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Unaudited Financial Statements for the Year Ended 31 July 2024

for

Nelo Rowing UK Limited

Nelo Rowing UK Limited (Registered number: 10871480)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Nelo Rowing UK Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: J A Truswell
S M Kerns





REGISTERED OFFICE: Hannabusses
Thorverton
Devon
EX5 5PJ





REGISTERED NUMBER: 10871480 (England and Wales)





ACCOUNTANTS: Peter Upton
Bridge House
2 Bridge Avenue
Maidenhead
Berkshire
SL6 1RR

Nelo Rowing UK Limited (Registered number: 10871480)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,103 2,410

CURRENT ASSETS
Stocks 5 14,148 14,928
Debtors 6 840 305
Cash at bank and in hand 11,792 17,597
26,780 32,830
CREDITORS
Amounts falling due within one year 7 9,249 16,470
NET CURRENT ASSETS 17,531 16,360
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,634

18,770

PROVISIONS FOR LIABILITIES 8 526 458
NET ASSETS 19,108 18,312

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 19,008 18,212
SHAREHOLDERS' FUNDS 19,108 18,312

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2025 and were signed on its behalf by:





J A Truswell - Director


Nelo Rowing UK Limited (Registered number: 10871480)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Nelo Rowing UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 25% on reducing balance





Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments, which are initially recognised at transaction value and subsequently measured at their settlement value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Nelo Rowing UK Limited (Registered number: 10871480)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 August 2023
and 31 July 2024 3,777 2,287 6,064
DEPRECIATION
At 1 August 2023 1,805 1,849 3,654
Charge for year 197 110 307
At 31 July 2024 2,002 1,959 3,961
NET BOOK VALUE
At 31 July 2024 1,775 328 2,103
At 31 July 2023 1,972 438 2,410

5. STOCKS
31.7.24 31.7.23
£    £   
Stocks 14,148 14,928

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 840 305

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Tax 744 1,291
VAT 313 1,087
Directors' current accounts 7,192 13,192
Accrued expenses 1,000 900
9,249 16,470

8. PROVISIONS FOR LIABILITIES
31.7.24 31.7.23
£    £   
Deferred tax 526 458

Deferred
tax
£   
Balance at 1 August 2023 458
Provided during year 68
Balance at 31 July 2024 526

Nelo Rowing UK Limited (Registered number: 10871480)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Ordinary 1 100 100

10. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors by virtue of their equal interests in the issued share capital of the company.