IRIS Accounts Production v24.3.0.553 11454479 Board of Directors Board of Directors 1.11.22 31.10.23 31.10.23 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh114544792022-10-31114544792023-10-31114544792022-11-012023-10-31114544792021-10-31114544792021-11-012022-10-31114544792022-10-3111454479ns15:EnglandWales2022-11-012023-10-3111454479ns14:PoundSterling2022-11-012023-10-3111454479ns10:Director12022-11-012023-10-3111454479ns10:Director22022-11-012023-10-3111454479ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3111454479ns10:SmallEntities2022-11-012023-10-3111454479ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-3111454479ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3111454479ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3111454479ns10:FullAccounts2022-11-012023-10-3111454479ns10:OrdinaryShareClass12022-11-012023-10-3111454479ns5:CurrentFinancialInstruments2023-10-3111454479ns5:CurrentFinancialInstruments2022-10-3111454479ns5:Non-currentFinancialInstruments2023-10-3111454479ns5:Non-currentFinancialInstruments2022-10-3111454479ns5:ShareCapital2023-10-3111454479ns5:ShareCapital2022-10-3111454479ns5:RetainedEarningsAccumulatedLosses2023-10-3111454479ns5:RetainedEarningsAccumulatedLosses2022-10-3111454479ns5:FurnitureFittings2022-11-012023-10-3111454479ns5:MotorVehicles2022-11-012023-10-3111454479ns5:ComputerEquipment2022-11-012023-10-3111454479ns5:FurnitureFittings2022-10-3111454479ns5:MotorVehicles2022-10-3111454479ns5:ComputerEquipment2022-10-3111454479ns5:FurnitureFittings2023-10-3111454479ns5:MotorVehicles2023-10-3111454479ns5:ComputerEquipment2023-10-3111454479ns5:FurnitureFittings2022-10-3111454479ns5:MotorVehicles2022-10-3111454479ns5:ComputerEquipment2022-10-3111454479ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-10-3111454479ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-11-012023-10-3111454479ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-10-3111454479ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-10-3111454479ns5:WithinOneYearns5:CurrentFinancialInstruments2023-10-3111454479ns5:WithinOneYearns5:CurrentFinancialInstruments2022-10-311145447942023-10-311145447912022-10-311145447922023-10-311145447932022-10-3111454479ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-10-3111454479ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-10-3111454479ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-10-3111454479ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2022-10-3111454479ns5:WithinOneYear2023-10-3111454479ns5:WithinOneYear2022-10-3111454479ns5:DeferredTaxation2022-11-012023-10-3111454479ns5:DeferredTaxation2023-10-3111454479ns10:OrdinaryShareClass12023-10-31114544791ns10:Director12022-10-31114544791ns10:Director12021-10-31114544791ns10:Director12022-11-012023-10-31114544791ns10:Director12021-11-012022-10-31114544791ns10:Director12023-10-31114544791ns10:Director12022-10-3111454479ns10:Director222022-10-3111454479ns10:Director222021-10-3111454479ns10:Director222022-11-012023-10-3111454479ns10:Director222021-11-012022-10-3111454479ns10:Director222023-10-3111454479ns10:Director222022-10-31
REGISTERED NUMBER: 11454479 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

NEXMONEY LTD

NEXMONEY LTD (REGISTERED NUMBER: 11454479)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Balance sheet 1

Notes to the financial statements 3


NEXMONEY LTD (REGISTERED NUMBER: 11454479)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 6,474 8,266

Current assets
Stocks 18,293 27,599
Debtors 5 68,449 55,536
Cash at bank 499 9,373
87,241 92,508
Creditors
Amounts falling due within one year 6 61,701 63,637
Net current assets 25,540 28,871
Total assets less current liabilities 32,014 37,137

Creditors
Amounts falling due after more than one year 7 (31,019 ) (36,575 )

Provisions for liabilities 10 (25 ) -
Net assets 970 562

Capital and reserves
Called up share capital 11 100 100
Retained earnings 870 462
Shareholders' funds 970 562

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

NEXMONEY LTD (REGISTERED NUMBER: 11454479)

BALANCE SHEET - continued
31 OCTOBER 2023


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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:




Mr L C Richards - Director



Mr D Potts - Director


NEXMONEY LTD (REGISTERED NUMBER: 11454479)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. Statutory information

Nexmoney Ltd is a private company, limited by shares, registered in England and Wales.The company's registered number is 11454479. The registered office and business address is Avalon, 26-32 Oxford Road, Bournemouth, Dorset, BH8 8EZ.

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 represents income receivable from the provision of mortgage broker services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stock and Work In Progress are valued at the lower of cost and net realisable value.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

NEXMONEY LTD (REGISTERED NUMBER: 11454479)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


3. Employees and directors

The average number of employees during the year was 3 (2022 - 4 ) .

4. Tangible fixed assets
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1 November 2022 3,439 6,500 4,278 14,217
Additions - - 366 366
At 31 October 2023 3,439 6,500 4,644 14,583
Depreciation
At 1 November 2022 1,422 2,844 1,685 5,951
Charge for year 505 914 739 2,158
At 31 October 2023 1,927 3,758 2,424 8,109
Net book value
At 31 October 2023 1,512 2,742 2,220 6,474
At 31 October 2022 2,017 3,656 2,593 8,266

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1 November 2022
and 31 October 2023 6,500
Depreciation
At 1 November 2022 2,844
Charge for year 914
At 31 October 2023 3,758
Net book value
At 31 October 2023 2,742
At 31 October 2022 3,656

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Other debtors 5,000 9,500
Directors' current accounts 63,449 46,036
68,449 55,536

NEXMONEY LTD (REGISTERED NUMBER: 11454479)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


6. Creditors: amounts falling due within one year
2023 2022
£    £   
Other loans 5,556 5,556
Hire purchase contracts (see note 8) 4,726 5,436
Tax 33,741 21,648
Social security and other taxes 10,194 20,887
Pensions creditor 92 92
Other creditors 3,000 4,915
Accruals and deferred income 4,392 5,103
61,701 63,637

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Other loans - 1-2 years 5,556 5,556
Other loans - 2-5 years 16,667 16,667
Other loans more 5yrs instal 8,796 14,352
31,019 36,575

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 8,796 14,352

8. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 4,726 5,436

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 4,500

9. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 4,726 -

Amounts owing under hire purchase are secured against the assets to which they relate.

NEXMONEY LTD (REGISTERED NUMBER: 11454479)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


10. Provisions for liabilities
2023 2022
£    £   
Deferred tax 25 -

Deferred
tax
£   
Provided during year 25
Balance at 31 October 2023 25

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

12. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
Mr L C Richards
Balance outstanding at start of year 15,214 21,758
Amounts advanced 37,600 19,456
Amounts repaid (30,130 ) (26,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,684 15,214

Mr D Potts
Balance outstanding at start of year 30,823 20,740
Amounts advanced 40,037 36,083
Amounts repaid (30,096 ) (26,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 40,764 30,823

At the balance sheet date, the Directors, Mr Luke Richards and Mr Daniel Potts, owed the company £22,684 and £40,764 respectively. The amounts outstanding at the balance sheet date were repaid in full within 9 months of the year end.

13. Ultimate controlling party

The company is controlled by the directors, Mr L Richards and Mr D Potts, by virtue of them both holding 50% of the voting share capital.