Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseNo description of principal activity42falsetrue 08761533 2023-01-01 2023-12-31 08761533 2022-01-01 2022-12-31 08761533 2023-12-31 08761533 2022-12-31 08761533 2022-01-01 08761533 c:Director1 2023-01-01 2023-12-31 08761533 c:Director2 2023-01-01 2023-12-31 08761533 c:RegisteredOffice 2023-01-01 2023-12-31 08761533 d:OfficeEquipment 2023-01-01 2023-12-31 08761533 d:OfficeEquipment 2023-12-31 08761533 d:OfficeEquipment 2022-12-31 08761533 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08761533 d:ComputerEquipment 2023-01-01 2023-12-31 08761533 d:ComputerEquipment 2023-12-31 08761533 d:ComputerEquipment 2022-12-31 08761533 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08761533 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08761533 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 08761533 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 08761533 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 08761533 d:CurrentFinancialInstruments 2023-12-31 08761533 d:CurrentFinancialInstruments 2022-12-31 08761533 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08761533 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08761533 d:ShareCapital 2023-12-31 08761533 d:ShareCapital 2022-12-31 08761533 d:RetainedEarningsAccumulatedLosses 2023-12-31 08761533 d:RetainedEarningsAccumulatedLosses 2022-12-31 08761533 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 08761533 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 08761533 d:OtherDeferredTax 2023-12-31 08761533 d:OtherDeferredTax 2022-12-31 08761533 c:OrdinaryShareClass1 2023-01-01 2023-12-31 08761533 c:OrdinaryShareClass1 2023-12-31 08761533 c:OrdinaryShareClass1 2022-12-31 08761533 c:FRS102 2023-01-01 2023-12-31 08761533 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08761533 c:FullAccounts 2023-01-01 2023-12-31 08761533 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08761533 d:WithinOneYear 2023-12-31 08761533 d:WithinOneYear 2022-12-31 08761533 2 2023-01-01 2023-12-31 08761533 4 2023-01-01 2023-12-31 08761533 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 08761533 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08761533









NBY LONDON LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NBY LONDON LTD
 
 
COMPANY INFORMATION


Directors
S Hully 
A M Gerrie 




Registered number
08761533



Registered office
5.17 Grand Union Studios
322 Ladbroke Grove

London

England

W10 5AD




Accountants
Donald Reid Group
Chartered Accountants

18a/20 King Street

Maidenhead

Berkshire

SL6 1EF





 
NBY LONDON LTD
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 15


 
NBY LONDON LTD
REGISTERED NUMBER: 08761533

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,032
1,548

Tangible assets
 5 
1,857
1,248

  
2,889
2,796

Current assets
  

Stocks
 6 
464,069
180,206

Debtors: amounts falling due within one year
 7 
2,701,156
2,661,729

Cash at bank and in hand
 8 
925,453
288,995

  
4,090,678
3,130,930

Creditors: amounts falling due within one year
 9 
(240,012)
(373,677)

Net current assets
  
 
 
3,850,666
 
 
2,757,253

Total assets less current liabilities
  
3,853,555
2,760,049

Provisions for liabilities
  

Deferred tax
 10 
-
(237)

  
 
 
-
 
 
(237)

Net assets
  
3,853,555
2,759,812


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
3,853,455
2,759,712

  
3,853,555
2,759,812


Page 1

 
NBY LONDON LTD
REGISTERED NUMBER: 08761533
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year 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 income and retained earnings 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 on 28 June 2024.




A M Gerrie
Director

The notes on pages 3 to 15 form part of these financial statements.

Page 2

 
NBY LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

NBY London Ltd is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The company registration number is 08761533. The company's registered office is 5.17 Grand Union Studios 322 Ladbroke Grove, London, England, W10 5AD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Foreign currency translation

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
NBY LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
NBY LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 5

 
NBY LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
5
years

 
2.11

Tangible fixed assets

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:

Office equipment
-
33%
Computer equipment
-
33%

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.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.13

Debtors

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.

Page 6

 
NBY LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

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.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Page 7

 
NBY LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement
Page 8

 
NBY LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 2).

Page 9

 
NBY LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
2,580



At 31 December 2023

2,580



Amortisation


At 1 January 2023
1,032


Charge for the year on owned assets
516



At 31 December 2023

1,548



Net book value



At 31 December 2023
1,032



At 31 December 2022
1,548



Page 10

 
NBY LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
7,642
2,117
9,759


Additions
-
1,095
1,095



At 31 December 2023

7,642
3,212
10,854



Depreciation


At 1 January 2023
7,378
1,133
8,511


Charge for the year on owned assets
112
374
486



At 31 December 2023

7,490
1,507
8,997



Net book value



At 31 December 2023
152
1,705
1,857



At 31 December 2022
264
984
1,248

Page 11

 
NBY LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
464,069
180,206

464,069
180,206



7.


Debtors

2023
2022
£
£


Trade debtors
298,053
302,218

Amounts owed by group undertakings
2,331,529
2,331,529

Other debtors
68,836
26,636

Prepayments and accrued income
1,076
1,346

Tax recoverable
1,410
-

Deferred taxation
252
-

2,701,156
2,661,729



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
925,453
288,995

925,453
288,995


Page 12

 
NBY LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
130,756
107,334

Corporation tax
-
209,401

Other taxation and social security
77,321
43,482

Other creditors
7,638
3,863

Accruals and deferred income
24,297
9,597

240,012
373,677


Page 13

 
NBY LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(237)
-


Charged to profit or loss
489
(237)



At end of year
252
(237)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(464)
(237)

Other timing differences
716
-

252
(237)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,864 (2022: £Nil) . Contributions totalling £7,638 (2022: £Nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 14

 
NBY LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
12,915
-

12,915
-


14.


Transactions with directors

During the year, advances were made to a director totalling £Nil (2022: £46,995). There were repayments totalling £Nil (2022: £461,405).


15.


Related party transactions

At the year end included in other debtors is £4,178 (2022: £4,178) owed to the company by the director.
The company has taken advantage of the exemption of Section 33 Related Party Disclosures from
disclosing transactions with other members of the group.


16.


Controlling party

The ultimate controlling party is Silverwood Brands PLC, a company incorporated in the United Kingdom. The registered address of Silverwood Brands PLC is 2nd Floor 38-43 Lincoln's Inn Fields, London, England, WC2A 3PE.

 
Page 15