REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2021 |
for |
NEDNIL LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2021 |
for |
NEDNIL LIMITED |
NEDNIL LIMITED (REGISTERED NUMBER: 06018289) |
Contents of the Financial Statements |
for the year ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report | 7 |
NEDNIL LIMITED |
Company Information |
for the year ended 31 December 2021 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
NEDNIL LIMITED (REGISTERED NUMBER: 06018289) |
Balance Sheet |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) |
Capital and reserves |
Called up share capital | 8 |
Retained earnings | 9 | ( |
) |
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 Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
NEDNIL LIMITED (REGISTERED NUMBER: 06018289) |
Notes to the Financial Statements |
for the year ended 31 December 2021 |
1. | Statutory information |
Nednil Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Key source of estimation, uncertainty and judgement |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
(i) Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical, condition of the assets. |
(ii) Stock provisioning |
Stock consists of land owned by the company. The director assesses the value of the land at each period end date to ensure that it is recognised in the financial statements at the lower of cost and net realisable value. Assumptions as to the current state of the property market and other factors are considered when carrying out his assessment. |
(iii) Impairment of debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers multiple factors regarding their recoverability. |
(iv) Impairment of fixed asset investments |
The director makes an assessment of the recoverability of investments at each reporting date. The financial position and solvency of investee companies is considered when reaching his assessment. |
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 |
Computer equipment | - |
Investments in associates |
Investments in associate undertakings are recognised at cost less any provision for impairment. |
NEDNIL LIMITED (REGISTERED NUMBER: 06018289) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
3. | Employees and directors |
The average number of employees during the year was NIL (2020 - NIL). |
NEDNIL LIMITED (REGISTERED NUMBER: 06018289) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
4. | Tangible fixed assets |
Computer |
equipment |
£ |
Cost |
At 1 January 2021 |
Additions |
At 31 December 2021 |
Depreciation |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
5. | Fixed asset investments |
2021 | 2020 |
£ | £ |
Participating interests |
Other loans |
Additional information is as follows: |
Interest in |
associate |
£ |
Cost |
At 1 January 2021 |
and 31 December 2021 |
Provisions |
At 1 January 2021 | 1,769,893 |
Provision for year | 306,745 |
At 31 December 2021 | 2,076,638 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
Other loans |
£ |
At 1 January 2021 |
Repayment in year | ( |
) |
At 31 December 2021 |
NEDNIL LIMITED (REGISTERED NUMBER: 06018289) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
5. | Fixed asset investments - continued |
Interest in associates included within Fixed asset investments represents the company's holding of Ordinary Share Capital of Scarlets Regional Limited at a cost of £2,144,893 (2020: £2,144,893). In the director's view, the value of this investment is £68,255 (2020: £375,000). £1,769,893 of the investment has been provided against in previous accounting periods, with a further provision in the current year of £306,745. |
Other loans included within Fixed asset investments consists of loans with a net book value of £504,343 (2020 : £634,343) due from Scarlets Regional Limited. |
6. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade creditors |
Other creditors |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
9. | Reserves |
Retained |
earnings |
£ |
At 1 January 2021 |
Deficit for the year | ( |
) |
At 31 December 2021 | ( |
) |
10. | Related party disclosures |
The total amount owed to the director as at 31 December 2021 was £1,396,482 (2020: £905,081). During the year, interest has been charged by the director at 6.5% (2020: 6.5%) on this loan. |
Other loans included within Fixed asset investments consists of loans due from an entity in which the company has a participating interest. These loans are included within the accounts at a net book value of £504,343 (2020 : £634,343). |
Amounts included within Other Debtors in 'Debtors due within one year' (Note 6), is an amount of £593,006 (2020 : £Nil) due from a company in which Mr P J Davies is a director. The loan is secured against a specific asset from which the loan will be discharged following its sale. Interest is charged on the amount due at the rate of 6% above the base rate of the Bank of England. |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Nednil Limited |
The following reproduces the text of the report prepared for the director 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 Statement of Comprehensive Income and certain other primary statements and the Report of the Director 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 Nednil Limited for the year ended 31 December 2021 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 director of Nednil Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Nednil Limited and state those matters that we have agreed to state to the director of Nednil Limited 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 Nednil Limited and its director for our work or for this report. |
It is your duty to ensure that Nednil 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 loss of Nednil Limited. You consider that Nednil 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 Nednil 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. |
Chartered Accountants |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |