Registered number
08641357
Newbury Transmissions Ltd
Filleted Accounts
31 August 2024
Newbury Transmissions Ltd
Registered number: 08641357
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 831
Tangible assets 4 24,535 29,840
24,535 30,671
Current assets
Stocks 1,500 1,500
Debtors 5 2,972 22,825
Cash at bank and in hand 67,747 27,055
72,219 51,380
Creditors: amounts falling due within one year 6 (75,149) (76,482)
Net current liabilities (2,930) (25,102)
Total assets less current liabilities 21,605 5,569
Provisions for liabilities (5,464) (5,049)
Net assets 16,141 520
Capital and reserves
Called up share capital 100 100
Profit and loss account 16,041 420
Shareholders' funds 16,141 520
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Green
Director
Approved by the board on 28 April 2025
Newbury Transmissions Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 41,560
At 31 August 2024 41,560
Amortisation
At 1 September 2023 40,729
Provided during the year 831
At 31 August 2024 41,560
Net book value
At 31 August 2024 -
At 31 August 2023 831
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years, in accordance with FRS 102.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 62,895 35,790 98,685
Additions 2,313 - 2,313
At 31 August 2024 65,208 35,790 100,998
Depreciation
At 1 September 2023 41,548 27,297 68,845
Charge for the year 5,495 2,123 7,618
At 31 August 2024 47,043 29,420 76,463
Net book value
At 31 August 2024 18,165 6,370 24,535
At 31 August 2023 21,347 8,493 29,840
5 Debtors 2024 2023
£ £
Trade debtors 1,892 3,018
Other debtors 1,080 19,807
2,972 22,825
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 8,115
Trade creditors 13,567 20,933
Directors' loan account 12,364 -
Taxation and social security costs 44,981 43,197
Other creditors 4,237 4,237
75,149 76,482
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr D Green
Loan 1 9,364 - (9,364) -
Mrs C Green
Loan 1 9,363 - (9,363) -
18,727 - (18,727) -
The loans to Mr D Green and Mrs C Green, were both fully repaid by 26 April 2024.
8 Related party transactions
The brought forward outstanding directors loans at 31/8/2023 in the name of Mr David Green (£9,364) and Mrs Claire Green (£9,363) were both fully repaid on 26 April 2024. Each balance represents the highest amount outstanding in the year. There were no other transactions with the directors.
9 Controlling party
The related and controlling party is considered to be Mr D Green, the director and beneficial owner of 100% of the ordinary share capital
10 Other information
Newbury Transmissions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3
Boundary Road
Newbury
Berkshire
RG14 5RR
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