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 2021

Newbay Consulting Limited

Financial Statements

Year ended 31 March 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Newbay Consulting Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£	£

Current assets

Stocks		188,238	–
Debtors	4	82,548	43,431
Cash at bank and in hand		10,260	10,268
		----------	--------
		281,046	53,699

Creditors: amounts falling due within one year	5	85,250		52,789
		----------		--------
Net current assets			195,796		910
			----------		----
Total assets less current liabilities			195,796		910

Creditors: amounts falling due after more than one year	6	46,068	–
		----------	----
Net assets		149,728	910
		----------	----

Capital and reserves

Called up share capital	7	2	2
Profit and loss account		149,726	908
		----------	----
Shareholders funds		149,728	910
		----------	----

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 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 .

Newbay Consulting Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 24 November 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 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 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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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

	2021	2020
	£	£
Trade debtors	27,666	22,823
Other debtors	54,882	20,608
	--------	--------
	82,548	43,431
	--------	--------

5. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	3,932	–
Trade creditors	6,344	–
Accruals and deferred income	2,000	5,250
Corporation tax	68,424	42,599
Social security and other taxes	3,779	4,940
Director loan accounts	771	–
	--------	--------
	85,250	52,789
	--------	--------

The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee.

6. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	46,068	–
	--------	----

The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee.

7. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

8. 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 L Marley	9,823	( 10,594)	( 771)
	-------	--------	----

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

The maximum amount outstanding on the directors loan account during the period was £9,823.

9. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2021	2020	2021	2020
	£	£	£	£
Related parties	–	–	( 382)	2,105
	----	----	----	-------

The amounts owed to related parties are in respect of short-term interest free loans.