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Company registration number: 04182799
Nagle James Associates Limited
Unaudited filleted financial statements
31 March 2024
Nagle James Associates Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Nagle James Associates Limited
Directors and other information
Director Kaushik Nathwani
Secretary Pragna Nathwani
Company number 04182799
Registered office Amba House, 4th Floor
Kings Suite, 15 College Road
Harrow, Middlesex
United Kingdom
HA1 1BA
Nagle James Associates Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 12,555 23,144
_______ _______
12,555 23,144
Current assets
Debtors 7 1,398,977 1,259,166
Cash at bank and in hand 24,004 61,870
_______ _______
1,422,981 1,321,036
Creditors: amounts falling due
within one year 8 ( 438,285) ( 514,348)
_______ _______
Net current assets 984,696 806,688
_______ _______
Total assets less current liabilities 997,251 829,832
Provisions for liabilities 9 ( 3,105) -
_______ _______
Net assets 994,146 829,832
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 994,046 829,732
_______ _______
Shareholders funds 994,146 829,832
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
Kaushik Nathwani
Director
Company registration number: 04182799
Nagle James Associates Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Amba House, 4th Floor, Kings Suite, 15 College Road, Harrow, Middlesex, United Kingdom, HA1 1BA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - Useful life over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25% Straight Line
Motor vehicles - 25% Straight Line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs 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.
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 in finance costs 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 7 (2023: 5 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 and 31 March 2024 24,000 24,000
_______ _______
Amortisation
At 1 April 2023 and 31 March 2024 24,000 24,000
_______ _______
Carrying amount
At 31 March 2024 - -
_______ _______
At 31 March 2023 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 89,719 61,624 25,538 176,881
Additions 1,549 - - 1,549
Disposals - - ( 25,538) ( 25,538)
_______ _______ _______ _______
At 31 March 2024 91,268 61,624 - 152,892
_______ _______ _______ _______
Depreciation
At 1 April 2023 73,009 61,624 19,104 153,737
Charge for the year 5,704 - - 5,704
Disposals - - ( 19,104) ( 19,104)
_______ _______ _______ _______
At 31 March 2024 78,713 61,624 - 140,337
_______ _______ _______ _______
Carrying amount
At 31 March 2024 12,555 - - 12,555
_______ _______ _______ _______
At 31 March 2023 16,710 - 6,434 23,144
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 125,243 160,354
Other debtors 1,273,734 1,098,812
_______ _______
1,398,977 1,259,166
_______ _______
Included in other debtors is an unsecured loan of £943,830 to Mr K Nathwani, the director of the company.Interest at the official rate has been charged.The maximum amount outstanding during the year was £1,098,127.
8. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 43,848 113,365
Social security and other taxes 108,584 68,309
Other creditors 285,853 332,674
_______ _______
438,285 514,348
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 April 2023 - -
Charges against provisions 3,105 3,105
_______ _______
At 31 March 2024 3,105 3,105
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 9) 3,105 -
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 3,105 -
_______ _______
11. Contingent assets and liabilities
The company has provided a guarantee for a bank loan of £1,124,750 taken out by the shareholders and their associates. In the director's opinion the security of the properties is adequate hence this is purely additional security given by the company.
12. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Kaushik Nathwani 801,095 297,032 ( 154,297) 943,830
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Kaushik Nathwani 705,524 95,571 - 801,095
_______ _______ _______ _______