Newport Imports Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11982133 (England and Wales)

NEWPORT IMPORTS LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2023

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

6

Directors:

C Hammond

J Hammond

Registered office:

First Floor

Saggar House

Princes Drive

Worcester

WR1 2PG

Registered number:

11982133 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

5-6 Greenfield Crescent

Edgbaston

Birmingham

West Midlands

B15 3BE

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newport Imports Limited for the year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Newport Imports Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Newport Imports Limited and state those matters that we have agreed to state to the Board of Directors of Newport Imports Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newport Imports Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Newport Imports Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Newport Imports Limited. You consider that Newport Imports Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Newport Imports Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Cooper Parry Advisory Limited

5-6 Greenfield Crescent

Edgbaston

Birmingham

West Midlands

B15 3BE

27 November 2023

Fixed assets

Tangible assets

4

408

93

Current assets

Debtors

5

179,602

718

Cash at bank

128,221

133,583

307,823

134,301

Creditors

Amounts falling due within one year

6

95,083

67,105

Net current assets

212,740

67,196

Total assets less current liabilities

213,148

67,289

Capital and reserves

Called up share capital

100

100

Retained earnings

213,048

67,189

Shareholders' funds

213,148

67,289

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 applicable to companies subject to the small companies regime.

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 Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:

C Hammond - Director

J Hammond - Director

1.	Statutory information

Newport Imports 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	Employees and directors

The average number of employees during the year was 3 (2022 - 2 ) .

4.	Tangible fixed assets

Computer

equipment

£

Cost

At 1 April 2022

1,042

Additions

478

At 31 March 2023

1,520

Depreciation

At 1 April 2022

949

Charge for year

163

At 31 March 2023

1,112

Net book value

At 31 March 2023

408

At 31 March 2022

93

5.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

41,645

-

Directors' current accounts

136,792

-

VAT

1,165

718

179,602

718

6.

Creditors: amounts falling due within one year

2023

2022

£

£

Trade creditors

5,543

4,715

Corporation tax

78,674

56,511

Social security and other taxes

587

494

Other creditors

7,696

2,758

Directors' current accounts

-

44

Accrued expenses

2,583

2,583

95,083

67,105

7.	Related party disclosures

As at the balance sheet date an amount of £136,792 was owed to the company by its directors (2022 - £44 owed by the company to the directors) and included within debtors. The loan was fully repaid on 6 April 2023.

8.	Ultimate controlling party

The controlling party is C Hammond.