NEW VENTURES INTERNATIONAL LIMITED Filleted accounts for Companies House (small and micro)

NEW VENTURES INTERNATIONAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06317797

NEW VENTURES INTERNATIONAL LIMITED

Filleted Unaudited Financial Statements

31 July 2017

NEW VENTURES INTERNATIONAL LIMITED

Statement of Financial Position

31 July 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4	1,310	1,637
Investments	5	51,663	51,663
		--------	--------
		52,973	53,300

Current assets

Debtors	6	1,140,239	1,124,611
Cash at bank and in hand		7,401	17,209
		------------	------------
		1,147,640	1,141,820

Creditors: amounts falling due within one year	7	1,263,877		1,260,072
		------------		------------
Net current liabilities			116,237	118,252
			---------	---------
Total assets less current liabilities			( 63,264)	( 64,952)
			--------	--------

Capital and reserves

Called up share capital	30	30
Profit and loss account	( 63,294)	( 64,982)
	--------	--------
Shareholders deficit	( 63,264)	( 64,952)
	--------	--------

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.

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 .

NEW VENTURES INTERNATIONAL LIMITED

Statement of Financial Position (continued)

31 July 2017

These financial statements were approved by the board of directors and authorised for issue on 26 October 2018 , and are signed on behalf of the board by:

Mr H V Last
Director

Company registration number: 06317797

NEW VENTURES INTERNATIONAL 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 Hallswelle House, 1 Hallswwlle Road, London, NW11 0DH.

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.

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 9.

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.

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:

	Fixtures and fittings	-	20% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

4. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 August 2016 and 31 July 2017	5,822	5,822
	-------	-------
Depreciation
At 1 August 2016	4,185	4,185
Charge for the year	327	327
	-------	-------
At 31 July 2017	4,512	4,512
	-------	-------
Carrying amount
At 31 July 2017	1,310	1,310
	-------	-------
At 31 July 2016	1,637	1,637
	-------	-------

5. Investments

	Other investments other than loans
	£
Cost
At 1 August 2016 and 31 July 2017	51,663
	--------
Impairment
At 1 August 2016 and 31 July 2017	–
	--------

Carrying amount
At 31 July 2017	51,663
	--------
At 31 July 2016	51,663
	--------

6. Debtors

	2017	2016
	£	£
Other debtors	1,140,239	1,124,611
	------------	------------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Other creditors	1,263,877	1,260,072
	------------	------------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2017	2016
	£	£
Mr H V Last	132,500	132,500
	---------	---------

The director paid interest on loan amounting to £3,975 ( £2016-3,840).

9. 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.