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COMPANY REGISTRATION NUMBER: 10891807
NBI Holdings Limited
Unaudited Financial Statements
31 December 2023
NBI Holdings Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Directors' report
2
Income statement
3
Statement of financial position
4
Statement of changes in equity
5
Notes to the financial statements
6
NBI Holdings Limited
Officers and Professional Advisers
The board of directors
Mr N Burningham
Mr B Cook - Non-executive
Registered office
145 Leadenhall Street
London
EC3V 4QT
Accountants
Barnes Roffe LLP
Chartered accountants
1st Floor
73 - 81 Southwark Bridge Road
London
SE1 0NQ
NBI Holdings Limited
Directors' Report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Principal activities
The Company acts as a Holding Company to various Group companies who operate in the insurance market. The Group operates as a specialist in transportation services.
Directors
The directors who served the company during the year were as follows:
Mr N Burningham
Mr B Cook - Non-executive
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 10 April 2024 and signed on behalf of the board by:
Mr N Burningham
Director
Registered office:
145 Leadenhall Street
London
EC3V 4QT
NBI Holdings Limited
Income Statement
Year ended 31 December 2023
2023
2022
Note
£
£
Administrative expenses
( 21,317)
85,770
--------
--------
Operating (loss)/profit
( 21,317)
85,770
Income from shares in group undertakings
2,100,000
3,950,000
Other interest receivable and similar income
32,416
30,802
------------
------------
Profit before taxation
5
2,111,099
4,066,572
Tax on profit
6
( 2,595)
( 20,618)
------------
------------
Profit for the financial year
2,108,504
4,045,954
------------
------------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
NBI Holdings Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
7
1,258,189
1,358,189
Current assets
Debtors
8
374,016
395,833
Cash at bank and in hand
172,659
461,875
---------
---------
546,675
857,708
Creditors: amounts falling due within one year
9
( 2,611)
( 22,148)
---------
---------
Net current assets
544,064
835,560
------------
------------
Total assets less current liabilities
1,802,253
2,193,749
------------
------------
Capital and reserves
Called up share capital
10
50,000
50,000
Profit and loss account
1,752,253
2,143,749
------------
------------
Shareholders funds
1,802,253
2,193,749
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 April 2024 , and are signed on behalf of the board by:
Mr N Burningham
Director
Company registration number: 10891807
NBI Holdings Limited
Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2022
50,000
2,412,795
2,462,795
Profit for the year
4,045,954
4,045,954
--------
------------
------------
Total comprehensive income for the year
4,045,954
4,045,954
Dividends paid and payable
( 4,315,000)
( 4,315,000)
--------
------------
------------
Total investments by and distributions to owners
( 4,315,000)
( 4,315,000)
At 31 December 2022
50,000
2,143,749
2,193,749
Profit for the year
2,108,504
2,108,504
--------
------------
------------
Total comprehensive income for the year
2,108,504
2,108,504
Dividends paid and payable
( 2,500,000)
( 2,500,000)
----
------------
------------
Total investments by and distributions to owners
( 2,500,000)
( 2,500,000)
--------
------------
------------
At 31 December 2023
50,000
1,752,253
1,802,253
--------
------------
------------
NBI Holdings Limited
Notes to the Financial Statements
Year ended 31 December 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 145 Leadenhall Street, London, EC3V 4QT.
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
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The significant accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Turnover
Turnover represents management fees in respect or services supplied by the Company to other companies within the Group. Income is recognised as the service is supplied. Interest receivable is recognised on an accruals basis. Income from investments is recognised on a receipt basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Trading transactions in US Dollars are recorded at the budget rate of £1 = $1.40 (2022 £1 = $1.40) throughout the year, any other currency transactions are recorded at the actual rate realised; Investments are recorded at actual rates realised. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date, £1 = $1.27 (2022 £1 = $1.20). All differences are taken to the income statement.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Profit before taxation
Profit before taxation is stated after crediting:
2023
2022
£
£
Interest receivable from group undertakings
( 24,453)
( 26,474)
--------
--------
6. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
2,611
22,149
Adjustments in respect of prior periods
( 16)
( 1,531)
-------
--------
Total current tax
2,595
20,618
-------
--------
-------
--------
Tax on profit
2,595
20,618
-------
--------
7. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 January 2023
1,258,189
100,000
1,358,189
Disposals
( 100,000)
( 100,000)
------------
---------
------------
At 31 December 2023
1,258,189
1,258,189
------------
---------
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
---------
------------
Carrying amount
At 31 December 2023
1,258,189
1,258,189
------------
---------
------------
At 31 December 2022
1,258,189
100,000
1,358,189
------------
---------
------------
8. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
374,016
395,833
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
2,611
22,148
-------
--------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
--------
--------
--------
--------
11. Controlling party
In the opinion of the Directors, N Burningham is the ultimate controlling party.