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Registration number: 14173573

NSP Ventures Ltd

Annual Report and Unaudited Financial Statements

for the Period from 15 June 2022 to 30 November 2023

 

NSP Ventures Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

NSP Ventures Ltd

Company Information

Directors

Mr N Parekh

Mrs S Parekh

Registered office

7 Greenhill House
Greenhill
Twyford
Banbury
OX17 3FJ

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
NSP Ventures Ltd
for the Period Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of NSP Ventures Ltd for the period ended 30 November 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of NSP Ventures Ltd, as a body. Our work has been undertaken solely to prepare for your approval the accounts of NSP Ventures Ltd and state those matters that we have agreed to state to the Board of Directors of NSP Ventures Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NSP Ventures Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that NSP Ventures Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of NSP Ventures Ltd. You consider that NSP Ventures Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of NSP Ventures Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

13 March 2024

 

NSP Ventures Ltd

(Registration number: 14173573)
Balance Sheet as at 30 November 2023

Note

2023
£

Fixed assets

 

Investment property

4

114,985

Investments

5

100

 

115,085

Current assets

 

Debtors

6

116

Cash at bank and in hand

 

2,125

 

2,241

Creditors: Amounts falling due within one year

7

(108,063)

Net current liabilities

 

(105,822)

Net assets

 

9,263

Capital and reserves

 

Called up share capital

2

Retained earnings

9,261

Shareholders' funds

 

9,263

For the financial period ending 30 November 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 period 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 March 2024 and signed on its behalf by:
 

.........................................
Mr N Parekh
Director

 

NSP Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 15 June 2022 to 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The company was formerly known as Snik Snacks Ltd.

The address of its registered office is:
7 Greenhill House
Greenhill
Twyford
Banbury
OX17 3FJ

These financial statements were authorised for issue by the Board on 13 March 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

NSP Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 15 June 2022 to 30 November 2023

Investment property

Investment properties are held to earn rentals and/or capital appreciation. Investment properties are initially measured at cost, including transaction costs.

Subsequently investment properties are measured at fair value. Investment property valuations are based on open market value. Gains and losses arising in changes in fair value of investment properties are included in the Statement of Income and Retained Earnings in the period in which they arise.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

NSP Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 15 June 2022 to 30 November 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 2.

4

Investment properties

2023
£

Additions

114,985

At 30 November 2023

114,985

There has been no valuation of investment property by an independent valuer.

5

Investments

2023
£

Investments in subsidiaries

100

Subsidiaries

£

Cost or valuation

Additions

100

Provision

Carrying amount

At 30 November 2023

100

 

NSP Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 15 June 2022 to 30 November 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

Subsidiary undertakings

Nikos Trade Limited

7 Greenhill House, Greenhill,
Twyford, Banbury,
England, OX17 3FJ

Ordinary

100%

6

Debtors

2023
£

Prepayments

116

116

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

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

8

52,000

Accruals and deferred income

 

600

Other creditors

 

55,463

 

108,063

8

Related party transactions

Summary of transactions with all subsidiaries


Nikos Trade Limited

 
During the period Nikos Trade Limited advanced loan facilities to NSP Ventures Ltd. There is no fixed term for repayment and the loan is repayable on demand. The balance outstanding at the year end owed to Nikos Trade Limited amounted to £52,000.