Company registration number 14669008 (England and Wales)
NEOV LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
NEOV LTD
COMPANY INFORMATION
Director
D Penic
Secretary
Company number
14669008
Registered office
Accountants
Business address
210 Harrow Manorway
Abbeywood
London
United Kingdom
SE2 9AB
NEOV LTD
CONTENTS
Page
Director's report
1
Accountants' report
2
Income statement
3
Statement of comprehensive income
4
Statement of financial position
5
Statement of changes in equity
6
Notes to the financial statements
7 - 12
NEOV LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -
The director presents his annual report and financial statements for the year ended 28 February 2025.
Principal activities
The principal activity of the company continued to be that of Retail Sales via Mail Order & via Internet]
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
D Penic
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
31 July 2025
NEOV LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF NEOV LTD
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Neov Ltd for the year ended 28 February 2025 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Neov Ltd, as a body, in accordance with the terms of our engagement letter dated 31 July 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Neov Ltd and state those matters that we have agreed to state to the board of directors of Neov Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Neov Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Neov Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Neov Ltd. You consider that Neov Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Neov Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountants
31 July 2025
NEOV LTD
INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
2025
2024
Notes
£
£
Revenue
3
54,327
17,246
Cost of sales
(45,672)
(26,900)
Gross profit/(loss)
8,655
(9,654)
Distribution costs
(3,327)
(2,083)
Administrative expenses
(385)
(183)
Profit/(loss) before taxation
4,943
(11,920)
Tax on profit/(loss)
6
(939)
Profit/(loss) for the financial year
4,004
(11,920)
The income statement has been prepared on the basis that all operations are continuing operations.
NEOV LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 4 -
2025
2024
£
£
Profit/(loss) for the year
4,004
(11,920)
Other comprehensive income
-
-
Total comprehensive income for the year
4,004
(11,920)
NEOV LTD
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2025
28 February 2025
- 5 -
2025
2024
Notes
£
£
£
£
Current assets
-
-
Current liabilities
8
(3,006)
(4,991)
Net current liabilities
(3,006)
(4,991)
Non-current liabilities
9
(4,909)
(6,928)
Net liabilities
(7,915)
(11,919)
Equity
Called up share capital
11
1
1
Retained earnings
(7,916)
(11,920)
Total equity
(7,915)
(11,919)
For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 31 July 2025
D Penic
Director
Company registration number 14669008 (England and Wales)
NEOV LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 March 2023
1
1
Year ended 28 February 2024:
Loss and total comprehensive income
-
(11,920)
(11,920)
Balance at 28 February 2024
1
(11,920)
(11,919)
Year ended 28 February 2025:
Profit and total comprehensive income
-
4,004
4,004
Balance at 28 February 2025
1
(7,916)
(7,915)
Difference - opening bal of PY less adjusted closing bal of PPY
1
-
NEOV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
1
Accounting policies
Company information
Neov Ltd is a private company limited by shares incorporated in England and Wales. The registered office is .
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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.
NEOV LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 8 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
NEOV LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 9 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Analysis per statutory database
-
-
Statutory database analysis does not agree to the trial balance by:
54,327
17,246
NEOV LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
3
Revenue
(Continued)
- 10 -
2025
2024
£
£
Revenue analysed by geographical market
Analysis per statutory database
-
-
Statutory database analysis does not agree to the trial balance by:
54,327
17,246
4
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging:
£
£
Operating lease charges
1,853
-
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
1
1
6
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
939
NEOV LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
6
Taxation
(Continued)
- 11 -
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2025
2024
£
£
Profit/(loss) before taxation
4,943
(11,920)
Expected tax charge based on the standard rate of corporation tax in the UK of 0% (2024: 0%)
Taxation charge in the financial statements
939
-
Reconciliation - the current year tax charge does not reconcile to the above analysis. Please review figures in the database.
(939)
-
7
Financial instruments
8
Current liabilities
2025
2024
Notes
£
£
Bank loans and overdrafts
10
3,006
4,991
9
Non-current liabilities
2025
2024
Notes
£
£
Other borrowings
10
4,909
6,928
10
Borrowings
2025
2024
£
£
Bank overdrafts
3,006
4,991
Other loans
4,909
6,928
7,915
11,919
Payable within one year
3,006
4,991
Payable after one year
4,909
6,928
The long-term loans are secured by fixed charges over [XXX]
NEOV LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
10
Borrowings
(Continued)
- 12 -
[An entity shall disclose information that enables users of its financial statements to evaluate the significance of financial instruments for its financial position and performance. For example, for long term debt such information would normally include the terms and conditions of the debt instrument (such as interest rate, maturity, repayment schedule, and restrictions that the debt instrument imposes on the entity.]
11
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of 0p each
-
-
1
1
12
Operating lease commitments
Lessee
2025-02-282024-02-29falsefalsefalseCCH SoftwareCCH Accounts Production 2024.310D Penic146690082024-02-292025-02-2814669008bus:Director12024-02-292025-02-28146690082025-02-28146690082023-03-012024-02-2814669008core:RetainedEarningsAccumulatedLosses2023-03-012024-02-2814669008core:RetainedEarningsAccumulatedLosses2024-02-292025-02-2814669008core:CurrentFinancialInstrumentscore:WithinOneYear2025-02-2814669008core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2814669008core:Non-currentFinancialInstrumentscore:AfterOneYear2025-02-2814669008core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-28146690082024-02-2814669008core:ShareCapital2025-02-2814669008core:ShareCapital2024-02-2814669008core:RetainedEarningsAccumulatedLosses2025-02-2814669008core:RetainedEarningsAccumulatedLosses2024-02-2814669008core:ShareCapital2023-02-2814669008core:RetainedEarningsAccumulatedLosses2023-02-2814669008core:UKTax2024-02-292025-02-2814669008core:UKTax2023-03-012024-02-2814669008core:CurrentFinancialInstruments2025-02-2814669008core:CurrentFinancialInstruments2024-02-2814669008core:Non-currentFinancialInstruments2025-02-2814669008core:Non-currentFinancialInstruments2024-02-2814669008bus:PrivateLimitedCompanyLtd2024-02-292025-02-2814669008bus:FRS1022024-02-292025-02-2814669008bus:AuditExemptWithAccountantsReport2024-02-292025-02-2814669008bus:FullAccounts2024-02-292025-02-28xbrli:purexbrli:sharesiso4217:GBP