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REGISTERED NUMBER: 06949954 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE PERIOD

1 JANUARY 2023 TO 30 DECEMBER 2023

FOR

NAMGRASS UK LIMITED

NAMGRASS UK LIMITED (REGISTERED NUMBER: 06949954)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 7


NAMGRASS UK LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023







DIRECTORS: S De Groote
J N G Penninck





REGISTERED OFFICE: 2 Winston Parade
Lymington Road
New Milton
BH25 6PT





REGISTERED NUMBER: 06949954 (England and Wales)





AUDITORS: Allens Accountants Limited
Registered Auditors and
Chartered Accountants
123 Wellington Road South
Stockport
Cheshire
SK1 3TH

NAMGRASS UK LIMITED (REGISTERED NUMBER: 06949954)

BALANCE SHEET
30 DECEMBER 2023

30/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,586 6,672
Tangible assets 5 166,472 177,138
170,058 183,810

CURRENT ASSETS
Stocks 243,525 686,629
Debtors 6 424,245 176,398
Cash at bank and in hand 157,375 152,727
825,145 1,015,754
CREDITORS
Amounts falling due within one year 7 263,079 1,059,257
NET CURRENT ASSETS/(LIABILITIES) 562,066 (43,503 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

732,124

140,307

CREDITORS
Amounts falling due after more than one
year

8

(631,000

)

-

PROVISIONS FOR LIABILITIES - (29,689 )
NET ASSETS 101,124 110,618

CAPITAL AND RESERVES
Called up share capital 100 100
Capital contribution and distribution reserve 369,000 -
Retained earnings (267,976 ) 110,518
SHAREHOLDERS' FUNDS 101,124 110,618

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 13 January 2025 and were signed on its behalf by:





J N G Penninck - Director


NAMGRASS UK LIMITED (REGISTERED NUMBER: 06949954)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023

1. STATUTORY INFORMATION

Namgrass Uk 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.

Going concern
For the financial period ending 30 December 2023, the Company incurred trading losses of £378,494 (2022: £300,208). At the time of approving the financial statements, the directors believe that the Company is well placed to manage its business risks successfully, despite the uncertain economic output and have a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future and has the support of the group. The financial statements have therefore been prepared on a going concern basis.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors do not considered there to be any significant judgements or estimates.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is wholly attributable to the principle activity of the Company and has arisen within the United Kingdom and Europe. Turnover relates to the sale of goods and provision of installation services.

For the supply of goods, turnover is recognised when the goods are physically delivered to the customer. For installation, turnover is recognised by reference to the stage of completion of the installation project.

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.

Website and software are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Plant and machinery etc - 25% on reducing balance and 10% on cost

NAMGRASS UK LIMITED (REGISTERED NUMBER: 06949954)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss.

Cash and cash equivalents
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 insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for goods sold and/ot services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
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. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Profit and loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.

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.

Taxation
Taxation for the period 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.


NAMGRASS UK LIMITED (REGISTERED NUMBER: 06949954)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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 period 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.

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.

Financial instruments
The Company only enters into basic financial instrument 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, together with loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable in one year), including loans and other debtors and creditors are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable in one year, typically trade debtors or creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transactions, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 the profit and loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 10 (2022 - 15 ) .

NAMGRASS UK LIMITED (REGISTERED NUMBER: 06949954)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 30 December 2023 37,510
AMORTISATION
At 1 January 2023 30,838
Charge for period 3,086
At 30 December 2023 33,924
NET BOOK VALUE
At 30 December 2023 3,586
At 31 December 2022 6,672

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 68,103 766,671 834,774
Additions - 54,384 54,384
Disposals - (79,167 ) (79,167 )
At 30 December 2023 68,103 741,888 809,991
DEPRECIATION
At 1 January 2023 47,223 610,414 657,637
Charge for period 6,811 34,524 41,335
Eliminated on disposal - (55,453 ) (55,453 )
At 30 December 2023 54,034 589,485 643,519
NET BOOK VALUE
At 30 December 2023 14,069 152,403 166,472
At 31 December 2022 20,880 156,257 177,137

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/12/23 31/12/22
£    £   
Trade debtors 185,993 151,568
Other debtors 238,252 24,830
424,245 176,398

NAMGRASS UK LIMITED (REGISTERED NUMBER: 06949954)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/12/23 31/12/22
£    £   
Trade creditors 185,505 888,279
Taxation and social security 5,311 60,689
Other creditors 72,263 110,289
263,079 1,059,257

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/12/23 31/12/22
£    £   
Amounts owed to group undertakings 631,000 -

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

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We did not attend and observe the counting of physical stock at the financial year end. We were unable to satisfy ourselves by alternative means concerning inventory quantities held at 30 December 2023, which are included in the balance sheet at £243,525, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

Dean McMullan (Senior Statutory Auditor)
for and on behalf of Allens Accountants Limited

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the balance sheet date that require disclosure in these financial statements.

14. ULTIMATE CONTROLLING PARTY

The Company is controlled by its immediate parent company, The Grass Company BV, a company registered in Belgium. The ultimate parent company is NIH VII Mem Holdings S.a.r.l, a company registered in Luxembourg. The largest and small group in which the results of the Company are consolidated is that headed by Viridis Holdings BV a company registered in Belgium. The group does not have an ultimate controlling party.