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Registered number: 09242368









NUVEEN NATURAL CAPITAL LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NUVEEN NATURAL CAPITAL LIMITED
REGISTERED NUMBER: 09242368

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
8,720
3,280

Investments
 5 
439,404
439,404

  
448,124
442,684

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
4,244,259
4,871,452

Cash at bank and in hand
  
3,272,780
3,193,531

  
7,517,039
8,064,983

Creditors: amounts falling due within one year
 7 
(4,604,742)
(5,673,723)

NET CURRENT ASSETS
  
 
 
2,912,297
 
 
2,391,260

TOTAL ASSETS LESS CURRENT LIABILITIES
  
3,360,421
2,833,944

Deferred tax
 8 
-
(820)

NET ASSETS
  
3,360,421
2,833,124


CAPITAL AND RESERVES
  

Called up share capital 
 9 
450,000
450,000

Profit and loss account
  
2,910,421
2,383,124

  
3,360,421
2,833,124


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 profit and loss account 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 by: 


S Macpherson
Director

Date: 24 September 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
NUVEEN NATURAL CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Nuveen Natural Capital Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 201 Bishopsgate, London, England, EC2M 3BN.
The parent undertaking of the smallest group to consolidate these financial statements is Westchester Group Investment Management Inc. (WGIM), a company incorporated in Delaware, USA. Its principal place of business is 2004 Fox Drive, Suite L, Champaign, Illinois 61820, USA.

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

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

TURNOVER

Turnover represents costs incurred for services provided to the immediate parent company plus an agreed mark-up, exclusive of Value Added Tax.
Turnover from services supplied by the Company is recognised when the Company has performed its obligations and in exchange obtained the right to consideration.

 
2.4

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.

The estimated useful lives range as follows:

Office equipment
-
5 to 7 years

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.

Page 2

 
NUVEEN NATURAL CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.7

CASH AT BANK AND IN HAND

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

CREDITORS

Short term creditors are measured at the transaction price.

 
2.9

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.

 
2.10

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 other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. 

 
2.11

INTEREST INCOME

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

Page 3

 
NUVEEN NATURAL CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 10 (2022 - 9).

Page 4

 
NUVEEN NATURAL CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


TANGIBLE FIXED ASSETS





Office equipment

£



COST 


At 1 January 2023
29,876


Additions
6,832



At 31 December 2023

36,708



DEPRECIATION


At 1 January 2023
26,596


Charge for the year on owned assets
1,392



At 31 December 2023

27,988



NET BOOK VALUE



At 31 December 2023
8,720



At 31 December 2022
3,280


5.


NVESTMENTS





Investments in subsidiary companies

£



COST


At 1 January 2023
439,404



At 31 December 2023

439,404






 

Page 5

 
NUVEEN NATURAL CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Amounts owed by group undertakings
4,229,079
4,853,696

Other debtors
9,757
12,383

Prepayments
5,423
5,373

4,244,259
4,871,452



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
35,503
64,519

Amounts owed to group undertakings
4,470,828
5,522,489

Corporation tax
85,654
72,050

Other creditors
-
1,442

Accruals
12,757
13,223

4,604,742
5,673,723


The amounts owed to group undertakings are non interest bearing and repayable on demand.
Included within other creditors is £NIL (2022 - £1,442) payable to defined contribution pension schemes.

Page 6

 
NUVEEN NATURAL CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
820
-


Charged to profit or loss
(820)
820



AT END OF YEAR
-
820

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
820


9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



450,000 Ordinary shares of £1 each
450,000
450,000



10.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 24 September 2024 by Michael Hewett (Senior Statutory Auditor) on behalf of Peters Elworthy & Moore.

 
Page 7