Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-03-01falseNo description of principal activity00falsetrue 11213126 2022-03-01 2023-02-28 11213126 2021-03-01 2022-02-28 11213126 2023-02-28 11213126 2022-02-28 11213126 2021-03-01 11213126 c:Director1 2022-03-01 2023-02-28 11213126 c:RegisteredOffice 2022-03-01 2023-02-28 11213126 c:Agent1 2022-03-01 2023-02-28 11213126 d:CurrentFinancialInstruments 2023-02-28 11213126 d:CurrentFinancialInstruments 2022-02-28 11213126 d:Non-currentFinancialInstruments 2023-02-28 11213126 d:Non-currentFinancialInstruments 2022-02-28 11213126 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11213126 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 11213126 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 11213126 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 11213126 d:ShareCapital 2023-02-28 11213126 d:ShareCapital 2022-02-28 11213126 d:RetainedEarningsAccumulatedLosses 2023-02-28 11213126 d:RetainedEarningsAccumulatedLosses 2022-02-28 11213126 c:OrdinaryShareClass1 2022-03-01 2023-02-28 11213126 c:OrdinaryShareClass1 2023-02-28 11213126 c:OrdinaryShareClass1 2022-02-28 11213126 c:OrdinaryShareClass2 2022-03-01 2023-02-28 11213126 c:OrdinaryShareClass2 2023-02-28 11213126 c:OrdinaryShareClass2 2022-02-28 11213126 c:FRS102 2022-03-01 2023-02-28 11213126 c:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 11213126 c:FullAccounts 2022-03-01 2023-02-28 11213126 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11213126 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 11213126 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 11213126 2 2022-03-01 2023-02-28 11213126 6 2022-03-01 2023-02-28 11213126 1 2023-02-28 11213126 1 2022-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11213126









NILAX LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
NILAX LIMITED
 
 
COMPANY INFORMATION


Director
M P Miller 




Registered number
11213126



Registered office
7 Christie Way
Christie Fields

Manchester

M21 7QY




Accountants
Grant Thornton UK LLP
Chartered Accountants

Landmark, St Peter's Square

1 Oxford Street

Manchester

M1 4PB




Bankers and Investment Managers
Barclays Wealth
1 Churchill Place

Canary Wharf

London

E14 5HP





 
NILAX LIMITED
 

CONTENTS



Page
Accountant's report
 
1
Statement of financial position
 
2 - 3
Notes to the financial statements
 
4 - 9


  
  img67a0.png
Report to the director on the preparation of the unaudited statutory financial statements of Nilax Limited for the year ended 28 February 2023

We have compiled the accompanying financial statements of Nilax Limited (the ‘company’)  based on the information you have provided. These financial statements comprise the Statement of Financial Position of Nilax Limited as at 28 February 2023, and a summary of significant accounting policies and other explanatory information. 

We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.

We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standardsincluding Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Waleswe are subject to its ethical and other professional requirements which are detailed at www.icaew.com.

These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.

Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

This report is made solely to the Company's director  in accordance with the terms of our engagement letter dated 11 July 2023Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Company's director  in this report in accordance with our engagement letter dated 11 July 2023. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director  for our work or for this report.




Grant Thornton UK LLP
Chartered Accountants
Manchester

28 November 2023
Page 1

 
NILAX LIMITED
REGISTERED NUMBER:11213126

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investments
 4 
4,391,437
4,761,572

Current assets
  

Debtors: amounts falling due within one year
 5 
69
69

Cash at bank and in hand
  
112,004
105,868

  
112,073
105,937

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(83,653)
(43,153)

Net current assets
  
 
 
28,420
 
 
62,784

Total assets less current liabilities
  
4,419,857
4,824,356

Creditors: amounts falling due after more than one year
 7 
(3,091,962)
(3,517,200)

Provisions for liabilities
  

Deferred tax
 8 
(226,435)
(282,357)

  
 
 
(226,435)
 
 
(282,357)

Net assets
  
1,101,460
1,024,799


Capital and reserves
  

Called up share capital 
 9 
69
69

Profit and loss account
  
1,101,391
1,024,730

  
1,101,460
1,024,799


Page 2

 
NILAX LIMITED
REGISTERED NUMBER:11213126
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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: 



M P Miller
Director

Date: 27 November 2023

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
NILAX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Nilax Limited is a private limited company registered in England & Wales. 
The registered number is 11213126.
The registered address is 7 Christie Way, Christie Fields, Manchester, M21 7QY. 

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 following principal accounting policies have been applied:

 
2.2

Going concern

In terms of the investments held by the company, there are inevitably inherent uncertainties in the foreseeable future and there can be no certainty in relation to investments made by the company. The investments are held for long term growth and there is an expectation that the investments will fluctuate in value but stabilise over time. Accordingly, the director believes that the company's financial statements should be prepared on the going concern basis.
 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

All foreign exchange gains and losses are presented in profit or loss within 'administration expenses'.

 
2.4

Interest income

Interest income is recognised in  profit or loss  using the effective interest method.

Page 4

 
NILAX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

  
2.5

Other operating income

Other operating income represents dividends receivable from investments and is recognised on a received basis. This also represents gains and losses on the sale of investments and unrealised gains and losses in the change in market value of the investments.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 Statement of Financial Position 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.

 
2.7

Valuation of investments

Investments in listed company shares are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in  profit or loss  for the period.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

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.

Page 5

 
NILAX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.10

Creditors

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

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the profit or loss  if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

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 found, 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. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the
Page 6

 
NILAX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

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.


Employees

The Company has no employees (2022:Nil) other than the director, who did not receive any remuneration (2022: £Nil).


4.


Fixed asset investments





Listed investments

£



Valuation


At 1 March 2022
4,761,572


Additions
835,339


Disposals
(981,788)


Revaluations
(223,686)



At 28 February 2023

4,391,437






Net book value



At 28 February 2023
4,391,437



At 28 February 2022
4,761,572

The historical cost of the listed investments had they not been revalued is £3,485,697, (2022: £3,632,146). 

Page 7

 
NILAX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Debtors

2023
2022
£
£


Called up share capital not paid
69
69



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
44,455
5,875

Director's loan account
31,098
31,098

Accruals
8,100
6,180

83,653
43,153


 The director's loan account is unsecured and non-interest bearing.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
3,091,962
3,517,200


The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2023
2022
£
£


Repayable in full
3,091,962
3,517,200

The loans are interest free, unsecured and due for repayment on 18 April 2043.

Page 8

 
NILAX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
(282,357)
(123,938)


Charged to profit or loss
55,922
(158,419)



At end of year
(226,435)
(282,357)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Capital gains
(226,435)
(282,357)


9.


Share capital

2023
2022
£
£
Allotted, called up and unpaid



1 (2022: 1) A Ordinary share of £9.00
9
9
1 (2022: 1) B Ordinary share of £60.00
60
60

69

69


10.


Transactions with director

The company has security over its assets in the form of a fixed and floating charge and negative pledge, and has guaranteed a loan on behalf of the director, with a maximum potential liability of £1,929,000 (2022: £1,929,000).


11.


Related party transactions

The other loans £3,091,962 (2022: £3,517,200) are due to A Rosenthal, N Miller Anvi and L Weingarten, shareholders and close family members to the director, M P Miller.
The loans are interest free, unsecured and due for repayment on 18 April 2043.
 As at 28 February 2023, an amount of £31,098 (2022: £31,098) is due to the director, M P Miller.
The loan is unsecured and non-interest bearing.

 
Page 9