Caseware UK (AP4) 2022.0.179 2022.0.179 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-11-01falseNo description of principal activity2518falsetrue 03763169 2022-11-01 2023-10-31 03763169 2023-10-31 03763169 2021-11-01 2022-10-31 03763169 2022-10-31 03763169 c:Director1 2022-11-01 2023-10-31 03763169 c:Director2 2022-11-01 2023-10-31 03763169 d:FurnitureFittings 2022-11-01 2023-10-31 03763169 d:FurnitureFittings 2023-10-31 03763169 d:FurnitureFittings 2022-10-31 03763169 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 03763169 d:OfficeEquipment 2022-11-01 2023-10-31 03763169 d:OfficeEquipment 2023-10-31 03763169 d:OfficeEquipment 2022-10-31 03763169 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 03763169 d:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 03763169 d:OtherPropertyPlantEquipment 2023-10-31 03763169 d:OtherPropertyPlantEquipment 2022-10-31 03763169 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 03763169 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 03763169 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 03763169 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 03763169 d:ComputerSoftware 2023-10-31 03763169 d:ComputerSoftware 2022-10-31 03763169 d:OtherResidualIntangibleAssets 2022-11-01 2023-10-31 03763169 d:CurrentFinancialInstruments 2023-10-31 03763169 d:CurrentFinancialInstruments 2022-10-31 03763169 d:Non-currentFinancialInstruments 2023-10-31 03763169 d:Non-currentFinancialInstruments 2022-10-31 03763169 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 03763169 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 03763169 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 03763169 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 03763169 d:ShareCapital 2023-10-31 03763169 d:ShareCapital 2022-10-31 03763169 d:RetainedEarningsAccumulatedLosses 2023-10-31 03763169 d:RetainedEarningsAccumulatedLosses 2022-10-31 03763169 c:OrdinaryShareClass1 2022-11-01 2023-10-31 03763169 c:OrdinaryShareClass1 2023-10-31 03763169 c:OrdinaryShareClass1 2022-10-31 03763169 c:FRS102 2022-11-01 2023-10-31 03763169 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 03763169 c:FullAccounts 2022-11-01 2023-10-31 03763169 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 03763169 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-11-01 2023-10-31 03763169 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-11-01 2023-10-31 03763169 6 2022-11-01 2023-10-31 03763169 d:ExternallyAcquiredIntangibleAssets 2022-11-01 2023-10-31 03763169 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-11-01 2023-10-31 03763169 d:ComputerSoftware d:OwnedIntangibleAssets 2022-11-01 2023-10-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 03763169













Nirvana Europe Limited

Financial statements
Information for filing with the registrar

31 October 2023




 
Nirvana Europe Limited


Balance sheet
At 31 October 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
667,851
109,019

Tangible assets
 6 
97,540
26,569

Investments
 7 
2,500
2,500

  
767,891
138,088

Current assets
  

Stocks
  
483
483

Debtors: amounts falling due within one year
 8 
1,479,802
1,490,896

Bank and cash balances
  
253,968
784,190

  
1,734,253
2,275,569

Creditors: amounts falling due within one year
 9 
(1,469,142)
(1,495,457)

Net current assets
  
 
 
265,111
 
 
780,112

Total assets less current liabilities
  
1,033,002
918,200

Creditors: amounts falling due after more than one year
 10 
(169,449)
(137,500)

Provisions for liabilities
  

Deferred tax
  
(93,787)
(33,520)

  
 
 
(93,787)
 
 
(33,520)

Net assets
  
769,766
747,180


Capital and reserves
  

Called up share capital 
 11 
30,000
30,000

Profit and loss account
  
739,766
717,180

Shareholders' funds
  
769,766
747,180


1

 
Nirvana Europe Limited

    
Balance sheet (continued)
At 31 October 2023

The directors consider 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 directors acknowledge their 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 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 on 6 March 2024.




K Morris
N D Morris
Director
Director

Company registered number: 03763169
The notes on pages 3 to 11 form part of these financial statements. 

2

 
Nirvana Europe Limited
 
 

Notes to the financial statements
Year ended 31 October 2023

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Osprey House, Kingfisher Way, Silverlink Business Park, Wallsend, Tyne and Wear, NE28 9NX.


2.


Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3.Accounting policies

 
3.1

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 are prepared in sterling, which is the functional currency of the entity.

The following principal accounting policies have been applied:

  
3.2

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
 (a) Disclosures in respect of each class of share capital have not been presented.
 (b) No cash flow statement has been presented for the company.
 (c) Disclosures in respect of financial instruments have not been presented.
 (d) No disclosure has been given for the aggregate remuneration of key management personnel.

 
3.3

Foreign currency translation

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

3

 
Nirvana Europe Limited
 

 
Notes to the financial statements
Year ended 31 October 2023

3.Accounting policies (continued)

 
3.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
3.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
3.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
3.7

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

4

 
Nirvana Europe Limited
 

 
Notes to the financial statements
Year ended 31 October 2023

3.Accounting policies (continued)

 
3.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
3.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
3.10

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 balance sheet 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 balance sheet 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 balance sheet date.

5

 
Nirvana Europe Limited
 

 
Notes to the financial statements
Year ended 31 October 2023

3.Accounting policies (continued)

 
3.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Website
-
25%
straight line

 
3.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
reducing balance
Office equipment
-
25%
reducing balance
Other fixed assets
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
3.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
3.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

6

 
Nirvana Europe Limited
 

 
Notes to the financial statements
Year ended 31 October 2023

3.Accounting policies (continued)

 
3.15

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 balance sheet 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 balance sheet.

 
3.16

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


4.


Employees

The average monthly number of employees, including directors, during the year was 25 (2022 -18).


5.


Intangible assets




Rights fees
Website
Total

£
£
£



Cost


At 1 November 2022
-
169,234
169,234


Additions
347,000
224,991
571,991



At 31 October 2023

347,000
394,225
741,225



Amortisation


At 1 November 2022
-
60,215
60,215


Charge for the year
-
13,159
13,159



At 31 October 2023

-
73,374
73,374



Net book value



At 31 October 2023
347,000
320,851
667,851



At 31 October 2022
-
109,019
109,019

7

 
Nirvana Europe Limited
 
 

Notes to the financial statements
Year ended 31 October 2023
 
           5.Intangible assets (continued)

The new website is still under construction so has not been amortised. The rights fees do not commence until 2024 and will be amortised over 4 years.




6.


Tangible fixed assets





Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 November 2022
15,959
130,704
15,853
162,516


Additions
77,374
3,985
-
81,359



At 31 October 2023

93,333
134,689
15,853
243,875



Depreciation


At 1 November 2022
8,733
125,059
2,155
135,947


Charge for the year
3,981
2,444
3,963
10,388



At 31 October 2023

12,714
127,503
6,118
146,335



Net book value



At 31 October 2023
80,619
7,186
9,735
97,540



At 31 October 2022
7,226
5,645
13,698
26,569


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
2,500



At 31 October 2023
2,500




8

 
Nirvana Europe Limited
 
 

Notes to the financial statements
Year ended 31 October 2023

8.


Debtors

2023
2022
£
£


Trade debtors
1,296,567
1,317,889

Amounts owed by group undertakings
12,345
10,678

Other debtors
167,509
155,529

Prepayments and accrued income
3,381
6,800

1,479,802
1,490,896



9.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans
50,000
50,000

Other loans
14,301
-

Trade creditors
924,440
1,266,225

Corporation tax
5,539
41,422

Other taxation and social security
39,579
20,846

Other creditors
1,333
7,454

Accruals and deferred income
433,950
109,510

1,469,142
1,495,457


The following liabilities were secured:

2023
2022
£
£



Bank loans
50,000
50,000

50,000
50,000

Details of security provided:

The bank loan is secured by a fixed and floating charge over the assets of the company.

9

 
Nirvana Europe Limited
 
 

Notes to the financial statements
Year ended 31 October 2023

10.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
83,333
137,500

Other loans
86,116
-

169,449
137,500


The following liabilities were secured:

2023
2022
£
£



Bank loans
83,333
137,500

83,333
137,500

Details of security provided:

The bank loan is secured by a fixed and floating charge over the assets of the company.

10

 
Nirvana Europe Limited
 
 

Notes to the financial statements
Year ended 31 October 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



30,000 (2022 -30,000) Ordinary shares of £1.00 each
30,000
30,000



12.


Related party transactions

During the year, the company used a loan account to record amounts due to and from Nirvana World Limited, its subsidiary company. At the year end, the balance owed to the company by Nirvana World Limited was £12,345 (2022: £10,678). The loan is unsecured, interest free and no fixed terms of repayment have been agreed.

 
11