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NEUPC LIMITED
Registration Number 03955576 (England and Wales)
Filleted Unaudited Audited Financial Statements
for the year ended 31 July 2025
NEUPC LIMITED
(Registration Number 03955576)
Audited Financial Statements for the year ended 31 July 2025
BALANCE SHEET
Notes
2025 £
2024 £
Fixed assets
Tangible assets
5
4,846
8,178
Current assets
Debtors
6
390,550
864,927
Cash at bank and in hand
1,229,684
932,258
1,620,234
1,797,185
Current liabilities
Creditors: amounts falling due within one year
7
87,711
269,043
Net current assets
1,532,523
1,528,142
Total assets less current liabilities
1,537,369
1,536,320
Provisions
Taxation including deferred tax
(921)
(1,916)
Net assets
1,536,448
1,534,404
Capital and reserves
Profit and loss account
1,536,448
1,534,404
Members funds
1,536,448
1,534,404
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The audited financial statements were approved and authorised for issue by the Board of Directors on 13 December 2025.
_______________________
_______________________
M I Garfield
R Baxter
Director
Director
Company registration number: 03955576
The notes on pages 3 to 9 form part of these financial statements.
NEUPC LIMITED
(Registration Number 03955576)
Audited Financial Statements for the year ended 31 July 2025
NOTES TO THE FINANCIAL STATEMENTS
1.
Summary of significant accounting policies
1.1
General information and basis of preparation
The company is a private company limited by guarantee, registered in England and Wales (03955576). The address of the registered office is Phoenix House, South Parade, Leeds, England, LS1 5QX.
Phoenix House
South Parade
Leeds
LS1 5QX
Statement of Compliance These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. The financial statements are prepared in sterling (£) which is the functional currency of the company.
1.1
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
1.2
Going Concern
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
NEUPC LIMITED
(Registration Number 03955576)
Audited Financial Statements for the year ended 31 July 2025
NOTES TO THE FINANCIAL STATEMENTS
1.3
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
•Determine whether there are indicators of impairment of the company's current assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
•Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation and the physical condition of the assets. See note 7 for carrying amounts of tangible assets.
•Revenue recognition
Revenue from commission is recognised when notified by third parties that commission is due, based on the level of purchases made by higher education institutions from those third parties. At the year end, an estimate is made of the outstanding commission due relating to the year then ended, based on the amounts notified by those third parties up to the end of September 2025. There is, therefore, a risk of understatement of income in any given year.
NEUPC LIMITED
(Registration Number 03955576)
Audited Financial Statements for the year ended 31 July 2025
NOTES TO THE FINANCIAL STATEMENTS
1. Summary of significant accounting policies (continued)
1.4
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
1.5
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised inother comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enactedor substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.6
Tangible fixed assets
All fixed assets are initially recorded at cost. Assets costing less than £1,000, unless when grouped are greater than £1,000, are written off to the statement of income and retained earnings in the year of purchase.
**Depreciation** Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Asset class
Useful life
Office equipment
3 years
Leasehold Improvements
Over the term of the lease
**Impairment of fixed assets** A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
NEUPC LIMITED
(Registration Number 03955576)
Audited Financial Statements for the year ended 31 July 2025
NOTES TO THE FINANCIAL STATEMENTS
1. Summary of significant accounting policies (continued)
1.7
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
1.8
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
1.9
Defined contribution plans
The company offers its employees the benefits of a Group Stakeholder Pension Scheme with Aviva.The amount charged to the income and expenditure account represents the contributions payable to the scheme in respect of the accounting period. During the year certain staff were members of the Universities Superannuation Scheme (USS), a defined benefit scheme which is contracted out of the State Second Pension (S2P). The assets of the schemes are held in separate trustee administered funds.Because of the mutual nature of the schemes, the schemes' assets are not hypothecated to individual participants and schemewide contribution rates are set. The company is, therefore exposed to actuarial risks associated with other participant employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent andreasonable basis and therefore, as required by FRS102 Section 1A, accounts for the schemes as if they were defined contribution schemes. As a result, the amount charged to the income and expenditure account represents the contribution payable to the schemes in respect of the accounting period.
NEUPC LIMITED
(Registration Number 03955576)
Audited Financial Statements for the year ended 31 July 2025
NOTES TO THE FINANCIAL STATEMENTS
2.
Company limited by guarantee
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
3.
Employees
The average monthly number of employees, including directors, during the year was as follows:
2025
2024
Employees
11
11
4.
Auditor's remuneration
2025
2024
£
£
Fees payable for the audit of the financial statements
5,181
6,664
NEUPC LIMITED
(Registration Number 03955576)
Audited Financial Statements for the year ended 31 July 2025
NOTES TO THE FINANCIAL STATEMENTS
5.
Tangible assets
Balances at year end and movements for the year
Office equipment £
Leasehold Improvements £
Total £
Cost
At 1 August 2024
45,994
25,371
71,365
Additions
2,476
-
2,476
Disposals
(2,151)
-
(2,151)
At 31 July 2025
46,319
25,371
71,690
Depreciation
At 1 August 2024
(37,816)
(25,371)
(63,187)
Charge for the year
(4,776)
-
(4,776)
Disposals
1,119
-
1,119
At 31 July 2025
(41,473)
(25,371)
(66,844)
Net book value
At 1 August 2024
8,178
-
8,178
At 31 July 2025
4,846
-
4,846
6.
Debtors
Debtors comprise:
2025 £
2024 £
Amounts falling due within one year
Trade debtors
(11,744)
241,075
Other debtors
402,294
623,852
390,550
864,927
7.
Creditors: amounts falling due within one year
Creditors: amounts falling due within one year comprise:
2025 £
2024 £
Trade creditors
23,548
70,068
Corporation tax
1,168
84,987
Social security and other taxes
18,733
27,822
Other creditors
44,262
86,166
87,711
269,043
NEUPC LIMITED
(Registration Number 03955576)
Audited Financial Statements for the year ended 31 July 2025
NOTES TO THE FINANCIAL STATEMENTS
8.
Employee benefits
Defined contribution pension plans
The company operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £44,467 (2024: £32,749).
Defined benefit pension plans
The company previously paid contributions towards a defined benefit pension plan for a member of staff seconded to NEUPC Limited. See the accounting policy for defined benefit plans for more information. The amount recognised as an expense in the period was £Nil (2024: £16,403).
9.
Related party transactions
During the year the company received invoices from and issued invoices to, on a commercial basis, a number of universities of which the directors of the company are also senior management personnel.
10.
Summary audit opinion
The auditor's report was unqualified.
The senior statutory auditor was Jeremy Chittleburgh, for and on behalf of CT.
Appendix - Additional XBRL Tags and Values
Accounting standards applied
bus_SmallEntities
Accounts status, audited or unaudited
bus_Audited
Accounts type
bus_FilletedAccounts
Applicable legislation
bus_SmallCompaniesRegimeForAccounts
Average number of employees during the period
11
Average number of employees during the period
11
Balance sheet date
31 July 2025
Date of auditor's report
0001-01-01
Date of authorisation of financial statements for issue
13 December 2025
Director signing Directors' Report
bus_Director1
Director signing financial statements
bus_Director1
End date for period covered by report
31 July 2025
Entity current legal or registered name
NEUPC Limited
Entity is dormant [true/false]
false
Entity trading status
[default]
Legal form of entity
bus_PrivateLimitedCompanyLtd
Name of entity auditors
CT Audit Limited
Name of entity officer
R M Keyworth
Name of entity officer
M I Garfield
Name of entity officer
A Beswick
Name of entity officer
R Askew
Name of entity officer
R Baxter
Name of individual auditor
CT Audit Limited
Name of production software
Draftworx Cloud
Start date for period covered by report
01 August 2024
UK Companies House registered number
03955576