Company registration number SC397182 (Scotland)
NEVISWAVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NEVISWAVE LIMITED
COMPANY INFORMATION
Directors
N R Scott
R W Maclean
T J Trotter
(Appointed 1 August 2023)
Company number
SC397182
Registered office
Office 3
6 Munro Road
Springkerse Industrial Estate
Stirling
FK7 7UU
Accountants
Azets
Titanium 1
King's Inch Place
Renfrew
United Kingdom
PA4 8WF
NEVISWAVE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
NEVISWAVE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
45,660
-
0
Investments
5
1,000,136
359
1,045,796
359
Current assets
Debtors
6
10,062,168
6,210,433
Cash at bank and in hand
238,615
2,493,636
10,300,783
8,704,069
Creditors: amounts falling due within one year
7
(9,710,337)
(7,939,383)
Net current assets
590,446
764,686
Total assets less current liabilities
1,636,242
765,045
Provisions for liabilities
1,817
-
0
Net assets
1,638,059
765,045
Capital and reserves
Called up share capital
8
400
400
Profit and loss reserves
1,637,659
764,645
Total equity
1,638,059
765,045

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

For the financial year 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 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.

The members have not required the company to obtain an audit of its financial statements for the year 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.

NEVISWAVE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
N R Scott
Director
Company Registration No. SC397182
NEVISWAVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Neviswave Limited is a private company limited by shares incorporated in Scotland. The registered office is Office 3, 6 Munro Road, Springkerse Industrial Estate, Stirling, FK7 7UU.

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 £.

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.

1.2
Going concern

The current and future financial performance of the company and its cash flows have been reviewed and continue to be reviewed on a regular basis by the directors.true

 

The directors consider that it is appropriate to prepare the financial statements on the going concern basis.

1.3
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:

Fixtures and fittings
4 years straight line
Motor vehicles
4 years straight line

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.

1.4
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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

NEVISWAVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

1.8
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.

NEVISWAVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
5
-
NEVISWAVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
-
0
-
0
-
0
Additions
1,082
56,309
57,391
At 31 December 2023
1,082
56,309
57,391
Depreciation and impairment
At 1 January 2023
-
0
-
0
-
0
Depreciation charged in the year
-
0
11,731
11,731
At 31 December 2023
-
0
11,731
11,731
Carrying amount
At 31 December 2023
1,082
44,578
45,660
At 31 December 2022
-
0
-
0
-
0
5
Fixed asset investments
2023
2022
£
£
Investments
1,000,136
359
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023
359
Additions
999,828
At 31 December 2023
1,000,187
Impairment
At 1 January 2023
-
Impairment losses
51
At 31 December 2023
51
Carrying amount
At 31 December 2023
1,000,136
At 31 December 2022
359
NEVISWAVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,499
-
0
Amounts owed by group undertakings
9,046,908
5,563,717
Other debtors
747,061
646,716
Prepayments and accrued income
260,700
-
0
10,062,168
6,210,433
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
30,685
-
0
Corporation tax
73,884
97,226
Other taxation and social security
130,187
-
0
Other creditors
9,474,206
7,825,655
Accruals and deferred income
1,375
16,502
9,710,337
7,939,383
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
A Ordinary shares of £1 each
100
100
100
100
B Ordinary shares of £1 each
100
100
100
100
C Ordinary shares of £1 each
100
100
100
100
400
400
400
400

Ordinary shares carry one vote per share. There are no restrictions on the distribution of dividends and the repayment of capital.

 

All remaining share classes carry no voting rights. The remaining share classes are entitled to dividends as a separate class of shares.

9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
573,750
-
0
NEVISWAVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Related party transactions
Transactions with related parties
Management fees received
Management fees paid
2023
2022
2023
2022
£
£
£
£
Other related parties
338,682
664,122
-
114,000

Dividends of £93,500 (2022: £104,000) were paid to shareholders in the year.

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Other related parties
9,467,082
7,825,196

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
9,052,492
5,563,717
Other related parties
746,863
594,922
11
Ultimate Controlling Party

The ultimate controlling party is J C Scott by virtue of his majority shareholding.

2023-12-312023-01-01false26 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityN R ScottR W MacleanT J TrotterfalsefalseSC3971822023-01-012023-12-31SC397182bus:Director12023-01-012023-12-31SC397182bus:Director22023-01-012023-12-31SC397182bus:Director32023-01-012023-12-31SC397182bus:RegisteredOffice2023-01-012023-12-31SC3971822023-12-31SC3971822022-12-31SC397182core:FurnitureFittings2023-12-31SC397182core:MotorVehicles2023-12-31SC397182core:FurnitureFittings2022-12-31SC397182core:MotorVehicles2022-12-31SC397182core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC397182core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC397182core:CurrentFinancialInstruments2023-12-31SC397182core:CurrentFinancialInstruments2022-12-31SC397182core:ShareCapital2023-12-31SC397182core:ShareCapital2022-12-31SC397182core:RetainedEarningsAccumulatedLosses2023-12-31SC397182core:RetainedEarningsAccumulatedLosses2022-12-31SC397182core:ShareCapitalOrdinaryShares2023-12-31SC397182core:ShareCapitalOrdinaryShares2022-12-31SC397182core:FurnitureFittings2023-01-012023-12-31SC397182core:MotorVehicles2023-01-012023-12-31SC397182core:FurnitureFittings2022-12-31SC397182core:MotorVehicles2022-12-31SC3971822022-12-31SC397182bus:PrivateLimitedCompanyLtd2023-01-012023-12-31SC397182bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC397182bus:FRS1022023-01-012023-12-31SC397182bus:AuditExemptWithAccountantsReport2023-01-012023-12-31SC397182bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP