Nidus Riley Limited

 

Unaudited Financial Statements

 

For the year ended

 

31 MARCH 2024

 

Pages for filing with registrar

 

Company Registration No. 05732385

 

Nidus Riley Limited

 

Officers and professional advisers

 

THE BOARD OF DIRECTORS

 

 

M Armstrong-Fox

 

S d'Arcy

 

D Needham

 

D Munns (Appointed 1st April 2023)

 

 

COMPANY SECRETARY

P A Runting

 

 

REGISTERED OFFICE

Sunley House

 

4 Bedford Park

 

Croydon

 

Surrey

 

CR0 2AP

Nidus Riley Limited

 

Unaudited Statement of Financial Position

at 31 March 2024

Company Registration No. 5732385

 

 

 

2024

2023

 

Note

£

£

£

£

 

 

 

 

 

 

FIXED ASSETS

 

 

 

 

 

Tangible assets

4

 

7,067

 

7,533

Investments

 

 

-

 

-

 

 

 

 

 

 

 

 

 

7,067

 

7,533

CURRENT ASSETS

 

 

 

 

 

Debtors

5

552,875

 

424,023

 

Cash at bank and in hand

 

463,183

 

279,528

 

 

 

 

 

 

 

 

 

1,016,058

 

703,551

 

CREDITORS: Amounts falling due within one year

6

(507,418)

 

(269,490)

 

 

 

 

 

 

 

NET CURRENT ASSETS

 

 

508,640

 

434,061

 

 

 

 

 

 

CREDITORS: Amounts falling due after more than one year

7

 

(13,333)

 

(23,333)

 

 

 

 

 

 

NET ASSETS

 

 

502,374

 

418,261

 

 

 

 

 

 

CAPITAL AND RESERVES

 

 

 

 

 

Called-up equity share capital

8

 

150,000

 

150,000

Share premium account

 

 

-

 

-

Profit and loss account

9

 

352,373

 

268,261

 

 

 

 

 

 

TOTAL EQUITY

 

 

502,373

 

418,261

 

The directors have elected not to include a copy of the income statement within the financial

 

For the year ended 31 March 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies and its members have not required the company to obtain an audit of its financial statements for the year in question in accordance with Section 476.

 

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

 

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

 

The financial statements on pages 2 to 7 were approved by the directors and authorised for issue on 15th January 2025 and are signed on their behalf by:

 

 

 

_______________________________

S d'Arcy

Director

Nidus Riley Limited

 

Statement of changes in equity

at 31 March 2024

 

 

 

Share Capital

Profit & loss reserves

Total

 

Note

£

£

£

 

 

 

 

 

Balance at 1 April 2022

 

150,000

282,915

432,915

 

 

 

 

 

Profit and comprehensive income for the year

 

-

105,346

105,346

 

 

 

 

 

Balance at 31 March 2023

 

150,000

268,261

418,261

 

 

 

 

 

Profit and comprehensive income for the year

 

-

280,612

280,612

 

 

 

 

 

Dividends

3

-

(196,500)

(196,500)

 

 

 

 

 

Balance at 31 March 2024

 

150,000

352,373

502,373

Nidus Riley Limited

 

Notes to the unaudited financial statements

Year ended 31 March 2024

 

1     ACCOUNTING POLICIES

 

General Information

Nidus Riley Limited (“the Company”) is a private company limited by shares and is registered, domiciled and incorporated in England.

The Registered Office address of the company is Sunley House, 4 Bedford Park, Croydon CR0 2AP.

 

Basis of accounting

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime, and under the historical cost convention. Where appropriate, the disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies are set out below.

 

Going concern

The directors have prepared financial projections looking forwards for a period of at least 12 months from the date of signing these financial statements. Having taken due consideration of the company's reserves, the current uncertain economic climate, anticipated fee income over the coming year and allowing for normal commercial trading risks, the directors consider it appropriate to prepare the financial statements on the going concern basis as the projections demonstrate that the company is expected to have sufficient cash to meet its liabilities as they fall due.

true

 

Turnover

The turnover shown in the income statement represents amounts receivable for goods and services provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes. Turnover is recognised by reference to the stage of completion.

 

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

 

Furniture & Equipment

- 4 to 10 years straight line

Leasehold Improvements

- Over the life of the lease

Computer Equipment

- 4 years straight line

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset , and is credited or charged to profit or loss.

 

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

 

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement.

Nidus Riley Limited

 

Notes to the unaudited financial statements (continued)

Year ended 31 March 2024

 

1      ACCOUNTING POLICIES (Continued)

 

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the income statement. Differences between the contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the statement of financial position.

 

Taxation

The tax expense represents the sum of the current tax expensed. Current tax assets are recognised when tax paid exceeds tax payable.

Current tax is recognised for the amount of income tax payable in respect of taxable profits for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is calculated 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.

 

Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised when the Company becomes a party to the contractual provisions of the instrument, and are offset only when the Company has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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

 

Financial Assets

Basic financial assets, which include amounts due from related undertakings, trade debtors, accrued income and other debtors which are receivable within one year and do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost.

 

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

Financial Liabilities

Basic financial liabilities including amounts due to related parties, trade and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled where the debt instrument is measured at present value of future payments discounted at a market rate of interest.

Nidus Riley Limited

 

Notes to the unaudited financial statements (continued)

Year ended 31 March 2024

 

Equity Instruments

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

 

2     EMPLOYEES

 

2024

2023

 

No.

No.

 

 

 

The average number of employees (including directors) during the year

8

8

 

3     DIVIDENDS

Equity dividends - £196,500 Paid during the year

£

£

£1.31 (2023 £0.80) per share

196,500

120,000

 

4     TANGIBLE FIXED ASSETS

 

Equipment,

 

furniture

 

etc.

COST

£

 

 

At 1 April 2023

46,944

Additions

1,936

 

 

At 31 March 2024

48,880

 

 

DEPRECIATION

 

 

 

At 1 April 2023

39,411

Charge for the year

2,402

 

 

At 31 March 2024

41,813

 

 

NET BOOK VALUE

 

 

 

At 31 March 2024

7,067

 

 

At 31 March 2023

7,533

 

5     DEBTORS

 

2024

2023

 

£

£

 

 

 

Trade debtors

344,186

354,975

Amounts due from related undertakings

188,097

55,798

Prepayments and accrued income

20,592

13,250

 

 

 

 

552,875

424,023

Nidus Riley Limited

 

Notes to the unaudited financial statements (continued)

Year ended 31 March 2024

 

6     CREDITORS: Amounts falling due within one year

 

£

£

 

 

 

Trade Creditors

109,427

5,640

Amounts due to related undertakings

-

2,138

Corporation Tax

65,304

40,744

Other taxation and social security

100,526

72,867

Bank Loans

10,000

10,000

Other creditors

396

-

Accruals and deferred income

221,765

138,101

 

 

 

 

507,418

269,490

 

7     CREDITORS: Amounts falling due after more than one year

 

£

£

 

 

 

Bank Loans

13,333

23,333

 

 

 

Bank Loans are repayable as below:

 

 

Less than one year

10,000

10,000

1 to 2 years

10,000

10,000

2 to 5 years

3,333

13,333

 

 

 

 

23,333

33,333

 

No security over Company Assets has been given in relation to the loans

 

8     SHARE CAPITAL

 

2024

2023

Issued and fully paid

£

£

 

 

 

150,000 Ordinary shares of £1 each

150,000

150,000

Nidus Riley Limited

 

Notes to the unaudited financial statements (continued)

Year ended 31 March 2024

 

9     RESERVES

 

Profit & loss reserves Cumulative profit and loss net of distributions to owners.

 

10     RELATED PARTY TRANSACTIONS

 

During the year the following transactions took place in the normal course of business.

 

 

Sales in the

Purchases in

Management

Amounts due

 

year

the year

charges

from/(to) at

 

 

 

payable

the end of

2024

 

 

 

the

 

 

 

 

accounting

 

 

 

 

period

 

 

 

 

 

Engineering Services Partnership Ltd

632,763

2,820

-

188,097

 

The trading of Henry Riley LLP was transferred to TSA Riley Ltd in April 2023 and is no longer a related party. Amounts due from/to and now included in Trade Debtors/Creditors

 

The transactions in the previous year and the balances at 31 March 2023 were as follows:-

 

 

Sales in the

Purchases in

Management

Amounts due

 

year

the year

charges

from at the

2023

 

 

payable

end of the

 

 

 

 

accounting

 

 

 

 

period

 

 

 

 

 

Henry Riley LLP

21,175

19,149

90,000

862

Engineering Services Partnership Ltd

275,204

-

-

52,798

 

The above entities have common directors/members with Nidus Riley Ltd.

 

11     TRANSACTIONS WITH DIRECTORS

 

During the year the directors received dividends totalling £121,012 (2023 - £82,558)

 

12     RETIREMENT BENEFITS

 

The company operates a defined contribution pension scheme whose assets are held separately from those of the company in an independently administered fund. Contributions of £Nil (2023 - £Nil) were outstanding at the year end. The pension cost charge represents the contributions payable by the company and amounted to £8,078 (2023 - £7,298)

 

13     CONTROL

 

No party has overall control of the company.