Company Registration No. 12971363 (England and Wales)
Neva Group Limited
Unaudited financial statements
for the period ended 31 March 2022
Pages for filing with the Registrar
Neva Group Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 11
Neva Group Limited
Balance sheet
As at 31 March 2022
Page 1
2022
Notes
£
£
Fixed assets
Intangible assets
3
36,918
Tangible assets
4
913
Investments
5
102
37,933
Current assets
Stocks
236,625
Debtors
6
25,326
Cash at bank and in hand
5,686
267,637
Creditors: amounts falling due within one year
7
(379,948)
Net current liabilities
(112,311)
Net liabilities
(74,378)
Capital and reserves
Called up share capital
8
100
Profit and loss reserves
(74,478)
Total equity
(74,378)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Neva Group Limited
Balance sheet (continued)
As at 31 March 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 20 October 2022 and are signed on its behalf by:
Mr C W Hall
Director
Company Registration No. 12971363
Neva Group Limited
Statement of changes in equity
For the period ended 31 March 2022
Page 3
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 23 October 2020
Period ended 31 March 2022:
Loss and total comprehensive income for the period
-
(74,478)
(74,478)
Issue of share capital
8
100
-
100
Balance at 31 March 2022
100
(74,478)
(74,378)
Neva Group Limited
Notes to the financial statements
For the period ended 31 March 2022
Page 4
1
Accounting policies
Company information
Neva Group Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit B8, Aerodrome Studios, 2-8 Airfield Way, Christchurch, Dorset, BH23 3TS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The financial statements have been prepared for a period which is longer than 12 months as this is the first set of financial statements post incorporation.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided
for the retail of electric boat and associated goods, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Neva Group Limited
Notes to the financial statements (continued)
For the period ended 31 March 2022
1
Accounting policies (continued)
Page 5
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website development
10% straight line
Boat design
10% straight line
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% straight line
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Neva Group Limited
Notes to the financial statements (continued)
For the period ended 31 March 2022
1
Accounting policies (continued)
Page 6
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Neva Group Limited
Notes to the financial statements (continued)
For the period ended 31 March 2022
1
Accounting policies (continued)
Page 7
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Neva Group Limited
Notes to the financial statements (continued)
For the period ended 31 March 2022
1
Accounting policies (continued)
Page 8
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
Number
Total
3
Neva Group Limited
Notes to the financial statements (continued)
For the period ended 31 March 2022
Page 9
3
Intangible fixed assets
Website
Boat
Total
development
design
£
£
£
Cost
At 23 October 2020
Additions
16,450
23,717
40,167
At 31 March 2022
16,450
23,717
40,167
Amortisation and impairment
At 23 October 2020
Amortisation charged for the period
1,349
1,900
3,249
At 31 March 2022
1,349
1,900
3,249
Carrying amount
At 31 March 2022
15,101
21,817
36,918
4
Tangible fixed assets
Plant and machinery
£
Cost
Additions
1,446
At 31 March 2022
1,446
Depreciation and impairment
At 23 October 2020
Depreciation charged in the period
533
At 31 March 2022
533
Carrying amount
At 31 March 2022
913
5
Fixed asset investments
2022
£
Shares in group undertakings and participating interests
102
Neva Group Limited
Notes to the financial statements (continued)
For the period ended 31 March 2022
5
Fixed asset investments (continued)
Page 10
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 23 October 2020
-
Additions
102
At 31 March 2022
102
Carrying amount
At 31 March 2022
102
6
Debtors
2022
Amounts falling due within one year:
£
Other debtors
25,326
7
Creditors: amounts falling due within one year
2022
£
Other creditors
379,948
8
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
Neva Group Limited
Notes to the financial statements (continued)
For the period ended 31 March 2022
Page 11
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
£
990
10
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
The company has taken advantage of the exemption available in section 1AC.35 of FRS 102 from the requirement to disclose transactions with group companies on the grounds that the company is a wholly owned subsidiary within the group.
11
Directors' transactions
Interest was charged at a rate of 2.5% on overdrawn director's loan balances,
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors Loan account 2
2.50
-
30,000
390
(4,780)
25,610
Directors Loan account 1
2.50
-
33,656
387
(5,000)
29,043
-
63,656
777
(9,780)
54,653
During the period a Director made payments on behalf of the company totalling £147,555, this amount remains due at the period end and is held within other creditors.