Company registration number SC079221 (Scotland)
NB GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NB GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NB GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
335,401
400,488
Investments
4
261,855
277,170
597,256
677,658
Current assets
Debtors
7
410,609
514,657
Cash at bank and in hand
14,119
50,216
424,728
564,873
Creditors: amounts falling due within one year
8
(347,087)
(355,845)
Net current assets
77,641
209,028
Total assets less current liabilities
674,897
886,686
Creditors: amounts falling due after more than one year
9
(18,333)
(28,333)
Net assets
656,564
858,353
Capital and reserves
Called up share capital
200
200
Revaluation reserve
153,889
153,889
Capital redemption reserve
100
100
Profit and loss reserves
502,375
704,164
Total equity
656,564
858,353
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.
NB GROUP 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:
G NIVEN
Mr G Niven
Director
Company registration number SC079221 (Scotland)
NB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
NB Group Limited is a private company limited by shares incorporated in Scotland. The registered office is 182 Market Street, Aberdeen, AB11 5PQ.
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 £.
1.2
Going concern
The directors, having made due and careful enquiry, trueare of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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:
Leasehold improvements
15% reducing balance
Plant and equipment
15% - 33% straight line
Computers
15% - 33% 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.
1.5
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.
NB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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 only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.8
Retirement benefits
The company operates a defined contribution plan for it's 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 the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.11
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
1.12
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
NB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
13
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
120,969
1,762,510
341,869
2,225,348
Depreciation and impairment
At 1 January 2023
118,519
1,393,952
312,389
1,824,860
Depreciation charged in the year
367
51,921
12,799
65,087
At 31 December 2023
118,886
1,445,873
325,188
1,889,947
Carrying amount
At 31 December 2023
2,083
316,637
16,681
335,401
At 31 December 2022
2,450
368,558
29,480
400,488
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
261,855
277,170
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
277,170
Disposals
(15,315)
At 31 December 2023
261,855
Carrying amount
At 31 December 2023
261,855
At 31 December 2022
277,170
NB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
NB Surveys (Thailand) Co Ltd
61/25 Sukhumvit Soi 26,
Sukhumvit Road, Klongton,
Klongtoey, Bangkok 10110,
Thailand
Ordinary
100.00
NB Surveys Global Sdn Bhd
8, Jalan PJU 5/15, Kota
Damansara 47810, Petaling
Jaya, Selangor Darul Ehsan,
Malaysia
Ordinary
100.00
NB Surveys Kirpalaney Private
Limited
Kirpalaney Private Ltd Fleet
Office Delstar, 1st Floor 9-9
A.N.S Patkar Marg Kemps
Corner Mumbai
Ordinary
74.00
NB Surveys Singapore Pte Ltd
60 Paya Lebar Road, #08-43
Paya Lebar Square, Singapore
409051
Ordinary
100.00
NB Surveys LLC
Qatar Financial Centre, Regus Building, Regus Business Center, D-Ring Road, Doha, Qatar
Ordinary
100.00
6
Joint ventures
Details of the company's joint ventures at 31 December 2023 are as follows:
Name of undertaking
Registered office
Interest
% Held
held
Direct
NB Surveys Asia SDN BHD
1st Floor, STP Building, Simpang
584, Km 7, Jalan Tutong,
Bandar Seri Begawan, BF1320,
Brunei
Ordinary
50.00
NB Asia SDN BHD
Lot 2545, 1st Floor, Bulatan
Commercial Centre, Jalan
Bulatan Park, Miri 98000
Sarawak, Malaysia
Ordinary
50.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
229,818
168,121
Amounts recoverable on long term contracts
25,224
68,681
Amounts owed by group undertakings
24,920
24,920
Amounts owed by joint ventures
4,767
25,009
Other debtors
105,168
168,250
Prepayments and accrued income
20,712
59,676
410,609
514,657
NB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
56,933
49,632
Amounts owed to group undertakings
152,929
163,662
Amounts owed to joint ventures
6,428
Taxation and social security
8,563
15,154
Other creditors
7,534
15,604
Accruals and deferred income
104,700
101,793
347,087
355,845
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,333
28,333
10
Pension commitments
The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,666 (2022 - £8,808). Pension contributions outstanding at the year end is £2,764 (2022 - £2,844).
11
Related party transactions
The Company has taken advantage of the exemption given by Section 1 AC.35 (Related Partytrue Disclosures) of Financial Reporting Standard 102 which allows exemption from disclosing transactions with other group companies.