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REGISTERED NUMBER: 07006972 (England and Wales)















NEWELL'S PROJECTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






NEWELL'S PROJECTS LIMITED (REGISTERED NUMBER: 07006972)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


NEWELL'S PROJECTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTOR: D M Newell





REGISTERED OFFICE: Units 6 and 7
Prial Parc
Weaver Road
Lincoln
Lincolnshire
LN6 3AR





REGISTERED NUMBER: 07006972 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

NEWELL'S PROJECTS LIMITED (REGISTERED NUMBER: 07006972)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 5,820 6,680
Tangible assets 5 441,895 314,765
447,715 321,445

CURRENT ASSETS
Stocks 220,000 715,649
Debtors 6 1,644,014 1,960,770
Cash at bank 1,078,913 1,196,338
2,942,927 3,872,757
CREDITORS
Amounts falling due within one year 7 1,661,808 2,423,692
NET CURRENT ASSETS 1,281,119 1,449,065
TOTAL ASSETS LESS CURRENT LIABILITIES 1,728,834 1,770,510

CREDITORS
Amounts falling due after more than one year 8 (229,092 ) (303,936 )

PROVISIONS FOR LIABILITIES (84,417 ) (65,001 )
NET ASSETS 1,415,325 1,401,573

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 1,415,323 1,401,571
SHAREHOLDERS' FUNDS 1,415,325 1,401,573

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 3 June 2025 and were signed by:



D M Newell - Director


NEWELL'S PROJECTS LIMITED (REGISTERED NUMBER: 07006972)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Newell's Projects 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from plumbing & heating services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference the date on which the work was done.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Construction contracts

When the outcome of a construction project can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


NEWELL'S PROJECTS LIMITED (REGISTERED NUMBER: 07006972)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to income statement in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 2,000 7,600 9,600
AMORTISATION
At 1 October 2023 1,400 1,520 2,920
Charge for year 100 760 860
At 30 September 2024 1,500 2,280 3,780
NET BOOK VALUE
At 30 September 2024 500 5,320 5,820
At 30 September 2023 600 6,080 6,680

NEWELL'S PROJECTS LIMITED (REGISTERED NUMBER: 07006972)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023 729,600
Additions 348,169
Disposals (119,980 )
At 30 September 2024 957,789
DEPRECIATION
At 1 October 2023 414,835
Charge for year 147,301
Eliminated on disposal (46,242 )
At 30 September 2024 515,894
NET BOOK VALUE
At 30 September 2024 441,895
At 30 September 2023 314,765


6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 249,613 315,464
Amounts recoverable on contract 623,082 479,225
Other debtors 622,865 1,017,627
1,495,560 1,812,316

Amounts falling due after more than one year:
Other debtors 148,454 148,454

Aggregate amounts 1,644,014 1,960,770

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 194,776 171,326
Hire purchase contracts (see note 9) 43,987 12,412
Trade creditors 1,038,570 1,616,592
Amounts owed to group undertakings 54,615 254,116
Taxation and social security 220,595 5,838
Other creditors 109,265 363,408
1,661,808 2,423,692

NEWELL'S PROJECTS LIMITED (REGISTERED NUMBER: 07006972)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 70,222 280,212
Hire purchase contracts (see note 9) 158,870 23,724
229,092 303,936

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 43,987 12,412
Between one and five years 158,870 23,724
202,857 36,136

Non-cancellable operating leases
2024 2023
£    £   
Within one year - 16,733

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 202,857 36,136

Hire purchase contracts and finance leases are secured on the related assets.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The director had a directors loan account brought forward of £422,824 overdrawn (2023: £208,858 overdrawn). During the year the director borrowed £145,860 from the company (2023: £635,702) and repaid £557,928 (2023: £421,736). The balance at the year end was £10,756 overdrawn (2023: £422,824 overdrawn).