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NCMT Trustee Company Ltd

Registered number: 12334388
Information for filing with Registrar
For the year ended 28 February 2023

 
NCMT TRUSTEE COMPANY LTD
REGISTERED NUMBER: 12334388

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
165,955
165,955

  
165,955
165,955

Current assets
  

Cash and cash equivalents
  
16,855
16,835

  
16,855
16,835

Creditors: amounts falling due within one year
 5 
(183,406)
(183,025)

Net current liabilities
  
 
 
(166,551)
 
 
(166,190)

Total assets less current liabilities
  
(596)
(235)

  

Net liabilities
  
(596)
(235)


Capital and reserves
  

Called up share capital 
 6 
1
1

Profit and loss account
  
(597)
(236)

Total equity
  
(596)
(235)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Smart
Director

Date: 4 October 2023

The notes on pages 2 to 5 form part of these financial statements.

- 1 -

 
NCMT TRUSTEE COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

NCMT Trustee Company Ltd is a private company limited by shares incorporated in England and Wales. The company's registered number is 12334388. The address of its registered office is Siskin Drive, Middlemarch Business Park, Coventry, England, CV3 4FJ.
The principal activity of the company is to hold shares for the benefit of its employees.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound.

 
2.2

Going concern

The financial statements are prepared on a going concern basis. The directors have received confirmation that the parent company will continue to support the company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due in the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

- 2 -

 
NCMT TRUSTEE COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors: amounts falling due within one year

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

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 accounts receivable and payable.
Financial assets
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 identified, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables 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 receipts discounted at a rate of interest.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. 

- 3 -

 
NCMT TRUSTEE COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

3.


Employees

There were no employees during the year other than the directors of the company (2022: 5 directors).


4.


Fixed asset investments





Fixed asset investments

£



Cost


At 1 March 2022
165,955



At 28 February 2023
165,955






Net book value



At 28 February 2023
165,955



At 28 February 2022
165,955


5.


Creditors: amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
183,406
183,025


The amounts owed to group undertakings are unsecured, interest free and repayable on demand.


6.


Called up share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022: 1) Ordinary share of £1
1
1

The company has one class of ordinary shares; each share has attached to it full voting, dividend and capital distribution rights.


7.


Related party transactions

The company is exempt from disclosing related party transactions undertaken with other wholly owned members of the group that have been concluded under normal market conditions.

- 4 -

 
NCMT TRUSTEE COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Post balance sheet events

There have been no significant events affecting the company since the year end.


9.


Controlling party

The immediate and ultimate parent company is NCMT Holdings Limited, a company incorporated in England and Wales. The address of its registered office is Siskin Drive, Middlemarch Business Park, Coventry, England, CV3 4FJ. The ultimate parent undertaking of the smallest and largest group of undertakings for which group accounts are drawn up and of which the company is a member, is NCMT Holdings Limited. Copies of its consolidated accounts are available to the public and may be obtained from Companies House.


10.


Auditor's information

The auditor's report on the financial statements for the year ended 28 February 2023 was unqualified.

The audit report was signed on 4 October 2023 by Yuvan Deena (Senior Statutory Auditor) on behalf of Mazars LLP.

- 5 -