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REGISTERED NUMBER: 11270566 (England and Wales)















Financial statements for the year ended 31 December 2023

For

Naqel Express Limited

Naqel Express Limited (Registered number: 11270566)

Contents of the financial statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Naqel Express Limited

Company information
for the Year Ended 31 December 2023







DIRECTOR: Mr A I H Almazrooa



REGISTERED OFFICE: 51 Eastcheap, London, United Kingdom, EC
London
EC3M 1DT



REGISTERED NUMBER: 11270566 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Jason Parker MA, FCA



AUDITORS: Parker Russell UK LLP
Chartered Accountants and
Statutory Auditor
Level 30
The Leadenhall Building
122 Leadenhall Street
City of London
EC3V 4AB

Naqel Express Limited (Registered number: 11270566)

Balance sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
Fixed assets
Tangible assets 4 2,865 4,295

Current assets
Debtors 5 406,138 76,707
Cash at bank 29,407 18,954
435,545 95,661
Creditors
Amounts falling due within one year 6 2,072,997 1,347,888
Net current liabilities (1,637,452 ) (1,252,227 )
Total assets less current liabilities (1,634,587 ) (1,247,932 )

Capital and reserves
Called up share capital 7 100 100
Retained earnings (1,634,687 ) (1,248,032 )
Shareholders' funds (1,634,587 ) (1,247,932 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





Mr A I H Almazrooa - Director


Naqel Express Limited (Registered number: 11270566)

Notes to the financial statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Naqel Express Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Naqel Express Limited (Registered number: 11270566)

Notes to the financial statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial asset- recognition and measurement
Financial assets are recognised when the entity becomes a party to the contract and, as a consequence, has a legal right to receive cash.

All financial assets are initially measured at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e., the date that the company commits to purchase or sell the asset.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.

The company classifies its financial assets in the following categories: at fair value through profit or loss; and loans and receivables. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

(a) Financial assets at fair value through profit or loss or at fair value through other comprehensive income
There are no instruments which have been classified under this category

(b) Financial assets at amortised cost
The company classifies its financial assets as at amortised cost only if both of the following criteria are met:
- the asset is held within a business mode whose objective is to correct the contractual cash flows and
- the contractual terms give rise to cash flows that are solely payments of principal and interest.

This category is the most relevant to the company. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss.


Naqel Express Limited (Registered number: 11270566)

Notes to the financial statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Financial liabilities - recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities when entity becomes a party to the contract, as consequence it has legal obligation to deliver cash or exchange financial assets at terms which are unfavourable to entity.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The company's financial liabilities comprise of trade creditors, amounts owed to group undertakings and other creditors.

Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:

(a) Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term.

The company does not have any financial liabilities which are subsequently re-measured at fair value through profit or loss.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.

amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.

De-recognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.

Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.


Naqel Express Limited (Registered number: 11270566)

Notes to the financial statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

RESEARCH AND DEVELOPMENT
Expenditure on research and development is written off in the year in which it is incurred.


FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Naqel Express Limited (Registered number: 11270566)

Notes to the financial statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

GOING CONCERN
The financial statements have been prepared on a going concern basis which assumes the company will continue in operational existence for at least 12 months from the date of approval of the financial statements. The company has made a loss in the year and has net current liability in the sum of £1,637,452 (£1,252,229, 2022) at the reporting date. The director is confident however that the company will have sufficient funds to ensure they remain in operational existence for the foreseeable future. The company meets its day to day working capital requirement from both its trading activity and additional funds from the parent company Naqel Company as consider necessary.

On this basis, the director consider it appropriate to prepare the financial statements on a going concern basis. However, should targets in the business plan not be met, the going concern basis used in preparing the company's financial statements may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which may arise. The financial statements do not include any adjustment to the group's or the parent company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 9,422
DEPRECIATION
At 1 January 2023 5,127
Charge for year 1,430
At 31 December 2023 6,557
NET BOOK VALUE
At 31 December 2023 2,865
At 31 December 2022 4,295

Naqel Express Limited (Registered number: 11270566)

Notes to the financial statements - continued
for the Year Ended 31 December 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.12.23 31.12.22
£    £   
Trade debtors 386,619 53,879
Other debtors 19,519 22,828
406,138 76,707

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.12.23 31.12.22
£    £   
Trade creditors 106,580 8,589
Amounts owed to group undertakings 1,901,627 1,270,684
Other creditors 64,790 68,615
2,072,997 1,347,888

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Jason Parker MA, FCA (Senior Statutory Auditor)
for and on behalf of Parker Russell UK LLP

9. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

Naqel Express Limited (Registered number: 11270566)

Notes to the financial statements - continued
for the Year Ended 31 December 2023


10. POST BALANCE SHEET EVENTS

There have been no significant events affecting the company since the year end.

11. ULTIMATE CONTROLLING PARTY

Naqel Company ( Closed Joint Stock Company) in corporated in the Kingdom of Saudi Arabia.