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Company registration number: 01582753
NAP Brands Limited
Filleted financial statements
31 December 2023
NAP Brands Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
NAP Brands Limited
Directors and other information
Directors Mr R Balma
Mr J D R Field
Mr A S M Imbimbo
Secretary Mr N Moore
Company number 01582753
Registered office Monkswell House
Manse Lane
Knaresborough
North Yorkshire
HG5 8NQ
Auditor Sutton McGrath Hartley
5 Westbrook Court
Sharrowvale Road
Sheffield
S11 8YZ
Accountants SMH Howard Matthews Ltd
Queensgate House
23 North Park Road
Harrogate
North Yorkshire
HG1 5PD
NAP Brands Limited
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
NAP Brands Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2,326 6,973
_______ _______
2,326 6,973
Current assets
Stocks 1,052,917 621,472
Debtors 6 1,187,783 2,108,820
Cash at bank and in hand 207,628 801,922
_______ _______
2,448,328 3,532,214
Creditors: amounts falling due
within one year 7 ( 1,050,369) ( 2,195,300)
_______ _______
Net current assets 1,397,959 1,336,914
_______ _______
Total assets less current liabilities 1,400,285 1,343,887
_______ _______
Net assets 1,400,285 1,343,887
_______ _______
Capital and reserves
Called up share capital 11,111 11,111
Share premium account 8,889 8,889
Capital contribution reserves 4,083,627 4,083,627
Profit and loss account ( 2,703,342) ( 2,759,740)
_______ _______
Shareholders funds 1,400,285 1,343,887
_______ _______
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 July 2024 , and are signed on behalf of the board by:
Mr A S M Imbimbo
Director
Company registration number: 01582753
NAP Brands 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 Office 102, Monkswell House, Manse Lane, Knaresborough, North Yorkshire, HG5 8NQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tooling costs - 33.33 % straight line
Fittings fixtures and equipment - 30 % reducing balance
Computer equipment - 30 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Tooling costs Fixtures, fittings and equipment Computer equipment Total
£ £ £ £
Cost
At 1 January 2023 46,927 14,689 21,252 82,868
Additions - - 771 771
_______ _______ _______ _______
At 31 December 2023 46,927 14,689 22,023 83,639
_______ _______ _______ _______
Depreciation
At 1 January 2023 46,927 13,124 15,844 75,895
Charge for the year - 1,565 3,853 5,418
_______ _______ _______ _______
At 31 December 2023 46,927 14,689 19,697 81,313
_______ _______ _______ _______
Carrying amount
At 31 December 2023 - - 2,326 2,326
_______ _______ _______ _______
At 31 December 2022 - 1,565 5,408 6,973
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 448,396 1,024,044
Amounts owed by group undertakings and undertakings in which the company has a participating interest 3,476 -
Other debtors 735,911 1,084,776
_______ _______
1,187,783 2,108,820
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 361,296 315,953
Amounts owed to group undertakings and undertakings in which the company has a participating interest 20,506 603,292
Social security and other taxes 50,083 921,393
Other creditors 618,484 354,662
_______ _______
1,050,369 2,195,300
_______ _______
8. Pension commitments
The company operates defined contribution pension schemes. The assets of these schemes are held separately from those of the company in independently administered funds. At the balance sheet date, unpaid contributions of £1,144 (2022: £767) were due to these funds and were included within other creditors.
9. Summary audit opinion
The auditor's report dated 20 August 2024 was qualified on the following basis.
Included within accrued income and accrued expenditure in these financial statements in both periods are items in transit as at 31 December 2023 and 31 December 2022. We are informed this is consistent with prior years accounting practice. We have not received evidence to show these goods meet income recognition criteria of FRS102, and so we cannot conclude as to whether these goods should be included within the financial statements period in which they are recognised. Therefore, other debtors and other creditors may be materially overstated for the recognition of these transactions. As a result of this, profits may also be materially misstated. Further to this, invoices are not recognised until goods are received, and therefore trade creditors and other group balances, and other debtors are materially understated.
The senior statutory auditor was Jonathon Dickens ACA for and on behalf of Sutton McGrath Hartley
10. Related party transactions
The company is a wholly owned subsidiary od Nu Air Asia Pacific Limited and has taken advantage of the exemption conferred by FRS 102 Section 33 not to disclose transactions with its immediate parent company, Nu Air Asia Pacific Limited.
11. Controlling party
The immediate parent company is Nu Air Asia Pacific Limited, a company incorporated in Hong Kong. The ultimate parent company is CRAB Holding SpA, which is incorporated in Italy.The smallest group in which the results of the company are consolidated is that headed by Nu Air Asia Pacific Limited. The largest group in which the results of the company are consolidated is that headed by CRAB Holding SpA.