New Venture Products Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04985393 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

New Venture Products Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Rudge

Ms S F Allen-Stevens

SECRETARY:

REGISTERED OFFICE:

Unit 8 The Glenmore Centre

Grove Business Park

Downsview Road

Wantage

Oxfordshire

OX12 9GN

REGISTERED NUMBER:

04985393 (England and Wales)

ACCOUNTANTS:

Smiths Chartered Accountants

Unit 114 Boston House

Grove Technology Park

Wantage

Oxfordshire

OX12 9FF

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

4,598

5,648

4,598

5,648

CURRENT ASSETS

Stocks

84,434

77,500

Debtors

6

16,290

14,740

Cash at bank and in hand

5,667

41,061

106,391

133,301

CREDITORS

Amounts falling due within one year

7

68,031

68,779

NET CURRENT ASSETS

38,360

64,522

TOTAL ASSETS LESS CURRENT LIABILITIES

42,958

70,170

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

9

41,958

69,170

SHAREHOLDERS' FUNDS

42,958

70,170

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 19 September 2017 and were signed on its behalf by:

S Rudge - Director

1.	STATUTORY INFORMATION

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

30% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year 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 year 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

17,500

AMORTISATION

At 1 January 2016

and 31 December 2016

17,500

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2016

13,573

14,273

27,846

Additions

415

316

731

At 31 December 2016

13,988

14,589

28,577

DEPRECIATION

At 1 January 2016

9,947

12,251

22,198

Charge for year

1,010

771

1,781

At 31 December 2016

10,957

13,022

23,979

NET BOOK VALUE

At 31 December 2016

3,031

1,567

4,598

At 31 December 2015

3,626

2,022

5,648

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

10,410

10,551

Other debtors

5,880

4,189

16,290

14,740

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

56,307

45,052

Taxation and social security

9,048

14,202

Other creditors

2,676

9,525

68,031

68,779

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

£

£

100

Ordinary Shares

£1

1,000

1,000

9.

RESERVES

Retained

earnings

£

At 1 January 2016

69,170

Deficit for the year

(7,212

)

Dividends

(20,000

)

At 31 December 2016

41,958

10.	ULTIMATE CONTROLLING PARTY

11.	FIRST YEAR ADOPTION

The Company has transitioned to FRS 102 from previously being prepared under the historical cost

convention and in accordance with the Financial Reporting Standards for Smaller Entities (effective

January 2016) as at 1st January 2016.

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

No reconciliation of profit or loss were required