Newhaven Global (UK) Limited Filleted accounts for Companies House (small and micro)

NEWHAVEN GLOBAL (UK) LIMITED - Company Information

2 26 September 2022 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,251 1,135 2,386 226 549 775 1,611 1,025 xbrli:pure xbrli:shares iso4217:GBP 12358561 2021-01-01 2021-12-31 12358561 2021-12-31 12358561 2020-12-31 12358561 2019-12-11 2020-12-31 12358561 2020-12-31 12358561 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 12358561 bus:Director4 2021-01-01 2021-12-31 12358561 core:WithinOneYear 2021-12-31 12358561 core:WithinOneYear 2020-12-31 12358561 core:ShareCapital 2021-12-31 12358561 core:ShareCapital 2020-12-31 12358561 core:RetainedEarningsAccumulatedLosses 2021-12-31 12358561 core:RetainedEarningsAccumulatedLosses 2020-12-31 12358561 bus:SmallEntities 2021-01-01 2021-12-31 12358561 bus:Audited 2021-01-01 2021-12-31 12358561 bus:FullAccounts 2021-01-01 2021-12-31 12358561 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 12358561 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 12358561 bus:OrdinaryShareClass1 2021-12-31 12358561 bus:OrdinaryShareClass1 2020-12-31 12358561 core:OfficeEquipment 2021-01-01 2021-12-31 12358561 core:OfficeEquipment 2020-12-31 12358561 core:OfficeEquipment 2021-12-31

COMPANY REGISTRATION NUMBER: 12358561

Newhaven Global (UK) Limited

Filleted Financial Statements

31 December 2021

Newhaven Global (UK) Limited

Financial Statements

Year ended 31 December 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Newhaven Global (UK) Limited

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Tangible assets	5		1,611		1,025

Current assets

Debtors	6	11,123	46,643
Cash at bank and in hand		49,576	29,078
		--------	--------
		60,699	75,721

Creditors: amounts falling due within one year	7	14,149		36,702
		--------		--------
Net current assets			46,550		39,019
			--------		--------
Total assets less current liabilities			48,161		40,044
			--------		--------
Net assets			48,161		40,044
			--------		--------

Capital and reserves

Called up share capital	8	100	100
Profit and loss account		48,061	39,944
		--------	--------
Shareholders funds		48,161	40,044
		--------	--------

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 Section 1A of 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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 26 September 2022 , and are signed on behalf of the board by:

Mr M Craig

Director

Company registration number: 12358561

Newhaven Global (UK) Limited

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11-12 3rd Floor, 11-12 St James's Square, St James's, London, United Kingdom, SW1Y 4LB.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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.

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:

	Equipment	-	25% straight line

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).

5. Tangible assets

	Equipment
	£
Cost
At 1 January 2021	1,251
Additions	1,135
	-------
At 31 December 2021	2,386
	-------
Depreciation
At 1 January 2021	226
Charge for the year	549
	-------
At 31 December 2021	775
	-------
Carrying amount
At 31 December 2021	1,611
	-------
At 31 December 2020	1,025
	-------

6. Debtors

	2021	2020
	£	£
Trade debtors	6,875	44,630
Prepayments and accrued income	2,171	2,013
Other debtors	2,077	–
	--------	--------
	11,123	46,643
	--------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	2,801	20,542
Accruals and deferred income	9,400	6,867
Corporation tax	1,948	9,215
Social security and other taxes	–	78
	--------	--------
	14,149	36,702
	--------	--------

8. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

9. Summary audit opinion

The auditor's report for the year dated 26 September 2022 was unqualified .

The senior statutory auditor was Gary Redmond Till , for and on behalf of Abbots .

10. Related party transactions

The company has taken advantage of the exemption within FRS 102 which eliminates the requirement to report balances with wholly owned group companies.

11. Controlling party

100% of the issued share capital is owned by Vistra Holdings (UK) Limited. The ultimate parent company is Vistra Group Holdings (BVI) III Limited, a company incorporated and registered in Offshore Incorporations Centre, PO Box 4714, Road Town, Tortola, British Virgin Islands. The largest and smallest of the group undertakings to consolidate these financial statements as at 31 December 2021 is Vistra Group Holdings (BVI) II Limited, a subsidiary of Vistra Group Holdings (BVI) III Limited. The consolidated financial statements of Vistra Group Holdings (BVI) II Limited can be obtained from the company's registered office; the address is stated on page 2 of these accounts.