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REGISTERED NUMBER: 09010130 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Nicolas Van Patrick Limited

Nicolas Van Patrick Limited (Registered number: 09010130)






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


Nicolas Van Patrick Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P E Alvarado
N Pejacsevich
W Broekman





REGISTERED OFFICE: 6-8 Montpelier Street
London
SW7 1EZ





REGISTERED NUMBER: 09010130 (England and Wales)





AUDITORS: Bourner Bullock, Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

Nicolas Van Patrick Limited (Registered number: 09010130)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 359,333 459,633
Tangible assets 5 23,391 28,053
382,724 487,686

CURRENT ASSETS
Debtors 6 174,475 633,891
Cash at bank and in hand 194,673 211,613
369,148 845,504
CREDITORS
Amounts falling due within one year 7 1,093,322 1,557,819
NET CURRENT LIABILITIES (724,174 ) (712,315 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(341,450

)

(224,629

)

CREDITORS
Amounts falling due after more than one year 8 (100,000 ) (100,000 )

PROVISIONS FOR LIABILITIES (5,848 ) (5,306 )
NET LIABILITIES (447,298 ) (329,935 )

CAPITAL AND RESERVES
Called up share capital 250,000 250,000
Retained earnings (697,298 ) (579,935 )
SHAREHOLDERS' FUNDS (447,298 ) (329,935 )

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 Board of Directors and authorised for issue on 1 October 2024 and were signed on its behalf by:





N Pejacsevich - Director


Nicolas Van Patrick Limited (Registered number: 09010130)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Nicolas Van Patrick 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.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 20% on cost

Nicolas Van Patrick Limited (Registered number: 09010130)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost 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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Cash
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share Capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Preference shares
Preference shares that meet the criteria for financial liabilities are initially recognised at fair value, and subsequently measurement at amortised cost. All preference shares issued meet the definition of a liability and are included in creditors. Dividends relating preference shares which are classified as a liability, are including as a finance cost.


Nicolas Van Patrick Limited (Registered number: 09010130)

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.

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

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.

Significant judgements and estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, the only significant judgement relates to the amortisation of intangible fixed assets.

The annual amortisation charge for intangible fixed assets is sensitive to changes in the useful economic lives and residual values of the assets. The useful lives and residual values are re-assessed annually. The carrying amount is £359,333 (at 31 December 2022 - £459,633).

Going concern
The company has net liabilities of £447,298 at the balance sheet date.

The major part of the company's working capital requirements are provided by a loan from Boron Vredenburg BV, a shareholder, which is repayable on demand. The loan balance at 31 December 2023 is £719,428. The loan is being repaid by the company, and the directors of Boron Vredenburg BV have indicated that they will not seek repayment other than by the repayments currently being made.

The directors, having considered the above and made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.

Nicolas Van Patrick Limited (Registered number: 09010130)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 1,003,000
AMORTISATION
At 1 January 2023 543,367
Charge for year 100,300
At 31 December 2023 643,667
NET BOOK VALUE
At 31 December 2023 359,333
At 31 December 2022 459,633

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 252,312
Additions 3,135
At 31 December 2023 255,447
DEPRECIATION
At 1 January 2023 224,258
Charge for year 7,798
At 31 December 2023 232,056
NET BOOK VALUE
At 31 December 2023 23,391
At 31 December 2022 28,054

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 122,106 481,387
Other debtors 52,369 152,504
174,475 633,891

Nicolas Van Patrick Limited (Registered number: 09010130)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Other Debtors figure includes £8,500 related to the director's loan account analysed in Note 12.

Other Debtors figure includes £6,980 amount due from Boron Vredenburg BV , repayable in 1 year.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts - 818
Trade creditors 15,530 46,860
Taxation and social security 96,712 278,465
Other creditors 981,080 1,231,676
1,093,322 1,557,819

Other Creditors figure includes a loan of £719,428 due to Boron Vredenburg BV, a shareholder, which is repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other creditors 100,000 100,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 100,000 100,000

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 130,000 130,000
Between one and five years 390,000 520,000
520,000 650,000

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdraft - 818

The bank overdraft is secured by a personal guarantee from the directors.

Nicolas Van Patrick Limited (Registered number: 09010130)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

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

The Report of the Auditors was unqualified.

Russell Joseph (Senior Statutory Auditor)
for and on behalf of Bourner Bullock, Chartered Accountants

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2023 and the period ended 31 December 2022:

31.12.23 31.12.22
£    £   
N Pejacsevich
Balance outstanding at start of year - 4,000
Amounts advanced 8,500 -
Amounts repaid - (4,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,500 -

13. ULTIMATE CONTROLLING PARTY

The controlling party is Boron Vredenburg B.V.