Registered number
12416647
Nexus Search Limited
Filleted Accounts
31 December 2022
Nexus Search Limited
Registered number: 12416647
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 32,545 13,260
Investments 4 242,714 -
275,259 13,260
Current assets
Debtors 5 1,187,845 624,123
Cash at bank and in hand 1,131,472 953,580
2,319,317 1,577,703
Creditors: amounts falling due within one year 7 (772,717) (431,795)
Net current assets 1,546,600 1,145,908
Total assets less current liabilities 1,821,859 1,159,168
Provisions for liabilities (8,137) (1,315)
Net assets 1,813,722 1,157,853
Capital and reserves
Called up share capital 135 150
Capital redemption reserve 15 -
Profit and loss account 1,813,572 1,157,703
Shareholders' funds 1,813,722 1,157,853
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Johnny Smyth
Director
Approved by the board on 24 October 2023
Nexus Search Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover arising from the placement of permanent candidates is recognised when the company has fulfilled its contractual obligations in accordance with the underlying contracts. Depending on the terms and conditions agreed with the hiring client, this is normally when a candidate accepts an offer of employment and a start date has been determined.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant, equipment, fixtures & fittings 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
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. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 22 14
3 Tangible fixed assets
Furniture and Fittings Computer Equipment Total
£ £ £
Cost
At 1 January 2022 825 17,022 17,847
Additions 7,199 16,483 23,682
At 31 December 2022 8,024 33,505 41,529
Depreciation
At 1 January 2022 286 4,301 4,587
Charge for the year 784 3,613 4,397
At 31 December 2022 1,070 7,914 8,984
Net book value
At 31 December 2022 6,954 25,591 32,545
At 31 December 2021 539 12,721 13,260
4 Investments
Other
investments Total
£ £
Cost
Additions 250,000 250,000
Gain/(loss) in the year (206) (206)
Revaluation (7,080) (7,080)
Fair value at 31 December 2022 242,714 242,714
Historical cost
At 31 December 2022 250,000
5 Debtors 2022 2021
£ £
Trade debtors 405,918 483,696
Other debtors 781,927 140,427
1,187,845 624,123
6 Investments held as fixed assets 2022 2021
£ £
Fair value
Listed investments 242,714 -
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments (7,080) -
7 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 43,816 7,049
Taxation and social security costs 353,096 342,200
Derivative Financial Instrument 84,037 -
Other creditors 291,768 82,546
772,717 431,795
8 Related Party Transactions Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Johnny Smyth - 1,265 - 1,265
Fraser McLeod - 311 - 311
Max Fitzgerald - 3,519 - 3,519
- 5,095 - 5,095
During the period the company made the above advances to the directors all of which were
repaid in full on 31 July 2023.
On 26 August 22, the company redeemed 15 Ordinary shares of £1.00 from Stanley King for
a total consideration of £41,000. The redemption was financed through reserves.
9 Other information
Nexus Search Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 Harp Lane
London
EC3R 6DP
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