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Company Registration No. 09165384 (England and Wales)
NEWGENT LTD Annual report and accounts for the year ended 31 August 2024
NEWGENT LTD Annual report and accounts Contents
Page
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NEWGENT LTD Company Information for the year ended 31 August 2024
Directors
R Oddi Mrs J Oddi
Company Number
09165384 (England and Wales)
Registered Office
17 Southdown Avenue Boston Manor London W7 2AG
Accountants
Kaushik Khiroya, AFA LMK ACCOUNTING LTD THE GATEHOUSE GATEHOUSE WAY AYLESBURY HP19 8DB
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NEWGENT LTD Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,337 
655 
Investment property
590,000 
540,000 
591,337 
540,655 
Current assets
Debtors
17,764 
1,500 
Cash at bank and in hand
62,973 
107,310 
80,737 
108,810 
Creditors: amounts falling due within one year
(488,713)
(533,400)
Net current liabilities
(407,976)
(424,590)
Total assets less current liabilities
183,361 
116,065 
Provisions for liabilities
Deferred tax
(21,250)
(8,750)
Net assets
162,111 
107,315 
Capital and reserves
Called up share capital
100 
100 
Revaluation reserve
63,750 
26,250 
Profit and loss account
98,261 
80,965 
Shareholders' funds
162,111 
107,315 
For the year ending 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2025 and were signed on its behalf by
R Oddi Director Company Registration No. 09165384
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NEWGENT LTD Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
NEWGENT LTD is a private company, limited by shares, registered in England and Wales, registration number 09165384. The registered office is 17 Southdown Avenue, Boston Manor, London, W7 2AG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Revenue, described as turnover, represents rents receivable excluding VAT. Turnover is recognised in accordance with the due dates under the terms of the lease agreement.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% Reducing balance
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Financial instruments
Financial instruments are classified by the directors as basic or advanced following the condiTions in FRS 102 section 11. Basic financial instruments, which include trade and other receivables and payables, cash and bank balances, are amortised at cost. Advanced financial instruments which include interest rate swap and forward foreign exchange contracts, are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
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NEWGENT LTD Notes to the Accounts for the year ended 31 August 2024
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 September 2023
1,165 
Additions
864 
At 31 August 2024
2,029 
Depreciation
At 1 September 2023
510 
Charge for the year
182 
At 31 August 2024
692 
Net book value
At 31 August 2024
1,337 
At 31 August 2023
655 
5
Investment property
2024 
£ 
Fair value at 1 September 2023
540,000 
Net gain from fair value adjustments
50,000 
At 31 August 2024
590,000 
The investment property has been valued by the director on an open market basis.
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
17,764 
1,500 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Taxes and social security
6,005 
2,447 
Other creditors
63,570 
61,636 
Loans from directors
417,138 
463,856 
Accruals
2,000 
2,130 
Deferred income
- 
3,331 
488,713 
533,400 
8
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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