Neoworld LTD - Accounts to registrar (filleted) - small 18.2
Neoworld LTD - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2018 |
| FOR |
| NEOWORLD LTD |
| NEOWORLD LTD (REGISTERED NUMBER: 08478281) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 30 April 2018 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| NEOWORLD LTD |
| COMPANY INFORMATION |
| for the Year Ended 30 April 2018 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Langley House |
| Park Road |
| East Finchley |
| London |
| N2 8EY |
| NEOWORLD LTD (REGISTERED NUMBER: 08478281) |
| STATEMENT OF FINANCIAL POSITION |
| 30 April 2018 |
| 30.4.18 | 30.4.17 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the director on |
| NEOWORLD LTD (REGISTERED NUMBER: 08478281) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 30 April 2018 |
| 1. | STATUTORY INFORMATION |
| Neoworld LTD is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
| fair value is recognised in profit or loss. |
| This is a departure from the Companies Act which requires assets to be depreciated. However, in the opinion of |
| the directors, property is held primarily for their investment potential and so fair value is of more significance as |
| a measure of consumption. They therefore have applied a true and fair override with respect to investment |
| properties. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial |
| assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to |
| related parties and investments in non-puttable ordinary shares. |
| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other |
| accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently |
| amortised cost using the effective interest method. Debt instruments that are payable or receivable within one |
| year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount |
| of the cash or other consideration expected to be paid or received. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
| objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
| in the Statement of Comprehensive Income. |
| 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 statement of financial position date. |
| NEOWORLD LTD (REGISTERED NUMBER: 08478281) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 April 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the |
| statement of financial position 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of |
| exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
| operating result. |
| 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. |
| Impairment of assets |
| A review of 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 reversals at each reporting date. |
| 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 assets and generates cash inflows that are largely |
| independent of the cash inflows from other assets or group of assets. |
| Employee benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are |
| required to be recognised as part of the cost of stock or fixed assets. |
| The cost of any material unused holiday entitlement is recognised in the period in which the employee's services |
| are received. |
| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to |
| terminate the employment or to provide termination benefits. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| NEOWORLD LTD (REGISTERED NUMBER: 08478281) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 April 2018 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 May 2017 |
| Additions |
| At 30 April 2018 |
| DEPRECIATION |
| At 1 May 2017 |
| Charge for year |
| At 30 April 2018 |
| NET BOOK VALUE |
| At 30 April 2018 |
| At 30 April 2017 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| Additions |
| At 30 April 2018 |
| NET BOOK VALUE |
| At 30 April 2018 |
| The property has been included at fair value as determined by the director. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.4.18 | 30.4.17 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Included in other debtors are prepayments of £733 (2017: £468). |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.4.18 | 30.4.17 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| NEOWORLD LTD (REGISTERED NUMBER: 08478281) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 April 2018 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| Included in other creditors are accruals of £4,000 (2017: £2,000). |
| 8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 April 2018 and |
| 30 April 2017: |
| 30.4.18 | 30.4.17 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| During the year advances of £139,883 were made to the director which were repayable on demand. The |
| shareholders were entitled to a dividend of £48,000 and the director paid for expenses on behalf of the company |
| of £52,576. The company charged interest of £855 at official HMRC interest rates in respect of outstanding loan. |
| The amount owed as at the balance sheet date is disclosed in debtors due within one year. |