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13 June 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
912,310
3,013
104,106
27,172
838,389
838,389
912,310
xbrli:pure
xbrli:shares
iso4217:GBP
00842122
2023-01-01
2023-12-31
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2023-12-31
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2022-12-31
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2023-12-31
00842122
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2023-12-31
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2022-12-31
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2023-12-31
00842122
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2022-12-31
00842122
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2022-12-31
00842122
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2023-12-31
00842122
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2023-12-31
00842122
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00842122
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2023-12-31
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2022-12-31
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2022-12-31
00842122
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00842122
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2023-12-31
COMPANY REGISTRATION NUMBER:
00842122
NUS Consulting Group Limited |
|
Filleted Financial Statements |
|
NUS Consulting Group Limited |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
553,515 |
673,891 |
Investments |
6 |
838,389 |
912,310 |
|
------------ |
------------ |
|
1,391,904 |
1,586,201 |
|
|
|
|
Current assets
Debtors |
7 |
1,562,995 |
1,345,136 |
Cash at bank and in hand |
1,796,727 |
1,372,454 |
|
------------ |
------------ |
|
3,359,722 |
2,717,590 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
(
1,255,351) |
(
1,113,709) |
|
------------ |
------------ |
Net current assets |
2,104,371 |
1,603,881 |
|
------------ |
------------ |
Total assets less current liabilities |
3,496,275 |
3,190,082 |
|
|
|
|
Provisions |
(
63,934) |
(
7,841) |
|
------------ |
------------ |
Net assets |
3,432,341 |
3,182,241 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
5,000 |
5,000 |
Profit and loss account |
3,427,341 |
3,177,241 |
|
------------ |
------------ |
Shareholders funds |
3,432,341 |
3,182,241 |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
12 June 2024
, and are signed on behalf of the board by:
Company registration number:
00842122
NUS Consulting Group Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Prospero, 73 London Road, Redhill, RH1 1LQ, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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 at 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: Rendering of services Revenue from contract to provide services is recognised in the period in which the services were provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be reliably measured; - the costs incurred and the costs to complete the contract and be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
10% straight line |
|
Motor vehicles |
- |
20% straight line |
|
Equipment |
- |
10 - 20% straight line
|
|
|
|
|
The assets residual value, 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 the Statement of Income and Retained Earnings.
Investments
Listed investments are initially measured at cost and subsequently remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
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 into known amounts of cash with insignificant risk of change in value.
Creditors
Short-term creditors are measured at 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
60
(2022:
60
).
5.
Tangible assets
|
Fixtures and fittings |
Office equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 |
637,502 |
1,690,159 |
2,327,661 |
Additions |
– |
84,715 |
84,715 |
Disposals |
– |
(
850) |
(
850) |
|
--------- |
------------ |
------------ |
At 31 December 2023 |
637,502 |
1,774,024 |
2,411,526 |
|
--------- |
------------ |
------------ |
Depreciation |
|
|
|
At 1 January 2023 |
434,032 |
1,219,738 |
1,653,770 |
Charge for the year |
42,819 |
161,571 |
204,390 |
Disposals |
– |
(
149) |
(
149) |
|
--------- |
------------ |
------------ |
At 31 December 2023 |
476,851 |
1,381,160 |
1,858,011 |
|
--------- |
------------ |
------------ |
Carrying amount |
|
|
|
At 31 December 2023 |
160,651 |
392,864 |
553,515 |
|
--------- |
------------ |
------------ |
At 31 December 2022 |
203,470 |
470,421 |
673,891 |
|
--------- |
------------ |
------------ |
|
|
|
|
6.
Investments
|
Listed investments |
|
£ |
Cost or valuation |
|
At 1 January 2023 |
912,310 |
Additions |
3,013 |
Disposals |
(
104,106) |
Revaluations |
27,172 |
|
--------- |
At 31 December 2023 |
838,389 |
|
--------- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
--------- |
|
|
Carrying amount |
|
At 31 December 2023 |
838,389 |
|
--------- |
At 31 December 2022 |
912,310 |
|
--------- |
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
715,709 |
679,055 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
282,262 |
67,735 |
Other debtors |
565,024 |
598,346 |
|
------------ |
------------ |
|
1,562,995 |
1,345,136 |
|
------------ |
------------ |
|
|
|
Other debtors are analysed as follows:
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Prepayments and accrued income |
493,225 |
527,174 |
|
Other debtors |
71,799 |
71,172 |
|
|
--------- |
--------- |
|
|
565,024 |
598,346 |
|
|
--------- |
--------- |
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
209,968 |
65,029 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
49,785 |
117,025 |
Social security and other taxes |
177,596 |
185,445 |
Other creditors |
818,002 |
746,210 |
|
------------ |
------------ |
|
1,255,351 |
1,113,709 |
|
------------ |
------------ |
|
|
|
Other creditors are analysed as follows:
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Accruals and deferred income |
757,807 |
693,552 |
|
Other creditors |
60,195 |
52,658 |
|
|
--------- |
--------- |
|
|
818,002 |
746,210 |
|
|
--------- |
--------- |
|
|
|
|
9.
Share capital
Allotted, called up and fully paid
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Ordinary shares of £1 each |
5,000 |
5,000 |
|
|
|
|
10.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses, after deducting any distributions to the company's shareholders.
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
271,557 |
265,817 |
Later than 1 year and not later than 5 years |
1,081,592 |
1,059,860 |
Later than 5 years |
1,402,146 |
66,237 |
|
------------ |
------------ |
|
2,755,295 |
1,391,914 |
|
------------ |
------------ |
|
|
|
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 contribution payable by the company to the fund. At the year end the balance sheet included a liability of £23,302 (2022: £18,056) in respect of contributions to be paid to the scheme.
13.
Summary audit opinion
The auditor's report dated
13 June 2024
was
unqualified
.
The senior statutory auditor was
Peter Conneely
, for and on behalf of
Shipleys LLP
.
14.
Related party transactions
The company has taken advantage of the exemption available under FRS 102 not to disclose transactions with 100% owned subsidiaries within the group.
15.
Controlling party
The company was under the control of Mr
R Soultanian
and Mr G Soultanian throughout the current and previous period by virtue of their controlling interest in the parent undertaking. The parent undertaking of the group is National Utility Services Inc. (NUS Inc.) which is a company registered in the United States of America with a registered office address at 1 Maynard Drive, Parkridge, New Jersey, 07656-0712 USA. The results of the company are included within the consolidated accounts of NUS Inc. and can be obtained from 1 Maynard Drive, Parkridge, New Jersey, 07656-0712 USA.