Registered number
07828474
Nectar Asset Management Ltd
Unaudited Filleted Accounts
31 March 2023
Nectar Asset Management Ltd
Registered number: 07828474
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1 1
Investments 4 557,039 557,039
557,040 557,040
Current assets
Debtors 5 149,486 140,154
Cash at bank and in hand 100,943 94,876
250,429 235,030
Creditors: amounts falling due within one year 6 (301,511) (139,488)
Net current (liabilities)/assets (51,082) 95,542
Net assets 505,958 652,582
Capital and reserves
Called up share capital 100 100
Profit and loss account 505,858 652,482
Shareholders' funds 505,958 652,582
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P T Borg
Director
Approved by the board on 11 March 2024
Nectar Asset Management Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 28,231
At 31 March 2023 28,231
Amortisation
At 1 April 2022 28,230
At 31 March 2023 28,230
Net book value
At 31 March 2023 1
At 31 March 2022 1
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 April 2022 556,648 391 557,039
At 31 March 2023 556,648 391 557,039
5 Debtors 2023 2022
£ £
Trade debtors 118,954 87,249
Other debtors 30,532 52,905
149,486 140,154
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,500 1,500
Amounts owed to group undertakings and undertakings in which the company has a participating interest 113,438 35,103
Taxation and social security costs 43,112 13,588
Other creditors 143,461 89,297
301,511 139,488
7 Controlling party
The company is controlled by Peer Thomas Borg via his controlling interest in Prius Ejendomsinvest ApS, a company registered in Denmark.
8 Other information
Nectar Asset Management Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Piccadilly House
49 Piccadilly
Manchester
M1 2AP
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