Newicon Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Newicon Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05904359 . The registered office is Dirac Crescent, The Innovation Centre, Emersons Green, Bristol, BS16 7FR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Significant judgements and estimations

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or there 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.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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Newicon Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% RB
Computer Equipment	25% RB

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.7. Financial Instruments

The company holds basic financial instruments as defined in FRS102. 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, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition.

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.

...CONTINUED

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Newicon Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.8. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

No contributions were payable to the fund at the balance sheet date.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 26 (2023: 28)

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2024	510

As at 31 December 2024	510

Net Book Value
As at 31 December 2024	510

As at 1 January 2024	510

5. Tangible Assets

	Plant & Machinery	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	25,757	39,762	65,519
Additions	-	9,445	9,445

As at 31 December 2024	25,757	49,207	74,964

...CONTINUED

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Newicon Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Depreciation
As at 1 January 2024	25,757	16,068	41,825
Provided during the period	-	6,671	6,671
Impairment losses	-	2,424	2,424

As at 31 December 2024	25,757	25,163	50,920

Net Book Value
As at 31 December 2024	-	24,044	24,044

As at 1 January 2024	-	23,694	23,694

6. Investments

	Unlisted
	£
Cost
As at 1 January 2024	25,000
Disposals	(25,000 )

As at 31 December 2024	-

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	25,000

7. Debtors

	31 December 2024	31 December 2023
	£	£
Due within one year
Trade debtors	251,638	135,314
Other debtors	16,301	14,638

	267,939	149,952
Due after more than one year
Other debtors	6,617	5,924

	274,556	155,876

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Newicon Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 December 2023
	£	£
Net obligations under finance lease and hire purchase contracts	3,753	3,753
Trade creditors	11,854	1,414
Bank loans and overdrafts	53,091	48,928
Other creditors	16,279	14,930
Taxation and social security	216,690	89,073

	301,667	158,098

9. Creditors: Amounts Falling Due After More Than One Year

	31 December 2024	31 December 2023
	£	£
Net obligations under finance lease and hire purchase contracts	887	4,640
Bank loans	161,200	209,347

	162,087	213,987

10. Obligations Under Finance Leases and Hire Purchase

	31 December 2024	31 December 2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	3,753	3,753
Later than one year and not later than five years	887	4,640

	4,640	8,393

	4,640	8,393

11. Share Capital

	31 December 2024	31 December 2023
	£	£
Allotted, Called up and fully paid	180	180

12. Directors Advances, Credits and Guarantees

At the year end, the company owes the directors £14,278.

The loans are unsecured, interest free and repayable on demand.

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		31 December 2024		31 December 2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		510		510
Tangible Assets	5		24,044		23,694
Investments	6		-		25,000

			24,554		49,204
CURRENT ASSETS
Debtors	7	274,556		155,876
Cash at bank and in hand		356,772		189,124

		631,328		345,000
Creditors: Amounts Falling Due Within One Year	8	(301,667 )		(158,098 )

NET CURRENT ASSETS (LIABILITIES)			329,661		186,902

TOTAL ASSETS LESS CURRENT LIABILITIES			354,215		236,106

Creditors: Amounts Falling Due After More Than One Year	9		(162,087 )		(213,987 )

NET ASSETS			192,128		22,119

CAPITAL AND RESERVES
Called up share capital	11		180		180
Capital redemption reserve			(61,980 )		(61,980 )
Profit and Loss Account			253,928		83,919

SHAREHOLDERS' FUNDS			192,128		22,119

Mr M E Probert Director	Mr S A O'Brien Director
31 March 2025