Newood Technology Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 13700536 (England and Wales)

Financial Statements for the Period 25 October 2021 to 31 March 2023

for

Newood Technology Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J S Els

S J Jones

A J Mackie

REGISTERED OFFICE:

Paget House

Unit 8, Curran Road

Cardiff

CF10 5DF

REGISTERED NUMBER:

13700536 (England and Wales)

ACCOUNTANTS:

DHB Accountants Limited

Chartered Accountants

Statutory Auditors

110 Whitchurch Road

Cardiff

CF14 3LY

ASSETS

FIXED ASSETS

Tangible assets

4

7,447

CURRENT ASSETS

Debtors

5

5,838

Cash at bank

100

5,938

13,385

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(48,237

)

(48,137

)

CREDITORS

6

61,522

13,385

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 July 2023 and were signed on its behalf by:

A J Mackie - Director

1.	STATUTORY INFORMATION

Newood Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts are presented in pounds sterling which is the base currency in which the company operates.

The accounts, which disclose a loss and an excess of liabilities over assets, have been prepared on a going concern basis and make no provision for any losses or additional costs that might arise if this were found to be inappropriate. The creditors of the company have agreed to continue their support for the foreseeable future and on this basis the directors are of the opinion that the going concern basis is entirely appropriate.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

10% on cost

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Research & development tax credits

Where claims are made to HMRC for Research & Development tax credits these are credited to profit and loss account when the funds are received or when the amount due can be calculated with reasonable certainty.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

8,275

At 31 March 2023

8,275

DEPRECIATION

Charge for period

828

At 31 March 2023

828

NET BOOK VALUE

At 31 March 2023

7,447

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

5,838

6.

CREDITORS

£

Amounts falling due within one year:

Taxation and social security

272

Other creditors

1,800

2,072

Amounts falling due after more than one year:

Other creditors

59,450

Aggregate amounts

61,522

Other creditors due after more than one year amounting to £59,450 are represented by loans from companies in which one of the directors has an interest and in respect of which he is also a director.

There are no fixed repayment terms for these loans and no interest or security required for them. The creditors have indicated they will not seek repayment until the company is in a position to repay the loans and only then after all other creditors can be satisfied.

7.	ULTIMATE CONTROLLING PARTY

The controlling parties of the company are the shareholders acting together. No one shareholder has a controlling interest.