NSM FUNDS (UK) LIMITED

Company Registration Number:
14807798 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2024

Period of accounts

Start date: 17 April 2023

End date: 30 June 2024

NSM FUNDS (UK) LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

NSM FUNDS (UK) LIMITED

Directors' report period ended 30 June 2024

The directors present their report with the financial statements of the company for the period ended 30 June 2024

Principal activities of the company

The principal activity of the Company is the provision of fund administration services

Additional information

Incorporation - NSM Funds (UK) Limited was incorporated on 17 April 2023. The first set of financial statements will run from incorporation until 30 June 2024 to fall in line with the same period / year end as associated companies. Results - The Company was incorporated on 17 April 2023 to offer fund administration services. During the year, the Company has recruited a specialist fund team to service the book as clients onboard. The pipeline was strong and a significant client has signed terms and conditions with the Company and will see increasing revenues in the next financial year. As a start up company and new service offering, NSM Funds (UK) Limited has been supported financially by its parent entity, NSM Fund Holdings Limited. To support the Company, NSM Fund Holdings Limited is contributing to the Company's expenses thus bringing about a loss position. Going Concern - The directors have considered the financial position of the company and have a strong expectation that the Company has adequate trading resources to meet its liabilities as they fall due. However, in addition to this the directors also receive the financial support from the ultimate majority beneficial owner to continue in operational existence for the foreseeable future and therefore present these financial statements on a going concern basis. Dividend - No dividends were paid during the period and the directors do not propose a final dividend. Directors - The directors of the Company who held office during the current period and to the date of signing are as listed on page 1. Secretary - The Secretary of the Company who held office during the current period and to the date of signing are as listed on page 1. Directors' responsibilities - The directors are responsible for preparing the Directors' Report and the financial statements for each financial period which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period and are in accordance with the Companies Act 2006 and International Financial Accounting Standards (IFRS). In preparing those financial statements the directors are required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors confirm that they have complied with the above requirements in preparing the financial statements. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud, error, non-compliance with law and regulations.



Directors

The director shown below has held office during the period of
20 October 2023 to 30 June 2024

B Smith


The directors shown below have held office during the whole of the period from
17 April 2023 to 30 June 2024

S Graham
S M Robert
S Shields


The director shown below has held office during the period of
17 April 2023 to 20 October 2023

P O'Neill


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
15 January 2025

And signed on behalf of the board by:
Name: B Smith
Status: Director

NSM FUNDS (UK) LIMITED

Profit And Loss Account

for the Period Ended 30 June 2024

14 months to 30 June 2024


£
Turnover: 85,486
Cost of sales: ( 241,775 )
Gross profit(or loss): (156,289)
Administrative expenses: ( 36,450 )
Operating profit(or loss): (192,739)
Profit(or loss) before tax: (192,739)
Profit(or loss) for the financial year: (192,739)

NSM FUNDS (UK) LIMITED

Balance sheet

As at 30 June 2024

Notes 14 months to 30 June 2024


£
Called up share capital not paid: 1
Fixed assets
Tangible assets: 3 205
Total fixed assets: 205
Current assets
Debtors: 4 27,339
Total current assets: 27,339
Prepayments and accrued income: 13,009
Net current assets (liabilities): 40,348
Total assets less current liabilities: 40,554
Creditors: amounts falling due after more than one year: 5 ( 221,747 )
Accruals and deferred income: ( 11,545 )
Total net assets (liabilities): (192,738)
Capital and reserves
Called up share capital: 1
Profit and loss account: (192,739 )
Total Shareholders' funds: ( 192,738 )

The notes form part of these financial statements

NSM FUNDS (UK) LIMITED

Balance sheet statements

For the year ending 30 June 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 15 January 2025
and signed on behalf of the board by:

Name: B Smith
Status: Director

The notes form part of these financial statements

NSM FUNDS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable. Revenue is recognised in profit or loss to the prorate part of the services rendered to the client during the reporting date. Revenue comprises fund administration services and is recognised with regards to IFRS 15 - Revenue from contracts with customers.

    Tangible fixed assets depreciation policy

    All property, plant and equipment (PPE) is stated at historical cost less depreciation. Cost of an item of PPE includes both its purchase price and any directly attributable costs that were required for the asset to be prepared and made available for operational use. Depreciation, based on a component approach, is calculated using the straight-line method to allocate the cost over the assets estimated useful lives, as follows: Computer Equipment - 4 years Communications Equipment - 5 years Fixtures & Fittings - 10 years Office Furniture - 5 years

    Other accounting policies

    The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRIC) applicable to companies reporting under IFRS The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed. Going Concern The directors have considered the financial position of the company and have a strong expectation that the Company has adequate trading resources to meet its liabilities as they fall due. However, in addition to this the directors also receive the financial support from the ultimate beneficial owner to continue in operational existence for the foreseeable future and therefore present these financial statements on a going concern basis. Trade Receivables Trade and other receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of business if longer), they are classified as current assets. If not, they are presented as non-current assets. Receivables are recognised initially at fair value and subsequently stated at amortised cost. At each reporting date, the Company shall measure the loss allowance on debt assets carried at amortised cost at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If at the reporting date, the credit risk has not increased significantly since initial recognition, the Company shall measure the loss allowance at an amount equal to 12 month expected credit losses. The expected credit losses are estimated using a provision matrix based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and exposure at the default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward looking information. Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts, if any. In the balance sheet, bank overdrafts are shown within borrowings in current liabilities, if any. Taxation The Company is liable to pay Corporation tax levied at a rate of 25%. The charge included in the financial statements is based on this rate. Client money The Company did not hold client monies during the accounting period or to the date of signing the financial statements.

NSM FUNDS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 2. Employees

    14 months to 30 June 2024
    Average number of employees during the period 0

NSM FUNDS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
Additions 205 205
Disposals
Revaluations
Transfers
At 30 June 2024 205 205
Depreciation
Charge for year 0 0
On disposals
Other adjustments
At 30 June 2024 0 0
Net book value
At 30 June 2024 205 205

NSM FUNDS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Debtors

14 months to 30 June 2024
£
Trade debtors 27,339
Total 27,339

NSM FUNDS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

5. Creditors: amounts falling due after more than one year note

14 months to 30 June 2024
£
Other creditors 221,747
Total 221,747