REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 JANUARY 2022 TO 30 DECEMBER 2022 |
FOR |
NOMOW LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 JANUARY 2022 TO 30 DECEMBER 2022 |
FOR |
NOMOW LIMITED |
NOMOW LIMITED (REGISTERED NUMBER: 04296853) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2022 TO 30 DECEMBER 2022 |
Page |
Company Information | 1 |
Report of the Director | 2 | to | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 | to | 10 |
NOMOW LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 JANUARY 2022 TO 30 DECEMBER 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Registered Auditors and |
Chartered Accountants |
123 Wellington Road South |
Stockport |
Cheshire |
SK1 3TH |
NOMOW LIMITED (REGISTERED NUMBER: 04296853) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 1 JANUARY 2022 TO 30 DECEMBER 2022 |
The director presents his report with the financial statements of the company for the period 1 January 2022 to 30 December 2022. |
COMPARATIVE PERIOD |
The comparative period is from 1 April 2021 to 31 December 2021. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of the supply of artificial turf products. |
DIRECTORS |
Other changes in directors holding office are as follows: |
DIRECTORS COMMENTS |
In reviewing the financial statements of the Company, as the current director, I wish to make a formal reservation regarding certain errors and actions taken by the previous management in the United Kingdom and directors based in the United Kingdom, specifically in relation to the historic accounting treatment and reporting of stock positions within the Company. |
In preparing the financial statements, several discrepancies and inaccuracies were identified that led to material adjustments to the financial statements. While we consider that all material adjustments have been made to ensure the financial statements present a true and fair view of the Company's position at the financial year-end, it is prudent to acknowledge that complete resolution may require further investigation and corrective measures. As such, I hereby also make express reservations regarding any actions that the Company may have against its previous management in the United Kingdom and the directors based in the United Kingdom. |
I affirm my commitment to ensuring transparency and accuracy in the financial reporting of the Company and I will continue to diligently oversee the resolution of any outstanding issues pertaining to the stock positions and other accounting matters. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
NOMOW LIMITED (REGISTERED NUMBER: 04296853) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 1 JANUARY 2022 TO 30 DECEMBER 2022 |
AUDITORS |
The auditors, Allens Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
NOMOW LIMITED (REGISTERED NUMBER: 04296853) |
BALANCE SHEET |
30 DECEMBER 2022 |
30/12/22 | 31/12/21 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Capital contribution and distribution reserve |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
NOMOW LIMITED (REGISTERED NUMBER: 04296853) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2022 TO 30 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Nomow Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have a reasonable expectation that the company has adequate resource to continue in operational existence for the foreseeable future and will continue to have support of the group. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to continue to trade. The director's have prepared cashflow forecasts for a period of at least 12 months from the date of approving the financial statements, which include the capital expenditure cashflows required for future expansion of the Company. The directors have obtained confirmation from Sports & Leisure Group NV, the ultimate controlling party, that they will continue to provide financial support to the Company. For this reason, they continue to adopt the going concern basis in preparing the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised when the goods are physically delivered to the customer. Turnover is wholly attributable to the principle activity of the Company and has arisen within the United Kingdom and Europe. All turnover relates to the sale of goods. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measure at cost less any accumulated amortisation and any accumulated impairment losses. |
Development expenditure is being amortised evenly over their estimated useful life of 3 years. |
Development expenditure on specific projects is carried forward when its recoverability can be foreseen with reasonable assurance. Development expenditure is amortised in relation to sales from such projects as it is considered this treatment results in proper matching of costs and revenue. All other research and development expenditure is written off in the year it is incurred. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
NOMOW LIMITED (REGISTERED NUMBER: 04296853) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 30 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
NOMOW LIMITED (REGISTERED NUMBER: 04296853) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 30 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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, together with loans to and from related parties. |
Debt instruments (other than those wholly repayable or receivable in one year), including loans and other debtors and creditors are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable in one year, typically trade debtors or creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transactions, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
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 the Income Statement. |
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 difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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 AND DIRECTORS |
The average number of employees during the period was |
NOMOW LIMITED (REGISTERED NUMBER: 04296853) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 30 DECEMBER 2022 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2022 |
Additions |
At 30 December 2022 |
AMORTISATION |
At 1 January 2022 |
Charge for period |
At 30 December 2022 |
NET BOOK VALUE |
At 30 December 2022 |
At 31 December 2021 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) |
At 30 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for period |
Eliminated on disposal | ( |
) |
At 30 December 2022 |
NET BOOK VALUE |
At 30 December 2022 |
At 31 December 2021 |
NOMOW LIMITED (REGISTERED NUMBER: 04296853) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 30 DECEMBER 2022 |
6. | DEBTORS |
30/12/22 | 31/12/21 |
(Unaudited) |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/12/22 | 31/12/21 |
(Unaudited) |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/12/22 | 31/12/21 |
(Unaudited) |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts owed to group undertakings |
NOMOW LIMITED (REGISTERED NUMBER: 04296853) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 30 DECEMBER 2022 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30/12/22 | 31/12/21 |
(Unaudited) |
£ | £ |
Bank loans |
Hire purchase contracts | 1,592 | 19,814 |
Bank loans are secured by way of fixed and floating charge over the assets of the company. Hire purchase contracts are secured against the asset to which it relates. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/12/22 | 31/12/21 |
value: | £ | £ |
Ordinary | £10 | 10 | 10 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified opinion |
We were not appointed as auditor of the company until after 30 December 2022 and thus did not observe the counting of physical stocks at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30 December 2022, which are included in the balance sheet at £687,203, by using other audit procedures. |
Consequently we were unable to determine whether any adjustment to this amount was necessary. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
for and on behalf of |
12. | ULTIMATE CONTROLLING PARTY |
The immediate parent of the Company is Nomow International Limited. The ultimate parent company is Sports & Leisure Group NV, a company registered in Belgium. |