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Registration number: 14052549

NZCE Holding Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2024

 

NZCE Holding Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

NZCE Holding Limited

Company Information

Directors

Mr H Simpson

Mr A Scullion

Registered office

27 Old Gloucester Street
London
WC1N 3AX

Auditors

Ballards LLP
Chartered Accountants, Statutory Auditors
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

NZCE Holding Limited

(Registration number: 14052549)
Balance Sheet as at 30 April 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

1,410

1,174

Investments

5

1,524

1,524

 

2,934

2,698

Current assets

 

Debtors

6

1,668,008

553,620

Cash at bank and in hand

 

209,301

63,686

 

1,877,309

617,306

Creditors: Amounts falling due within one year

7

(2,042,542)

(673,804)

Net current liabilities

 

(165,233)

(56,498)

Net liabilities

 

(162,299)

(53,800)

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

(163,299)

(54,800)

Shareholders' deficit

 

(162,299)

(53,800)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

.........................................
Mr H Simpson
Director

   
 

NZCE Holding Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
27 Old Gloucester Street
London
WC1N 3AX
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expection that the company will continue in operational existence for the foreseeable future. The parent company and group have confirmed in writing they intend to support the company over the next 12 months.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 21 August 2024 was M A Skellum BSc (Hons) FCA, who signed for and on behalf of Ballards LLP.

.........................................

 

NZCE Holding Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Prior period restatement

Interest on amounts owed to and from group companies were originally omitted from the financial statements for the period ended 30 April 2023. The comparative values have therefore been restated to allow for these costs, and the resulting tax saving, in the correct period. The impact on the comparative values is summarised below.

(As originally stated)

(As restated)

30 April 2023

30 April 2023

Impact

Profit or loss account

£

£

£

Other interest receivable

-

21,871

21,871

Other interest payable

(117)

(30,646)

(30,529)

Loss before and after taxation

(46,141)

(54,800)

(8,659)

Balance sheet

Amounts owed by related parties

529,135

551,006

21,871

Amounts owed to related parties

(633,124)

(663,653)

(30,529)

Retained earnings

(46,141)

(54,800)

(8,659)

The impact of the prior period restatement is to increase the shareholders deficit from £45,141 to £53,800.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33.3% Straight line

 

NZCE Holding Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

NZCE Holding Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

1,760

1,760

Additions

1,239

1,239

At 30 April 2024

2,999

2,999

Depreciation

At 1 May 2023

586

586

Charge for the year

1,003

1,003

At 30 April 2024

1,589

1,589

Carrying amount

At 30 April 2024

1,410

1,410

At 30 April 2023

1,174

1,174

5

Investments

2024
£

2023
£

Investments in subsidiaries

1,524

1,524

Subsidiaries

£

Cost or valuation

At 1 May 2023

1,524

Carrying amount

At 30 April 2024

1,524

At 30 April 2023

1,524

 

NZCE Holding Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Dannervirke Solar & Energy Storage Ltd

New Zealand

Ordinary

100%

100%

Darfield Solar & Energy Ltd

New Zealand

Ordinary

100%

100%

Masterton Solar & Energy Storage Ltd

New Zealand

Ordinary

100%

100%

6

Debtors

Note

2024
£

(As restated)

2023
£

Owed by related parties

8

1,666,863

551,006

Other debtors

 

1,145

2,614

   

1,668,008

553,620

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Trade creditors

 

2,320

225

Amounts owed to related parties

8

2,033,048

663,653

Other creditors

 

7,174

9,926

 

2,042,542

673,804

8

Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies.

 

NZCE Holding Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Parent and ultimate parent undertaking

The company's immediate parent is Pelion New Energy GMBH, incorporated in Germany.