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

NEWMILL CONSULTING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09515624

Newmill Consulting Limited

Filleted Unaudited Financial Statements

30 September 2021

Newmill Consulting Limited

Statement of Financial Position

30 September 2021

	30 Sep 21		31 Mar 20
Note	£	£	£

Fixed assets

Tangible assets	4		–	9,005

Current assets

Debtors	5	66,877		668,608

Creditors: amounts falling due within one year	6	78,404		673,870
		-------		--------
Net current liabilities			11,527	5,262
			-------	------
Total assets less current liabilities			( 11,527)	3,743

Provisions

Taxation including deferred tax	–	1,711
	-------	------
Net (liabilities)/assets	( 11,527)	2,032
	-------	------

Capital and reserves

Called up share capital	7	1,003	1,003
Profit and loss account		( 12,530)	1,029
		-------	------
Shareholders (deficit)/funds		( 11,527)	2,032
		-------	------

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 period ending 30 September 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 period 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 7 December 2022 , and are signed on behalf of the board by:

M. A. Jackson
Director

Company registration number: 09515624

Newmill Consulting Limited

Notes to the Financial Statements

Period from 1 April 2020 to 30 September 2021

1. General information

The company is a private company limited by shares, registered and trading in England and Wales with the company registration number 09515624 . The address of the registered office is 8 Jury Street, Warwick, CV34 4EW. The company trades from Old Hazelwood Green Farm, Preston Bagot, B95 5DX.

2. 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 company and rounded to the nearest £.

Going concern

The company has ceased to trade and is no longer a going concern.

Judgements in applying accounting policies and key sources of estimation in uncertainty

In preparing these financial statements the directors/members have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Motor Vehicles	-	25% reducing balance
Office Equipment	-	25% reducing balance

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Financial instruments

The company only has basic financial instruments. - Financial Assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company/LLP considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.

3.Employee numbers

The average number of persons employed by the company during the period amounted to 3 (2020: Nil).

4. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 April 2020	37,000	712	37,712
Additions	11,900	–	11,900
Disposals	( 48,900)	( 712)	( 49,612)
	-------	----	-------
At 30 September 2021	–	–	–
	-------	----	-------
Depreciation
At 1 April 2020	28,220	487	28,707
Charge for the period	4,532	84	4,616
Disposals	( 32,752)	( 571)	( 33,323)
	-------	----	-------
At 30 September 2021	–	–	–
	-------	----	-------
Carrying amount
At 30 September 2021	–	–	–
	-------	----	-------
At 31 March 2020	8,780	225	9,005
	-------	----	-------

5. Debtors

	30 Sep 21	31 Mar 20
	£	£
Trade debtors	–	632,927
Amounts owed by group undertakings and undertakings in which the company has a participating interest	13,200	13,200
Other debtors	53,677	22,481
	-------	--------
	66,877	668,608
	-------	--------

6. Creditors: amounts falling due within one year

	30 Sep 21	31 Mar 20
	£	£
Social security and other taxes	74,971	37,744
Other creditors	3,433	636,126
	-------	--------
	78,404	673,870
	-------	--------

7. Called up share capital

Issued, called up and fully paid

	30 Sep 21		31 Mar 20
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
Ordinary B shares of £ 1 each	1	1	1	1
Ordinary A1 shares of £ 1 each	500	500	500	500
Ordinary A2 shares of £ 1 each	500	500	500	500
	------	------	------	------
	1,003	1,003	1,003	1,003
	------	------	------	------

2 Ordinary Shares were issued at par on incorporation.

8. Unlawful dividends

The directors acknowledge unlawful dividends were declared and paid. No further distributions have been made and the directors will ensure all creditors are paid.

9. Director's advances, credits and guarantees

At the reporting date the directors loan account was overdrawn by by £53,677 (2020: in credit £634,800). There is no fixed term for repayment and no interest is charged.

10. Related party transactions

The company was under the control of Mr M. Jackson and Mrs P. Jackson throughout the current and previous year.