Company registration number 11692440 (England and Wales)
NIW LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NIW LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
NIW LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
30 November 2022
Notes
£
£
£
£
Fixed assets
Investments
3
75
75
Current assets
Debtors
5
346,024
334,924
Cash at bank and in hand
923
1,001
346,947
335,925
Creditors: amounts falling due within one year
6
(348,658)
(337,199)
Net current liabilities
(1,711)
(1,274)
Net liabilities
(1,636)
(1,199)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(1,637)
(1,200)
Total equity
(1,636)
(1,199)

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

For the financial period 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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 and signed by the director and authorised for issue on 24 September 2024
Mr N I Wheatley
Director
Company registration number 11692440 (England and Wales)
NIW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

NIW Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brook View, Tatham Road, Abingdon, Oxfordshire, OX14 1QD.

1.1
Reporting period

On the 26 October 2023, the company extended its accounting reference date so as to end on 31 December 2023.

 

As a result of this, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
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 £.

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

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Going concern

The company has continued to rely upon the support of the director. Based on this continued support, the director considers that the company will continue to operate for the foreseeable future and is able to repay its debts as they fall due. true

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and 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.

 

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.

NIW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include loans to fellow group companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

 

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

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.

2
Employees

The average monthly number of persons (including the director) employed by the company during the period was:

2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
75
75
4
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
County Plumbing Supplies Ltd
UK
Plumbers merchant
Ordinary shares
75.00
NIW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
91,100
80,000
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
254,924
254,924
Total debtors
346,024
334,924

Included in debtors amounts falling due within one year, is a loan to County Plumbing Supplies Ltd, the subsidiary company of NIW Limited. At the reporting date, £91,100 (2022 - £80,000) is outstanding. No interest is being charged on this loan.

Included in debtors amounts falling due after more than one year, is a loan to County Plumbing Supplies Ltd, the subsidiary company of NIW Limited. At the reporting date, £254,924 (2022 - £254,924) is outstanding. In accordance with the loan arrangement, the notice period for recalling the loan is one year. As notice has not been given at the year end, the loan is showing as payable after more than one year. No interest is being charged on this loan.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
348,658
337,199
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
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