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Registration number: 09867611

N-and Group Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

N-and Group Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

N-and Group Ltd

Company Information

Chairman

Mr Marco Giacinto Gallarati

Chief executive

Mr Tarcisio Vergani

Directors

Alessandro Ratti

Mr Antonio Tartaro

Mr Davide Arzuffi

Registered office

1 Market Hill
Calne
Wiltshire
SN11 0BT

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

N-and Group Ltd

(Registration number: 09867611)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

1,257,630

643,619

Tangible assets

6

81,725

52,538

Investments

7

974,732

974,732

 

2,314,087

1,670,889

Current assets

 

Stocks

8

13,000

16,757

Debtors

9

5,087,925

1,665,661

Cash at bank and in hand

 

484,549

3,106,310

 

5,585,474

4,788,728

Creditors: Amounts falling due within one year

10

(400,461)

(143,723)

Net current assets

 

5,185,013

4,645,005

Net assets

 

7,499,100

6,315,894

Capital and reserves

 

Called up share capital

217,391

217,391

Share premium reserve

5,176,609

5,176,609

Retained earnings

2,105,100

921,894

Shareholders' funds

 

7,499,100

6,315,894

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

 

N-and Group Ltd

(Registration number: 09867611)
Balance Sheet as at 31 December 2023 (continued)

.........................................
Mr Tarcisio Vergani
Chief executive

.........................................
Mr Marco Giacinto Gallarati
Chairman

 

N-and Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
1 Market Hill
Calne
Wiltshire
SN11 0BT
England

These financial statements were authorised for issue by the Board on 12 March 2024.

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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

N-and Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible Asset

Straight Line over 10 years

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.

 

N-and Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 13).

4

Profit before tax

Arrived at after charging/(crediting)

 

N-and Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Profit before tax (continued)

2023
£

2022
£

Depreciation expense

35,499

22,728

Amortisation expense

207,249

9,000

 

N-and Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

670,619

670,619

Additions acquired separately

821,261

821,261

At 31 December 2023

1,491,880

1,491,880

Amortisation

At 1 January 2023

27,000

27,000

Amortisation charge

207,250

207,250

At 31 December 2023

234,250

234,250

Carrying amount

At 31 December 2023

1,257,630

1,257,630

At 31 December 2022

643,619

643,619

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

104,508

104,508

Additions

64,685

64,685

At 31 December 2023

169,193

169,193

Depreciation

At 1 January 2023

51,970

51,970

Charge for the year

35,498

35,498

At 31 December 2023

87,468

87,468

Carrying amount

At 31 December 2023

81,725

81,725

At 31 December 2022

52,538

52,538

 

N-and Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Investments

2023
£

2022
£

Investments in subsidiaries

973,708

973,708

Investments in associates

1,024

1,024

974,732

974,732

Subsidiaries

£

Cost or valuation

At 1 January 2023

973,708

Provision

Carrying amount

At 31 December 2023

973,708

At 31 December 2022

973,708

Associates

£

Cost

At 1 January 2023

1,024

Provision

Carrying amount

At 31 December 2023

1,024

At 31 December 2022

1,024

8

Stocks

2023
£

2022
£

Finished goods and goods for resale

13,000

16,757

9

Debtors

 

N-and Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

9

Debtors (continued)

Current

Note

2023
£

2022
£

Trade debtors

 

399,405

618,589

Amounts owed by related parties

2,024,115

895,104

Prepayments

 

81,236

12,449

Other debtors

 

2,583,169

139,519

   

5,087,925

1,665,661

10

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

341,147

109,881

Taxation and social security

25,817

17,194

Accruals and deferred income

28,852

14,686

Other creditors

4,645

1,962

400,461

143,723