Newbay Consulting Limited Filleted accounts for Companies House (small and micro)

NEWBAY CONSULTING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10062801

Newbay Consulting Limited

Filleted Unaudited Financial Statements

31 March 2020

Newbay Consulting Limited

Financial Statements

Year ended 31 March 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Newbay Consulting Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Current assets

Debtors	4	43,431	49,068
Cash at bank and in hand		10,268	555
		--------	--------
		53,699	49,623

Creditors: amounts falling due within one year	5	52,789		49,607
		--------		--------
Net current assets			910	16
			----	----
Total assets less current liabilities			910	16
			----	----
Net assets			910	16
			----	----

Capital and reserves

Called up share capital	6	2	2
Profit and loss account		908	14
		----	----
Shareholders funds		910	16
		----	----

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 Section 1A of 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 income and retained earnings has not been delivered.

For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 25 January 2021 , and are signed on behalf of the board by:

Mr L Marley
Director

Company registration number: 10062801

Newbay Consulting Limited

Notes to the Financial Statements

Year ended 31 March 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 Printing House, 66 Lower Road, Harrow, HA2 0DH, United Kingdom.

2. 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'.

3. Accounting policies

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 and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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. 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. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

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 in other 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 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.

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 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. Debt instruments are subsequently measured at amortised cost.

4. Debtors

	2020	2019
	£	£
Trade debtors	22,823	30,000
Director's loan account	9,823	19,068
Other debtors	10,785	–
	--------	--------
	43,431	49,068
	--------	--------

5. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	–	1,455
Accruals and deferred income	5,250	1,500
Corporation tax	42,599	43,278
Social security and other taxes	4,940	3,374
	--------	--------
	52,789	49,607
	--------	--------

6. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

7. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr L Marley	19,068	( 9,245)	9,823
	--------	-------	-------

	2019
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr L Marley	10,809	8,259	19,068
	--------	-------	--------

The maximum amount outstanding on the directors loan account during the period was £19,068.