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Registration number: 02895088

NBG Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

NBG Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

NBG Limited

Company Information

Directors

Mr D G Tulip

Mr M Matthews

Mr M Morgan

Mr D English

Mr T Midwood

Mr W A Clark

Company secretary

Mr D English

Registered office

31-33 Chapel Hill
Huddersfield
West Yorkshire
HD1 3ED

Accountants

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

 

NBG Limited

(Registration number: 02895088)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
Restated
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

3,501

2,772

Other financial assets

-

5,000

 

3,502

7,773

Current assets

 

Debtors

6

220,943

106,007

Cash at bank and in hand

 

402,430

445,007

 

623,373

551,014

Creditors: Amounts falling due within one year

7

(142,044)

(217,606)

Net current assets

 

481,329

333,408

Net assets

 

484,831

341,181

Capital and reserves

 

Called up share capital

1

1

Retained earnings

484,830

341,180

Shareholders' funds

 

484,831

341,181

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 February 2024 and signed on its behalf by:
 

.........................................
Mr D English
Company secretary and director

 

NBG Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
31-33 Chapel Hill
Huddersfield
West Yorkshire
HD1 3ED
United Kingdom

These financial statements were authorised for issue by the Board on 16 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

 

NBG Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Prior period errors

During the preparation of the current period's financial statements, it was noted that the prior years figures were incorrect in respect of the classification of the members contributions to the company on becoming members.

Legal advice was taken and the amount shown as share capital from members was not share capital and were amounts paid by members to the company and held in trust by the company for the benefit of the members. As a result, these amounts have been transferred from share capital to creditors.

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Other creditors (increase)

-

15,400

-

Share capital (decrease)

-

15,400

-

    

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% Straight line

 

NBG Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Office equipment

15% Reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

50% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

NBG Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

 

NBG Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2022

5,950

5,950

At 30 June 2023

5,950

5,950

Amortisation

At 1 July 2022

5,949

5,949

At 30 June 2023

5,949

5,949

Carrying amount

At 30 June 2023

1

1

At 30 June 2022

1

1

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

246

8,137

8,383

Additions

180

3,479

3,659

At 30 June 2023

426

11,616

12,042

Depreciation

At 1 July 2022

68

5,543

5,611

Charge for the year

54

2,876

2,930

At 30 June 2023

122

8,419

8,541

Carrying amount

At 30 June 2023

304

3,197

3,501

At 30 June 2022

178

2,594

2,772

 

NBG Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

68,340

56,910

Amounts owed by related parties

8

126,894

-

Prepayments

 

25,709

48,897

Other debtors

 

-

200

   

220,943

106,007

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

25,539

44,913

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

-

9,157

Taxation and social security

 

19,315

12,024

Accruals and deferred income

 

89,046

129,612

Other creditors

 

8,144

21,900

 

142,044

217,606

8

Related party transactions

Summary of transactions with parent

NBG Network Group Limited (the company's parent undertaking)
During the year the company made loans of £114,477 to NBG Network Group Limited. The amount due from NBG Network Group Limited as at the balance sheet date was £114,477 (2022: £Nil).

 

Summary of transactions with other related parties

Technology To Go Limited (a fellow subsidiary of NBG Network Group Limited)
 During the year the company made sales of £72,565 (2022: £59,205 ) to Technology to Go Limited and was recharged expenses of £5,545 (2022:£19,699). At the balance sheet date the amount due from/(to) Technology to Go Limited was £12,417 (2022: £9,157).
 

9

Parent and ultimate parent undertaking

The company's immediate parent is NBG Network Group Limited, incorporated in England & Wales.