Company Registration No. 13224050 (England and Wales)
NU FLOW LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2023
28 February 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
NU FLOW LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
NU FLOW LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
57,066
63,824
Tangible assets
4
38,808
8,940
95,874
72,764
Current assets
Stocks
420
9,175
Debtors
5
38,470
83,762
Cash at bank and in hand
40,858
137,024
79,748
229,961
Creditors: amounts falling due within one year
6
(18,909)
(63,895)
Net current assets
60,839
166,066
Total assets less current liabilities
156,713
238,830
Creditors: amounts falling due after more than one year
7
(729,407)
(550,593)
Net liabilities
(572,694)
(311,763)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(573,694)
(312,763)
Total equity
(572,694)
(311,763)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
Mr Brian McNamee
Director
Company Registration No. 13224050
NU FLOW LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 28 February 2022:
Period ended 28 February 2022:
Loss and total comprehensive income for the period
-
(312,763)
(312,763)
Issue of share capital
1,000
-
1,000
Balance at 28 February 2022
1,000
(312,763)
(311,763)
Year ended 28 February 2023:
Loss and total comprehensive income for the year
-
(260,931)
(260,931)
Balance at 28 February 2023
1,000
(573,694)
(572,694)
NU FLOW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Nu Flow Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Astoria Court, Tom Dando Close, Normanton Ind Estate, Normanton, WF6 1TP.
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 amounts 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
Going concern
During the year the company took the decision to cease to trade. The cessation of trade was finalised shortly after the year end. As a result the financial statements are prepared on a basis other than that of a going concern. The financial statements do not include any provision for the future costs of terminating the operations of the company.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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.
NU FLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
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:
Intellectual property
Not yet amortised
Intangible assets in progress
Not yet amortised
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:
Leasehold improvements
20% Straight line
Plant and equipment
20% 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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.7
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.
1.8
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
NU FLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
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 payments 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. Amounts 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.
1.9
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
NU FLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
2
3
Intangible fixed assets
Intellectual property
Intangible assets in progress
Total
£
£
£
Cost
At 1 March 2022
2,350
61,474
63,824
Additions
-
1,450
1,450
Disposals
(2,350)
(5,858)
(8,208)
At 28 February 2023
57,066
57,066
Amortisation and impairment
At 1 March 2022 and 28 February 2023
Carrying amount
At 28 February 2023
57,066
57,066
At 28 February 2022
2,350
61,474
63,824
NU FLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2022
3,253
7,087
10,340
Additions
40,009
40,009
Disposals
(3,023)
(3,023)
At 28 February 2023
3,253
44,073
47,326
Depreciation and impairment
At 1 March 2022
651
749
1,400
Depreciation charged in the year
651
6,467
7,118
At 28 February 2023
1,302
7,216
8,518
Carrying amount
At 28 February 2023
1,951
36,857
38,808
At 28 February 2022
2,602
6,338
8,940
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
25,726
Other debtors
38,470
58,036
38,470
83,762
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,229
63,895
Other creditors
9,680
18,909
63,895
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
729,407
550,593
NU FLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Emphasis of matter - Financial statements prepared other than on a going concern basis
We draw attention to note 1.2 in the financial statements, which identifies that the financial statements have been prepared on a basis other than that of going concern. Our opinion is not modified in respect of this matter.
The senior statutory auditor was Daniel Bowles FCCA and the auditor was PM+M Solutions for Business LLP.
9
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
25,256
-
10
Events after the reporting date
After the reporting period on the 12 May 2023 some assets of the company were sold. After this date, the company continued in existence but the trade discontinued.
11
Parent company
The immediate parent undertaking of the company is Nu Flow Technologies 2000 Inc., a company incorporated in Canada. The registered office is 106 McMaster Avenue, Ajax, Ontario, Canada.
The parent undertaking of the largest group to consolidate these financial statements is Aquam Corporation, a company incorporated in Canada. Copies of the group financial statements can be obtained from 106 McMaster Avenue, Ajax, Ontario, Canada.
The ultimate controlling party is Aquam Corporation.
NU FLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 9 -
12
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 28 Feb 2022
£
£
£
Fixed assets
Other intangibles
716,090
(652,266)
63,824
Creditors due after one year
Other creditors
(1,275,333)
724,740
(550,593)
Net assets
(384,237)
72,474
(311,763)
Capital and reserves
Profit and loss reserves
(385,237)
72,474
(312,763)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 28 February 2022
£
£
£
Administrative expenses
(277,819)
72,474
(205,345)
Loss for the financial period
(385,237)
72,474
(312,763)
Notes to reconciliation
During the period ended 28 February 2022, the company incorrectly assessed the ownership of an intangible asset. The asset has now been allocated to the correct company and a prior year adjustment has been made to remove the asset and associated amortisation.
The adjustment to the Profit and Loss account has created a reversal of amortisation charged of £72,474.
2023-02-282022-03-01false29 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr Brian McNameeMr Daniel Squillerfalse132240502022-03-012023-02-28132240502023-02-28132240502022-02-2813224050core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-02-2813224050core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-02-2813224050core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-02-2813224050core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-02-2813224050core:LandBuildings2023-02-2813224050core:OtherPropertyPlantEquipment2023-02-2813224050core:LandBuildings2022-02-2813224050core:OtherPropertyPlantEquipment2022-02-2813224050core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2813224050core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2813224050core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2813224050core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-2813224050core:CurrentFinancialInstruments2023-02-2813224050core:CurrentFinancialInstruments2022-02-2813224050core:ShareCapital2023-02-2813224050core:ShareCapital2022-02-2813224050core:RetainedEarningsAccumulatedLosses2023-02-2813224050core:RetainedEarningsAccumulatedLosses2022-02-2813224050bus:Director12022-03-012023-02-2813224050core:RetainedEarningsAccumulatedLosses2021-02-242022-02-28132240502021-02-242022-02-2813224050core:RetainedEarningsAccumulatedLosses2022-03-012023-02-2813224050core:ShareCapital2021-02-242022-02-2813224050core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2813224050core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-012023-02-2813224050core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-03-012023-02-2813224050core:LeaseholdImprovements2022-03-012023-02-2813224050core:PlantMachinery2022-03-012023-02-2813224050core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-02-2813224050core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-02-28132240502022-02-2813224050core:LandBuildings2022-02-2813224050core:OtherPropertyPlantEquipment2022-02-2813224050core:LandBuildings2022-03-012023-02-2813224050core:OtherPropertyPlantEquipment2022-03-012023-02-2813224050core:WithinOneYear2023-02-2813224050core:WithinOneYear2022-02-2813224050core:Non-currentFinancialInstruments2023-02-2813224050core:Non-currentFinancialInstruments2022-02-2813224050core:ContinuingOperations2021-02-242022-02-2813224050bus:PrivateLimitedCompanyLtd2022-03-012023-02-2813224050bus:SmallCompaniesRegimeForAccounts2022-03-012023-02-2813224050bus:FRS1022022-03-012023-02-2813224050bus:Audited2022-03-012023-02-2813224050bus:Director22022-03-012023-02-2813224050bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP