Newgrove Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 02775618

Newgrove Limited

Filleted Unaudited Financial Statements

31 July 2017

Newgrove Limited

Financial Statements

Year ended 31 July 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

Newgrove Limited

Statement of Financial Position

31 July 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	945,946	788,605
Tangible assets	6	17,984	8,358
		---------	---------
		963,930	796,963

Current assets

Debtors	7	156,054	131,472
Cash at bank and in hand		156,206	252,672
		---------	---------
		312,260	384,144

Creditors: amounts falling due within one year	8	430,096		301,434
		---------		---------
Net current (liabilities)/assets			( 117,836)	82,710
			---------	---------
Total assets less current liabilities			846,094	879,673

Creditors: amounts falling due after more than one year	9	906,019	912,019
		---------	---------
Net liabilities		( 59,925)	( 32,346)
		---------	---------

Newgrove Limited

Statement of Financial Position (continued)

31 July 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	6,041	6,041
Share premium account	1,175,456	1,175,456
Profit and loss account	( 1,241,422)	( 1,213,843)
	------------	------------
Members deficit	( 59,925)	( 32,346)
	------------	------------

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 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 comprehensive income has not been delivered.

For the year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 6 October 2017 , and are signed on behalf of the board by:

J F Boylan

Director

Company registration number: 02775618

Newgrove Limited

Statement of Changes in Equity

Year ended 31 July 2017

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£
At 1 August 2015	2,730	658,034	( 1,057,285)	( 396,521)

Loss for the year			( 156,558)	( 156,558)
	-------	---------	------------	---------
Total comprehensive income for the year	–	–	( 156,558)	( 156,558)

Issue of shares	3,311	517,422	–	520,733
	-------	---------	------------	---------
Total investments by and distributions to owners	3,311	517,422	–	520,733

At 31 July 2016	6,041	1,175,456	( 1,213,843)	( 32,346)

Loss for the year			( 27,579)	( 27,579)
	-------	------------	------------	---------
Total comprehensive income for the year	–	–	( 27,579)	( 27,579)

	-------	------------	------------	---------
At 31 July 2017	6,041	1,175,456	( 1,241,422)	( 59,925)
	-------	------------	------------	---------

Newgrove Limited

Notes to the Financial Statements

Year ended 31 July 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 Ely Place, London, EC1N 6TD, England.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

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:

Plant & Machinery	-	25% reducing balance
Office Equipment	-	33% 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.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2016: 6 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 August 2016	1,962,503
Additions	424,588
	------------
At 31 July 2017	2,387,091
	------------
Amortisation
At 1 August 2016	1,173,898
Charge for the year	267,247
	------------
At 31 July 2017	1,441,145
	------------
Carrying amount
At 31 July 2017	945,946
	------------
At 31 July 2016	788,605
	------------

6. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 August 2016	3,200	54,637	57,837
Additions	10,657	5,561	16,218
	--------	--------	--------
At 31 July 2017	13,857	60,198	74,055
	--------	--------	--------
Depreciation
At 1 August 2016	2,798	46,681	49,479
Charge for the year	1,512	5,080	6,592
	--------	--------	--------
At 31 July 2017	4,310	51,761	56,071
	--------	--------	--------
Carrying amount
At 31 July 2017	9,547	8,437	17,984
	--------	--------	--------
At 31 July 2016	402	7,956	8,358
	--------	--------	--------

7. Debtors

	2017	2016
	£	£
Trade debtors	9,240	17,739
Other debtors	146,814	113,733
	---------	---------
	156,054	131,472
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	69,853	56,896
Social security and other taxes	11,588	6,814
Other creditors	348,655	237,724
	---------	---------
	430,096	301,434
	---------	---------

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

	2017	2016
	£	£
Other creditors	906,019	912,019
	---------	---------

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.

No transitional adjustments were required in equity or profit or loss for the year.