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REGISTERED NUMBER: 04407579 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

NCB FINANCIAL SERVICES UK LTD

NCB FINANCIAL SERVICES UK LTD (REGISTERED NUMBER: 04407579)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 SEPTEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NCB FINANCIAL SERVICES UK LTD

COMPANY INFORMATION
for the year ended 30 SEPTEMBER 2024







DIRECTORS: Mr L C Mahipalamudali
Dr F Johnston
Mr M Sadler





SECRETARY: Ms S E Neita





REGISTERED OFFICE: 209 Ferndale Road
Brixton
London
SW9 8BJ





REGISTERED NUMBER: 04407579 (England and Wales)





ACCOUNTANTS: Randall Robinson
Chartered Certified Accountants
Office 3.14
85 Gresham Street
London
EC2V 7NQ

NCB FINANCIAL SERVICES UK LTD (REGISTERED NUMBER: 04407579)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Cash at bank 506,366 509,273

CREDITORS
Amounts falling due within one year 4 504 1,623
NET CURRENT ASSETS 505,862 507,650
TOTAL ASSETS LESS CURRENT
LIABILITIES

505,862

507,650

CAPITAL AND RESERVES
Called up share capital 5 10,000 10,000
Retained earnings 495,862 497,650
SHAREHOLDERS' FUNDS 505,862 507,650

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

NCB FINANCIAL SERVICES UK LTD (REGISTERED NUMBER: 04407579)

BALANCE SHEET - continued
30 SEPTEMBER 2024


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 10 December 2024 and were signed on its behalf by:





Mr L C Mahipalamudali - Director


NCB FINANCIAL SERVICES UK LTD (REGISTERED NUMBER: 04407579)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

NCB Financial Services UK Ltd 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.

Taxation
Taxation for the year 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.

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 year 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

NCB FINANCIAL SERVICES UK LTD (REGISTERED NUMBER: 04407579)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Critical accounting estimates and judgements
Estimates and judgement are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under certain circumstances.

The Company, thus, makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

There were no major estimates and assumptions made during the year that have a significant risk of causing material adjustments to the carrying amount of the company's assets and liabilities within the next financial year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
2024 2023
£    £   
Amount owed to parent company - 1,143
Accrued expenses 504 480
504 1,623

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000

6. ULTIMATE CONTROLLING PARTY

The parent company is National Commercial Bank Jamaica Limited ("the Bank") which is incorporated in Jamaica and licensed under the Banking Services Act 2014. The Bank is a wholly owned subsidiary of NCB Financial Group Limited. The ultimate parent company is Portland Holdings Inc., incorporated in Canada. Portland Holdings Inc., is controlled by Hon. Michael A. Lee-Chin. The Bank's registered office is located at 32 Trafalgar Road, Kingston 10, Jamaica.