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
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
NEWGENT LTD
Statement of financial position
as at 31 August 2024
Investment property
590,000
540,000
Cash at bank and in hand
62,973
107,310
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
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
NEWGENT LTD
Notes to the Accounts
for the year ended 31 August 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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 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 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.
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
Fair value at 1 September 2023
540,000
Net gain from fair value adjustments
50,000
The investment property has been valued by the director on an open market basis.
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
8
Average number of employees
During the year the average number of employees was 2 (2023: 2).