NEW VENTURES INTERNATIONAL LIMITED Filleted accounts for Companies House (small and micro)

NEW VENTURES INTERNATIONAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06317797

NEW VENTURES INTERNATIONAL LIMITED

Filleted Unaudited Financial Statements

31 July 2021

NEW VENTURES INTERNATIONAL LIMITED

Statement of Financial Position

31 July 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5	503	629
Investments	6	51,662	51,662
		--------	--------
		52,165	52,291

Current assets

Debtors	7	2,524,089	2,179,059
Cash at bank and in hand		8,093	380,447
		------------	------------
		2,532,182	2,559,506

Creditors: amounts falling due within one year	8	2,696,750		2,701,326
		------------		------------
Net current liabilities			164,568	141,820
			---------	---------
Total assets less current liabilities			( 112,403)	( 89,529)
			---------	--------

Capital and reserves

Called up share capital	30	30
Profit and loss account	( 112,433)	( 89,559)
	---------	--------
Shareholders deficit	( 112,403)	( 89,529)
	---------	--------

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 July 2021 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 .

NEW VENTURES INTERNATIONAL LIMITED

Statement of Financial Position (continued)

31 July 2021

These financial statements were approved by the board of directors and authorised for issue on 28 November 2022 , and are signed on behalf of the board by:

Mr H V Last
Director

Company registration number: 06317797

NEW VENTURES INTERNATIONAL LIMITED

Notes to the Financial Statements

Year ended 31 July 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswwlle Road, London, NW11 0DH.

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.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent 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:

	Fixtures and fittings	-	20% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 August 2020 and 31 July 2021	5,822	5,822
	-------	-------
Depreciation
At 1 August 2020	5,193	5,193
Charge for the year	126	126
	-------	-------
At 31 July 2021	5,319	5,319
	-------	-------
Carrying amount
At 31 July 2021	503	503
	-------	-------
At 31 July 2020	629	629
	-------	-------

6. Investments

	Other investments other than loans
	£
Cost
At 1 August 2020 and 31 July 2021	51,662
	--------
Impairment
At 1 August 2020 and 31 July 2021	–
	--------

Carrying amount
At 31 July 2021	51,662
	--------
At 31 July 2020	51,662
	--------

7. Debtors

	2021	2020
	£	£
Other debtors	2,524,089	2,179,059
	------------	------------

Included in other debtors is a loan to the Fortys Capital Ltd £1,000,000( 2020- £500,000) and interest is charged per month.

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Loans	1,400,000	1,400,001
Corporation tax	33,076	32,500
Social security and other taxes	–	1,827
Other creditors	1,263,674	1,266,998
	------------	------------
	2,696,750	2,701,326
	------------	------------

Included in Creditors as a loans for £1,400,000 (2020 -£ 1,400,000) from Kintol property Company Ltd. Kintol property Company Ltd is a company that is controlled by Mr H Last and family members.

9. Director's advances, credits and guarantees

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

	2021
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr H V Last	232,500	–	232,500
	---------	----	---------

	2020
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr H V Last	132,500	100,000	232,500
	---------	---------	---------

The director paid interest on loan amounting to £4,650 ( £2020-£4,196).