Registered number: 14323161
NYAMIN LTD
Unaudited
Financial statements
Information for filing with the registrar
For the Period Ended 31 August 2023
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NYAMIN LTD
Registered number: 14323161
Statement of Financial Position
As at 31 August 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Total shareholder's deficit
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and the members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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NYAMIN LTD
Registered number: 14323161
Statement of Financial Position (continued)
As at 31 August 2023
The notes on pages 4 to 9 form part of these financial statements.
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NYAMIN LTD
Statement of Changes in Equity
For the Period Ended 31 August 2023
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Total comprehensive loss for the period
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Contributions by and distributions to owners
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Shares issued during the period
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The notes on pages 4 to 9 form part of these financial statements.
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NYAMIN LTD
Notes to the Financial Statements
For the Period Ended 31 August 2023
Nyamin Ltd ("the Company") is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The Company's registered office address is 45 Mount Street, London, United Kingdom, W1K 2RZ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company and its subsidiary undertakings qualify as a small group as set out in section 383 of the Companies Act 2006 and the Company is considered eligible for the exemption to prepare consolidated financial statements.
The Company acts as an investment holding company and neither trades nor has any individual liabilities. At the year end the Company had net liabilities of £1,499. Any further investments would require approval and funding from the shareholders. The Company is dependent upon the continued financial support of the shareholder to continue operating and to meet its liabilities as they fall due, and the shareholder agrees to continue to provide financial support to the Company. Accordingly the directors have prepared these financial statements on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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NYAMIN LTD
Notes to the Financial Statements
For the Period Ended 31 August 2023
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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NYAMIN LTD
Notes to the Financial Statements
For the Period Ended 31 August 2023
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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The Company had no employees other than the 2 directors, who did not receive any remuneration during the period.
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NYAMIN LTD
Notes to the Financial Statements
For the Period Ended 31 August 2023
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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73 Cornhill Cornhill, London, England, EC3V 3QQ
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NYAMIN LTD
Notes to the Financial Statements
For the Period Ended 31 August 2023
Subsidiary undertakings (continued)
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The aggregate of the share capital and reserves as at 31 August 2023 and the profit or loss for the period ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Debtors: amounts falling due within one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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NYAMIN LTD
Notes to the Financial Statements
For the Period Ended 31 August 2023
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Allotted, called up and fully paid
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On incorporation on 30 August 2022, the Company issued 1 Ordinary share of £1 at a par value of £1.
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Related party transactions
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The Company has taken exemption under Section 33.1A of FRS 102 not to disclose transactions with other wholly owned group companies on the grounds that 100% of the voting rights in the Company are controlled within that group.
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Post balance sheet events
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There were no material events subsequent to the period end that are required to be disclosed.
The immediate and ultimate parent undertaking is Cap Falco Holdings Ltd, a company incorporated in Jersey.
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