balance
Computer Equipment 33% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 April 2023 54,474    74,404    8,811    137,689 
Additions     1,359    1,359 
Disposals (20,138)       (20,138)
At 31 March 2024 34,336    74,404    10,170    118,910 
Depreciation
At 01 April 2023 28,044    47,996    3,827    79,867 
Charge for year 2,064    5,282    2,094    9,440 
On disposals (4,027)       (4,027)
At 31 March 2024 26,081    53,278    5,921    85,280 
Net book values
Closing balance as at 31 March 2024 8,255    21,126    4,249    33,630 
Opening balance as at 01 April 2023 26,430    26,408    4,984    57,822 


3.

Average number of employees including directors


Average number of employees during the year was 8 (2023 : 14).


For the year ended 31 March 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.

The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the micro-entity provisions and FRS 105, the Financial Reporting Standard applicable to the micro-entities regime. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts.
The financial statements were approved by the director on 19 March 2025 and were signed by:


--------------------------------
Jamie Anderson
Director
1