Company registration number 11108172 (England and Wales)
NEXIF ENERGY HOLDINGS UK LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
NEXIF ENERGY HOLDINGS UK LTD
COMPANY INFORMATION
Directors
Scott George Mackin
Ricardo Alejandro Ramirez Pereira
Secretary
Intertrust (UK) Limited
Company number
11108172
Registered office
1 Bartholomew Lane
London
United Kingdom
EC2N 2AX
NEXIF ENERGY HOLDINGS UK LTD
CONTENTS
Page
Directors' report
1 - 2
Statement of comprehensive income
3
Statement of financial position
4
Statement of changes in equity
5
Notes to the financial statements
6 - 8
NEXIF ENERGY HOLDINGS UK LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of an investment holding company.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Scott George Mackin
Ricardo Alejandro Ramirez Pereira
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Post reporting date events

The Directors are not aware of any events subsequent to the reporting period which requires disclosure in or adjustments to the financial statements.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

Domicile and legal form

The Company is a private company limited by shares and is incorporated in England. The principle place place of business is shown on page 1.

Going concern

After making appropriate enquiries, the directors have a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence for the foreseeable future. For this reason, they have chosen to adopt the going concern basis in preparing the Group's financial statements.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

NEXIF ENERGY HOLDINGS UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
On behalf of the board
Ricardo Alejandro Ramirez Pereira
Director
19 September 2024
NEXIF ENERGY HOLDINGS UK LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
$
$
Administrative expenses
(24,767)
(161,912)
Other gains and losses
-
181,813,753
(Loss)/profit before taxation
(24,767)
181,651,841
Tax on (loss)/profit
-
0
-
0
(Loss)/profit for the financial year
(24,767)
181,651,841

The income statement has been prepared on the basis that all operations are continuing operations.

 

There were no components of 'other comprehensive income' which are required to be separately disclosed during the current year; nor the prior period.

The notes on pages 6 to 8 form part of these financial statements.

NEXIF ENERGY HOLDINGS UK LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
$
$
$
$
Current assets
Cash and cash equivalents
1,239,219
1,268,926
Current liabilities
4
(11,282)
(16,222)
Net current assets
1,227,937
1,252,704
Equity
Called up share capital
5
127
127
Retained earnings
1,227,810
1,252,577
Total equity
1,227,937
1,252,704

The notes on pages 6 to 8 form part of these financial statements.

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Ricardo Alejandro Ramirez Pereira
Director
Company registration number 11108172 (England and Wales)
NEXIF ENERGY HOLDINGS UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Share capital
Share premium account
Retained earnings
Total
Notes
$
$
$
$
Balance at 1 January 2022
125
251,096,690
(649,147)
250,447,668
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
181,651,841
181,651,841
Issue of share capital
5
2
59,998
-
60,000
Dividends
-
-
(430,906,805)
(430,906,805)
Reduction of share capital
-
(251,156,688)
251,156,688
-
Balance at 31 December 2022
127
-
0
1,252,577
1,252,704
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(24,767)
(24,767)
Balance at 31 December 2023
127
-
0
1,227,810
1,227,937

The notes on pages 6 to 8 form part of these financial statements.

NEXIF ENERGY HOLDINGS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
1
Accounting policies
Company information

Nexif Energy Holdings UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bartholomew Lane, London, United Kingdom, EC2N 2AX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements contain information about Nexif Energy Holdings UK Ltd as an individual company and do not contain consolidated financial information as the parent of a group.

 

The company has availed its self an exemption in accordance with FRS 102 paragraph 9.9C(a) and with sections s402 and s405(3)(c) of the Companies Act 2006 from the requirement to prepare consolidated financial statements. The company is held as part of an investment portfolio with investments being classified at cost less impairment.

1.2
Going concern

The financial statements have been prepared on the going concern basis for the reason set out in the director's report under the heading "Going Concern".

1.3
Financial instruments

The Company classifies its financial assets in the following categories: loans and receivables and available-for-sale financial assets. The classification depends on the purpose for which the financial assets were acquired. The director determines the classification of the financial assets at initial recognition.

Basic financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. In this case, the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar instrument.

 

Basic financial assets are subsequently measured at amortised cost using the effective interest method.

Classification of financial liabilities

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

NEXIF ENERGY HOLDINGS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constituted a financing transaction. In this case, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar instrument. Basic financial liabilities are subsequently measured at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

1.4

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 the 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.

1.5

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 rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:

 

Impairment of investment property

Investment property is held at cost less depreciation and is reviewed for impairment if circumstances suggest that the carrying amount may not be recoverable. Recoverable amounts are determined based on value-in-use calculations and estimated sales proceeds. These calculations require assumptions to be made regarding future cash flows and the choice of a suitable discount rate in order to calculate the present value of those cash flows. Actual outcomes may vary from these estimates.

NEXIF ENERGY HOLDINGS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
3
Employees
2023
2022
Number
Number
Total
-
0
-
0
4
Current liabilities
2023
2022
$
$
Trade payables
-
0
5,748
Accrued expenses
11,282
10,474
11,282
16,222
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary A of 1p each
1
1
-
-
Ordinary B of $1 each
127
127
127
127
6
Parent company

The Company's immediate parent is Nexif Investment Holdings LLC, incorporated in the United States.

 

The Company's ultimate parent is Denham Commodity Partners Fund VI LP, incorporated in the United States.

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