Newman Noggs Ltd 30/04/2020 iXBRL

Newman Noggs Ltd 30/04/2020 iXBRL

NEWMAN NOGGS LTD - Company Information

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Company registration number: 06165672
Newman Noggs Ltd
Unaudited filleted financial statements
30 April 2020
NEWMAN NOGGS LTD
Contents
Statement of financial position
Notes to the financial statements
NEWMAN NOGGS LTD
STATEMENT OF FINANCIAL POSITION
30 APRIL 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 1,511 1,398
_______ _______
1,511 1,398
Current assets
Debtors 6 7 14
Cash at bank and in hand 3,387 53,689
_______ _______
3,394 53,703
Creditors: amounts falling due
within one year 7 ( 4,261) ( 56,249)
_______ _______
Net current liabilities ( 867) ( 2,546)
_______ _______
Total assets less current liabilities 644 ( 1,148)
Provisions for liabilities ( 287) ( 266)
_______ _______
Net assets/(liabilities) 357 ( 1,414)
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 8 355 ( 1,416)
_______ _______
Shareholders funds/(deficit) 357 ( 1,414)
_______ _______
For the year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 January 2021 , and are signed on behalf of the board by:
J M Honywill
Director
Company registration number: 06165672
NEWMAN NOGGS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Coles Cottages, Renney Road, Down Thomas, Plymouth, PL9 0BH.
Principal activity
The principal activity of the company is that of clerical administrators.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 enacted or 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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment - 20 % straight line
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).
5. Tangible assets
Computer equipment Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 May 2019 5,809 1,123 6,932
Additions 1,049 - 1,049
Disposals ( 669) - ( 669)
_______ _______ _______
At 30 April 2020 6,189 1,123 7,312
_______ _______ _______
Depreciation
At 1 May 2019 4,635 899 5,534
Charge for the year 769 34 803
Disposals ( 536) - ( 536)
_______ _______ _______
At 30 April 2020 4,868 933 5,801
_______ _______ _______
Carrying amount
At 30 April 2020 1,321 190 1,511
_______ _______ _______
At 30 April 2019 1,174 224 1,398
_______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 7 14
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Accruals and deferred income 1,637 1,560
Social security and other taxes 2,036 4,881
Other creditors 588 49,808
_______ _______
4,261 56,249
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 May 2019 Loans to / (from) the directors Amounts repaid Balance at 30 April 2020
£ £ £ £
Directors ( 813) ( 834) 1,059 ( 588)
_______ _______ _______ _______
Loans to / (from) directors at 1 May 2018 Loans to / (from) the directors Amounts repaid Balance at 30 April 2019
£ £ £ £
Directors 5,293 ( 20,530) 14,424 ( 813)
_______ _______ _______ _______
The directors loans are interest free and repayable on demand.
10. Covid 19
Although there are no specific known factors which could have an impact on the company's financial statements, it should be noted that as at the end of the financial year there was instability relating to the global health emergency in respect of Coronavirus.