Company registration number: 15350776
Unaudited financial statements
for the period ended 31 December 2024
for
Newcover Limited
Pages for filing with the Registrar
Company registration number: 15350776
Newcover Limited
Balance sheet
as at 31 December 2024
Note £ £
Fixed assets
Tangible assets 4 76,500
76,500
Current assets
Stocks 27,362
Debtors 35,694
Cash at bank and in hand 24,861
87,917
Creditors: amounts falling due within one
year 		(159,922)
Net current liabilities (72,005)
Total assets less current liabilities 4,495
NET ASSETS 4,495
Capital and reserves
Called up share capital 2
Profit and loss account 4,493
TOTAL EQUITY 4,495
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the period ended 31 December 2024.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 15350776
Newcover Limited
Balance sheet - continued
as at 31 December 2024
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 Profit and loss account has not been delivered to the Registrar.
Signed by:
Mr C Ali, Director
1 January 2025
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Newcover Limited
Notes to the financial statements
for the period ended 31 December 2024
1 Company information
Newcover Limited is a private company registered in England and Wales. Its registered number is 15350776. The company is limited by shares. Its registered office is Academy House, 11 Dunraven Place, Bridgend, CF31 1JF.
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 historic cost convention.
Going concern
In preparing these financial statements, the director has assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the director takes into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The director considers that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
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.:
Plant and machinery - 10% straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first -in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
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Newcover Limited
Notes to the financial statements - continued
for the period ended 31 December 2024
2 Accounting policies - continued
Taxation
Taxation for the period comprises current taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current 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 balance sheet date.
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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
3 Average number of employees
During the period the average number of employees was 4.
4 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
Additions 85,000
At 31 December 2024 85,000
Depreciation
Charge for period 8,500
At 31 December 2024 8,500
Net book value
At 31 December 2024 76,500
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Newcover Limited
Notes to the financial statements - continued
for the period ended 31 December 2024
4 Tangible fixed assets - continued
If Plant & Machinery had not been revalued, it would have been included at the following historical cost:
£
Cost 85,000
Accumulated depreciation 8,500
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