Company Registration No. 06509594 (England and Wales)
New Beginnings (wisbech) Ltd
Unaudited accounts
for the year ended 29 February 2024
New Beginnings (wisbech) Ltd
Unaudited accounts
Contents
New Beginnings (wisbech) Ltd
Company Information
for the year ended 29 February 2024
Company Number
06509594 (England and Wales)
Registered Office
Index House
St. Georges Lane
Ascot
Berkshire
SL5 7ET
England
New Beginnings (wisbech) Ltd
Statement of financial position
as at 29 February 2024
Tangible assets
43,052
64,578
Cash at bank and in hand
9,927
6,945
Creditors: amounts falling due within one year
(6,001)
(37,415)
Net current assets
212,012
19,406
Total assets less current liabilities
255,064
83,984
Creditors: amounts falling due after more than one year
(170,425)
-
Called up share capital
100
100
Profit and loss account
84,539
83,884
Shareholders' funds
84,639
83,984
For the year ending 29 February 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 director acknowledges his 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 and authorised for issue on 20 June 2025 and were signed on its behalf by
Shoaib Arshid
Director
Company Registration No. 06509594
New Beginnings (wisbech) Ltd
Notes to the Accounts
for the year ended 29 February 2024
New Beginnings (wisbech) Ltd is a private company, limited by shares, registered in England and Wales, registration number 06509594. The registered office is Index House, St. Georges Lane, Ascot, Berkshire, SL5 7ET, England.
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
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:
Plant & machinery
over 5 years
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
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.
New Beginnings (wisbech) Ltd
Notes to the Accounts
for the year ended 29 February 2024
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.
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 (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.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
New Beginnings (wisbech) Ltd
Notes to the Accounts
for the year ended 29 February 2024
4
Tangible fixed assets
Plant & machinery
At 29 February 2024
64,578
Charge for the year
21,526
At 29 February 2024
21,526
At 29 February 2024
43,052
At 28 February 2023
64,578
Amounts falling due within one year
Trade debtors
49,876
49,876
Amounts due from group undertakings etc.
158,210
-
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
(4,887)
18,580
Taxes and social security
34,948
34,948
Other creditors
(24,611)
(16,664)
7
Creditors: amounts falling due after more than one year
2024
2023
8
Average number of employees
During the year the average number of employees was 13 (2023: 13).