Company registration number 12891616 (England and Wales)
NIO SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
NIO SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
NIO SERVICES LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
656,626
740,882
Current assets
Debtors
4
-
0
91,844
Cash at bank and in hand
611,378
269,584
611,378
361,428
Creditors: amounts falling due within one year
5
(720,120)
(731,813)
Net current liabilities
(108,742)
(370,385)
Total assets less current liabilities
547,884
370,497
Creditors: amounts falling due after more than one year
6
(32,896)
(44,245)
Provisions for liabilities
(152,886)
(184,634)
Net assets
362,102
141,618
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
362,002
141,518
Total equity
362,102
141,618

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 21 September 2024 and are signed on its behalf by:
Mr S  Farrell
Director
Company registration number 12891616 (England and Wales)
NIO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

NIO Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, High Cross Farm, Henfield Road, Albourne, Hassocks, West Sussex, BN6 9JH.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

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

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future, The directors have considered relevant information, including the company's principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the company, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33.33% per annum on a straight line basis
Motor vehicles
33.33% per annum on a straight line basis and 33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

NIO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

NIO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
2
Employees

There were no employees during the current or prior year.

3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 March 2023
240,116
997,097
1,237,213
Additions
178,143
193,044
371,187
Disposals
(13,205)
-
0
(13,205)
At 29 February 2024
405,054
1,190,141
1,595,195
Depreciation and impairment
At 1 March 2023
97,140
399,191
496,331
Depreciation charged in the year
95,229
352,357
447,586
Eliminated in respect of disposals
(5,348)
-
0
(5,348)
At 29 February 2024
187,021
751,548
938,569
Carrying amount
At 29 February 2024
218,033
438,593
656,626
At 28 February 2023
142,976
597,906
740,882
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
91,844
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,818
7,680
Amounts owed to group undertakings
660,000
660,000
Taxation and social security
36,068
17,246
Other creditors
19,234
46,887
720,120
731,813

An amount of £10,534 (2023 - £38,187) within other creditors relates to amounts due under hire purchase agreements which are secured over the related assets.

NIO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
32,896
44,245

An amount of £32,896 (2023 - £44,245) within other creditors relates to amounts due under hire purchase agreements which are secured over the related assets.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Alex Chidwick FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
23 September 2024
Sumer Audit is the trading name of Sumer Auditco Limited
8
Parent company

The immediate and ultimate parent company is Nio Group Limited, a company incorporated in England and Wales. The registered office is Kingsfold Village Hall, Truslers Hill Lane, Albourne, Hassocks, England, BN6 9JN.

 

Nio Group Limited prepares consolidated financial statements and copies can be obtained from Companies House.

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