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23 September 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
5212765
2023-01-01
2023-12-31
5212765
2023-12-31
5212765
2022-12-31
5212765
2022-01-01
2022-12-31
5212765
2022-12-31
5212765
2021-12-31
5212765
bus:Director11
2023-01-01
2023-12-31
5212765
core:WithinOneYear
2023-12-31
5212765
core:WithinOneYear
2022-12-31
5212765
core:ShareCapital
2023-12-31
5212765
core:ShareCapital
2022-12-31
5212765
core:RetainedEarningsAccumulatedLosses
2023-12-31
5212765
core:RetainedEarningsAccumulatedLosses
2022-12-31
5212765
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2023-01-01
2023-12-31
5212765
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2023-01-01
2023-12-31
5212765
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2023-01-01
2023-12-31
5212765
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2023-01-01
2023-12-31
5212765
bus:FullAccounts
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
5212765
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Current assets
Debtors |
5 |
228,486 |
|
403,349 |
Cash at bank and in hand |
614,581 |
|
423,799 |
|
--------- |
|
--------- |
|
843,067 |
|
827,148 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
191,347 |
|
246,398 |
|
--------- |
|
--------- |
Net current assets |
|
651,720 |
580,750 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
651,720 |
580,750 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
(
1,482) |
(
1,308) |
|
|
--------- |
--------- |
Net assets |
|
653,202 |
582,058 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
10,000 |
10,000 |
Profit and loss account |
|
643,202 |
572,058 |
|
|
--------- |
--------- |
Shareholder funds |
|
653,202 |
582,058 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
23 September 2024
, and are signed on behalf of the board by:
Company registration number:
5212765
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company is part of the NKT Cables Group A/S group. The group sources funding facilities from equity investors and external funders and provides inter-company funding to group companies. The company, NKT Cables Group A/S has made a decision to reorganise. Subsequent to the year end, the decision was taken to hive up NKT (U.K.) Ltd. Consequently, the trade carried on by the UK entity Limited has been transferred to its parent company, NKT HVC Limited, post year end. There were no significant costs associated with the transfer of trade, and the company continued to collect any debts and settle the associated creditors as it wound down operations. Following the wind-down, and for the foreseeable future, the company will continue to exist as a dormant company, however no decision has been made until financial statement are signed. Due to the orderly wind-down of operations, no accounting adjustments have been required at the year-end of 31 December 2023. However, due to no decision made for the wind-down yet the basis of preparation is remains going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
8
(2022:
8
).
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
167,158 |
232,761 |
Other debtors |
61,328 |
170,588 |
|
--------- |
--------- |
|
228,486 |
403,349 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
8,728 |
23,604 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
56,974 |
56,630 |
Corporation tax |
6,339 |
10,497 |
Social security and other taxes |
26,887 |
26,730 |
Other creditors |
92,419 |
128,937 |
|
--------- |
--------- |
|
191,347 |
246,398 |
|
--------- |
--------- |
|
|
|
7.
Post reporting date events
A group reorganisation exercise was undertaken post period end with the trade and assets and liabilities of the company being hived up in to NKT HVC Ltd (its parent company). As part of that reorganisation, the company continues to receive the full ongoing support of the group whilst it finalises an orderly cessation of the business.
The directors have reviewed the carrying value of the company's assets and liabilities in the context of the reorganisation and do not consider any impairments or write-downs are required in these financial statements.
The directors consider on the basis of the ongoing support from the group the company remains a going concern.
8.
Summary audit opinion
The auditor's report dated
23 September 2024
was
unqualified
, however, the auditor drew attention to the following by way of emphasis.
We draw attention to Note 8 to the financial statements which explains groupreorganisation exercise was undertaken post period end with the trade and assets and liabilities of the company being hived up in to NKT HVC Ltd(its parent company). As part of that reorganisation, the company continues to receive the full ongoing support of the group whilst it finalises an orderly cessation of the business. The directors have reviewed the carrying value of the company's assets and liabilities in the context of the reorganisation and do not consider any impairments or write-downs are required in these financial statements. The directors consider on the basis of the ongoing support from the group the company remains a going concern. Accordingly, the financial statements have been prepared on a going concern basis as described in Note 8. Our opinion is not modified in respect of this matter.
The senior statutory auditor was
Mark Hunter
, for and on behalf of
TC Group
.
9.
Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.
10.
Controlling party
The ultimate controlling party during the year was NKT A/S.