Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01false99truefalsefalse 03971825 2023-01-01 2023-12-31 03971825 2022-01-01 2022-12-31 03971825 2023-12-31 03971825 2022-12-31 03971825 c:Director1 2023-01-01 2023-12-31 03971825 c:RegisteredOffice 2023-01-01 2023-12-31 03971825 d:FurnitureFittings 2023-01-01 2023-12-31 03971825 d:FurnitureFittings 2022-12-31 03971825 d:ComputerEquipment 2023-01-01 2023-12-31 03971825 d:ComputerEquipment 2022-12-31 03971825 d:CurrentFinancialInstruments 2023-12-31 03971825 d:CurrentFinancialInstruments 2022-12-31 03971825 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03971825 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03971825 d:UKTax 2023-01-01 2023-12-31 03971825 d:UKTax 2022-01-01 2022-12-31 03971825 d:RetainedEarningsAccumulatedLosses 2023-12-31 03971825 d:RetainedEarningsAccumulatedLosses 2022-12-31 03971825 c:FRS102 2023-01-01 2023-12-31 03971825 c:Audited 2023-01-01 2023-12-31 03971825 c:FullAccounts 2023-01-01 2023-12-31 03971825 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03971825 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 03971825










NEXUS AFTERMARKET LIMITED










DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NEXUS AFTERMARKET LIMITED
 
 
COMPANY INFORMATION


Director
E D White 




Registered number
03971825



Registered office
10 Queen Street Place

London

United Kingdom

EC4R 1AG




Independent auditors
HaysMac LLP

10 Queen Street Place

London

EC4R 1AG





 
NEXUS AFTERMARKET LIMITED
 

CONTENTS



Page
Director's Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Statement of Financial Position
 
8
Notes to the Financial Statements
 
9 - 16


 
NEXUS AFTERMARKET LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they 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.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is the provision of management, design and marketing services to the automotive industry.

Director

The director who served during the year was:

E D White 

Going Concern

At 31 December 2023, the Company had net assets of £214,000 which included £137,000 of cash at bank. Net current assets were £202,000. The directors believe that the Company's position indicates that it has adequate resources to meet its liabilities for the foreseeable future as they will fall due. 
In light of the above and the ongoing support of Nexus Business Solutions Group Limited, a group undertaking, via a letter of support for at least 12 months from the date of approval of the financial statements, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Therefore, having considered the financial position, trading results in the year, cash flow and trading forecasts for at least the next 12 months, the economic environment, industries in which the group operates the Directors consider it appropriate to prepare the financial statement's under going concern basis.

Page 1

 
NEXUS AFTERMARKET LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

On 18 November 2024 the Company’s auditor changed its name from Haysmacintyre LLP to HaysMac LLP.

The auditorsHaysMac LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
E D White
Director

Date: 6 February 2025

Page 2

 
NEXUS AFTERMARKET LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXUS AFTERMARKET LIMITED
 

Opinion


We have audited the financial statements of Nexus Aftermarket Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for 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 United Kingdom, including the Financial Reporting Council'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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern.


Page 3

 
NEXUS AFTERMARKET LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXUS AFTERMARKET LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.


Page 4

 
NEXUS AFTERMARKET LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXUS AFTERMARKET LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Companies Law and tax regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

inspecting correspondence with regulators and tax authorities;
discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
evaluating management’s controls designed to prevent and detect irregularities;
identifying and testing journals, in particular journal entries which exhibited characteristics we had idertified as potentially being indicative of regularities; and
challenging assumptions and judgements made by management in their critical accounting estimates

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Page 5

 
NEXUS AFTERMARKET LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXUS AFTERMARKET LIMITED (CONTINUED)


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Michael Crowson (Senior Statutory Auditor)
for and on behalf of
HaysMac LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

6 February 2025
Page 6

 
NEXUS AFTERMARKET LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£'000
£'000

Turnover
  
636
625

Cost of sales
  
(292)
(278)

Gross profit
  
344
347

Administrative expenses
  
(379)
(378)

Operating loss
  
(35)
(31)

Tax on loss
 4 
-
-

Loss for the financial year
  
(35)
(31)

There were no recognised gains and losses for 2023 or 2022 other than those included in the Statement of Comprehensive Income.

There was no other comprehensive income for 2023 (2022: £Nil).

The notes on pages 9 to 16 form part of these financial statements.

Page 7

 
NEXUS AFTERMARKET LIMITED
REGISTERED NUMBER: 03971825

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£'000
£'000

Fixed assets
  

Tangible assets
 5 
12
14

Current assets
  

Debtors
 6 
118
253

Cash at bank and in hand
 7 
137
27

  
255
280

Creditors: amounts falling due within one year
 8 
(53)
(45)

Net current assets
  
 
 
202
 
 
235

Net assets
  
214
249


Capital and reserves
  

Profit and loss account
  
214
249

  
214
249


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
E D White
Director

Date: 6 February 2025

The notes on pages 9 to 16 form part of these financial statements.

Page 8

 
NEXUS AFTERMARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Nexus Aftermarket Limited is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 03971825 and registered office address is 10 Queen Street Place, London, United Kingdom, EC4R 1AG. 
Its principal place of business is White Clarke House, Woodlands Business Park, Linford Wood, Milton Keynes, MK14 6FG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, which the Directors consider to be appropriate for the following reasons.
The Directors have performed a going concern assessment that, taking account of reasonably possible downsides including revenue reducing lower than budgeted levels, the Company will have sufficient funds, to meet its liabilities as they fall due during the going concern assessment period.
Consequently, the Directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due from at least 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

 
2.3

Revenue

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 as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised on the completion of each project or when it is probable that the Company has a right to charge its clients.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 9

 
NEXUS AFTERMARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33.3% straight line
Computer equipment
-
20% to 33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

  
2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty                                              on notice of not more than 24 hours.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 10

 
NEXUS AFTERMARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.


 

Page 11

 
NEXUS AFTERMARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Current and deferred taxation (continued)

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022: 9).


4.


Taxation


2023
2022
£
£


Current tax on profits for the year
-
-

Total current tax
-
-

Deferred tax

Total deferred tax
-
-
Page 12

 
NEXUS AFTERMARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
4.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 23.52% (2022:19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(35)
(31)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022: 19%)
(8)
(6)

Effects of:


Fixed asset differences
-
(1)

Expenses not deductible for tax purposes
-
1

Adjustments to brought forward values
-
(1)

Group relief surrendered
7
8

Movement in deferred tax not recognised
3
(2)

Unexplained difference
-
(2)

Other adjustments
(2)
3

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 13

 
NEXUS AFTERMARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£'000
£'000
£'000



Cost


At 1 January 2023
4
70
74


Additions
-
3
3



At 31 December 2023
4
73
77



Depreciation


At 1 January 2023
4
56
60


Charge for the year
-
5
5



At 31 December 2023
4
61
65



Net book value



At 31 December 2023
-
12
12



At 31 December 2022
-
14
14

Page 14

 
NEXUS AFTERMARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£'000
£'000

Trade debtors
4
5

Amounts owed by group undertakings
99
236

Other debtors
-
1

Prepayments and accrued income
13
9

Deferred taxation
2
2

118
253


Amounts owed by group undertakings are interest free and payable on demand.


7.


Cash

2023
2022
£'000
£'000

Cash at bank and in hand
137
27


At the year end, the Company has entered into a 3 month currency forward to hedge their foreign currency risk between GBP and AUD.  The Company has chosen not to apply hedge accounting and the fair value of the instrument at 31 December 2023 is AUD £148k.  No change in FV has been recognised in the P&L as the amount is considered to be immateria


8.


Creditors: amounts falling due within one year

2023
2022
£'000
£'000

Trade creditors
4
1

Amounts owed to group undertakings
6
-

Other taxation and social security
8
9

Other creditors
3
3

Accruals and deferred income
32
32

53
45


Amounts owed to group undertakings are interest free and repayable on demand.

Page 15

 
NEXUS AFTERMARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £10,387 (2022: £9,951).


10.


Controlling party

White Clarke Tech Group Limited is the largest entity within the group which prepares consolidated financial statements in which this Company's results are included. Its registered office address is 10 Queen Street Place, London, EC4R 1AG.
The immediate parent of the Company is Latimer Solutions Group Limited. 
The directors consider the ultimate controlling entity to be White Clarke Tech Group Limited.

Page 16