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COMPANY REGISTRATION NUMBER: SC633447
NREM Holdings Limited
Filleted Unaudited Financial Statements
31 August 2023
NREM Holdings Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Investments
5
2,231,197
2,231,197
Current assets
Debtors
6
126,614
105,382
Creditors: amounts falling due within one year
7
167,111
147,973
---------
---------
Net current liabilities
40,497
42,591
------------
------------
Total assets less current liabilities
2,190,700
2,188,606
Creditors: amounts falling due after more than one year
8
2,186,092
2,186,092
------------
------------
Net assets
4,608
2,514
------------
------------
Capital and reserves
Called up share capital
9
3
3
Share premium account
999
999
Profit and loss account
3,606
1,512
-------
-------
Shareholders funds
4,608
2,514
-------
-------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 .
NREM Holdings Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 8 April 2024 , and are signed on behalf of the board by:
N S Robertson
Director
Company registration number: SC633447
NREM Holdings Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB, Scotland and the trading address is 13 Panmure Terrace, Broughty Ferry, Dundee, DD5 2QL.
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.
Going concern
The Board of Directors confirm that, after making appropriate enquiries, it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Corporation tax and deferred 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.
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.
Investments in subsidiaries
Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in subsidiaries accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
565
211
----
----
Tax on profit
565
211
----
----
5. Investments
Shares in group undertakings
£
Cost
At 1 September 2022 and 31 August 2023
2,231,197
------------
Impairment
At 1 September 2022 and 31 August 2023
------------
Carrying amount
At 31 August 2023
2,231,197
------------
At 31 August 2022
2,231,197
------------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Redwood Woodlands (Holdings) Limited
Ordinary
100
Redwood Woodlands Limited
Ordinary
100
The company owns 100% of the share capital of Redwood Woodlands (Holdings) Limited who in turn, owns 100% of the share capital of Redwood Woodlands Limited. Both companies are registered in Scotland at Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
The results and capital and reserves for the year are as follows:
Capital and reserves
Profit/(loss) for the year
2023
2022
2023
2022
£
£
£
£
Subsidiary undertakings
Redwood Woodlands (Holdings) Limited
440
440
83,025
71,792
Redwood Woodlands Limited
1,824,561
1,718,430
189,156
380,823
------------
------------
---------
---------
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
126,614
105,120
Other debtors
262
---------
---------
126,614
105,382
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
565
211
Other creditors
166,546
147,762
---------
---------
167,111
147,973
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,186,092
2,186,092
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
1
1
1
1
Ordinary B shares of £ 1 each
1
1
1
1
Preference shares of £ 0.01 each
100
1
100
1
----
----
----
----
102
3
102
3
----
----
----
----
10. Transactions with directors
The company was under the control of Mr E. MacRae and Mrs N. Robertson throughout the current period. At the year end the company was due to repay the directors £159,266 (2022 - £143,266).
11. Related party transactions
Throughout the year, the company transferred and received funds from related parties and, at the year end, the amount due to be received from these related parties amounted to £126,614 (2022 - £105,120).