REGISTERED NUMBER: 02316908 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

I.N. NEWMAN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I N Newman

Mrs J A Newman

M J Newman

SECRETARY:

Mrs J A Newman

REGISTERED OFFICE:

Griffin House

55 Winchester Street

Salisbury

SP1 1HL

REGISTERED NUMBER:

02316908 (England and Wales)

ACCOUNTANTS:

Fawcetts LLP

Chartered Accountants

Windover House

St. Ann Street

Salisbury

SP1 2DR

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

495,582

612,711

Investment property

6

578,229

458,229

1,073,812

1,070,941

CURRENT ASSETS

Stocks

68,459

99,089

Debtors

7

239,431

182,506

Cash at bank and in hand

8,475

6,624

316,365

288,219

CREDITORS

Amounts falling due within one year

8

791,958

748,206

NET CURRENT LIABILITIES

(475,593

)

(459,987

)

TOTAL ASSETS LESS CURRENT LIABILITIES

598,219

610,954

CREDITORS

Amounts falling due after more than one year

9

(187,844

)

(308,627

)

PROVISIONS FOR LIABILITIES

(30,000

)

(15,556

)

NET ASSETS

380,375

286,771

CAPITAL AND RESERVES

Called up share capital

11

1,765

1,765

Capital redemption reserve

1,245

1,245

Fair value reserve - Investment property

12

90,000

-

Retained earnings

287,365

283,761

SHAREHOLDERS' FUNDS

380,375

286,771

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

M J Newman - Director

1.	STATUTORY INFORMATION

I.N. Newman 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.

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 as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis. The company is dependent upon the support of the bank who have provided an overdraft facility which, in common with all such facilities, is repayable on demand. In view of the company's good working relationship with the bank, the directors consider it reasonable to rely upon a continuation of the bank overdraft facility. The financial statements do not contain any adjustments which might be necessary were the support, noted above, to be withdrawn.

The financial statements are presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2000, has been written down over its estimated useful life of ten years to a nominal value of £1.

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.

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.

Freehold property

-

2% on cost

Leasehold property

-

10% on cost

Plant and equipment

-

20% on reducing balance

Office equipment

-

33% on cost and 20% on reducing balance

Motor vehicles

-

25% on reducing balance

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the profit and loss account. The cost of fixed assets is their cost, together with any incidental costs of acquisition.

Investment property

Investment property is initially recognised at cost, which includes purchase cost and any directly attributable expenditure.

Investment property whose fair value can be measured reliably without undue cost or effort is measured at fair value at each reporting date. Any fair value gains arising are not realised profits and therefore are transferred to a separately designated non-distributable fair value reserve. Any loss arising from revaluation is also recognised in the fair value reserve unless it represents a loss below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in profit or loss for the year.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 profit and loss account 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 profit and loss account 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 profit or loss in the period to which they relate.

Debtors

Debtors are measured at their recoverable amount.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

73,357

AMORTISATION

At 1 January 2024

and 31 December 2024

73,356

NET BOOK VALUE

At 31 December 2024

1

At 31 December 2023

1

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

479,733

1,624,774

2,104,507

Disposals

-

(55,400

)

(55,400

)

At 31 December 2024

479,733

1,569,374

2,049,107

DEPRECIATION

At 1 January 2024

214,771

1,277,025

1,491,796

Charge for year

9,468

84,431

93,899

Eliminated on disposal

-

(32,170

)

(32,170

)

At 31 December 2024

224,239

1,329,286

1,553,525

NET BOOK VALUE

At 31 December 2024

255,494

240,088

495,582

At 31 December 2023

264,962

347,749

612,711

The net book value of tangible fixed assets includes £83,725 (2023 £134,505) in respect of assets under hire purchase contracts.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

458,229

Revaluations

120,000

At 31 December 2024

578,229

NET BOOK VALUE

At 31 December 2024

578,229

At 31 December 2023

458,229

The fair value (open market basis) of investment property was assessed by the directors as at 31 December 2024 and its valuation was increased by £120,000.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2024

578,229

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

147,723

149,960

Other debtors

91,708

32,546

239,431

182,506

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

166,749

144,133

Hire purchase contracts

43,887

60,035

Trade creditors

290,902

358,272

Taxation and social security

94,228

39,321

Other creditors

196,192

146,445

791,958

748,206

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

134,133

183,136

Hire purchase contracts

4,028

63,394

Other creditors

49,683

62,097

187,844

308,627

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

119,396

99,661

Bank loans

181,486

227,608

Hire purchase contracts

47,915

123,429

348,797

450,698

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,753

Ordinary

£1

1,753

1,753

2

A Ordinary

£1

2

2

5

B Ordinary

£1

5

5

5

C Ordinary

£1

5

5

1,765

1,765

12.

RESERVES

Fair

value

reserve

- Investment

property

£

Fair Value Reserve

90,000

At 31 December 2024

90,000

Fair value reserve: Investment property

This reserve is used to record gains in the fair value of investment properties and losses to the extent that such a loss relates to a previous gain on the same asset. It is also used to record any corresponding deferred tax (charge)/credit on fair value changes in investment property.

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

I N Newman

Balance outstanding at start of year

-

-

Amounts advanced

77,653

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

77,653

-

14.	RELATED PARTY DISCLOSURES

I N Newman has given the bank a personal guarantee of £100,000 as part security for the company bank overdraft and loans.