Company registration number 06352603 (England and Wales)
NEVER SAY NEVER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
NEVER SAY NEVER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
NEVER SAY NEVER LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,078
3,357
Current assets
Stocks
25,000
25,000
Debtors
5
194
226
Cash at bank and in hand
9,444
14,434
34,638
39,660
Creditors: amounts falling due within one year
6
(47,904)
(54,579)
Net current liabilities
(13,266)
(14,919)
Total assets less current liabilities
(9,188)
(11,562)
Creditors: amounts falling due after more than one year
7
(6,250)
(11,574)
Provisions for liabilities
2,521
3,984
Net liabilities
(12,917)
(19,152)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(12,919)
(19,154)
Total equity
(12,917)
(19,152)
NEVER SAY NEVER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 7 May 2025
Mrs J Bennett
Director
Company registration number 06352603 (England and Wales)
NEVER SAY NEVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Never Say Never Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8 The Mall Marlands, Civic Centre Road, Southampton, Hampshire, United Kingdom, SO14 7SJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts received for the manufacture and retail of food and confectionery.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% Reducing Balance
Computers
33% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
NEVER SAY NEVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Company is committed to a rental agreement of £15,000 per annum
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
5
NEVER SAY NEVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
12,909
Additions
2,059
At 31 August 2024
14,968
Depreciation and impairment
At 1 September 2023
9,552
Depreciation charged in the year
1,338
At 31 August 2024
10,890
Carrying amount
At 31 August 2024
4,078
At 31 August 2023
3,357
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
194
226
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,000
5,000
Taxation and social security
2,116
2,578
Other creditors
40,788
47,001
47,904
54,579
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,250
11,574