Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31The company was 100% owned by R&L (Hemingford) Ltd - a company which is jointly controlled by R Chamberlain and L Breed (Both of whom own 50% of the issued share capital of that company). The Company was sold to Teqnion AB in the year. The parent undertaking for which group financial statements are prepared is as follows :- Teqnion AB Dalvagen 14 169 56, Solna, Stockholm, Sweden. C T R Developments - A company in which R Chamberlain is a director : Company fees and expenses totalling 19,018 in the period to 19 February 2024 (2023 - £188,053) were charged to Nubis Solutions Limited during the year. Redwood Consultancy Services Ltd - A company in which L Breed is a director : Company fees and expenses totalling £231,222 (2023 - £222,643) were charged to Nubis Solutions Limited during the year. The balance owed to Redwood at the year end amounts to 26,400. At the year end the company was owed 86,191 by Nubis Solutions Europe, and this is shown as amounts owed by group undertakings due within 1 year, in note 8 to the financial statements. There were sales in the year to Nubis Solutions Europe of £83,361. At the year end the company was owed 768,709 by the parent company, Teqnion AB. This is shown under amounts owed by group undertakings due in over one year, in note 8 to the financial statements.C T R Developments Redwood Consultancy Services Ltd Nubis Solutions Europe Teqnion AB854900The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. In our opinion the financial statements: give a true and fair view of the state of the Company's affairs as at 31 December 2024 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 2006.2024-01-01truefalseNo description of principal activity1514falsefalse 06750103 2024-01-01 2024-12-31 06750103 2023-01-01 2023-12-31 06750103 2024-12-31 06750103 2023-12-31 06750103 c:Director1 2024-01-01 2024-12-31 06750103 c:Director1 2024-12-31 06750103 c:Director2 2024-01-01 2024-12-31 06750103 c:Director2 2024-12-31 06750103 c:Director3 2024-01-01 2024-12-31 06750103 c:Director3 2024-12-31 06750103 c:Director4 2024-01-01 2024-12-31 06750103 c:Director4 2024-12-31 06750103 c:RegisteredOffice 2024-01-01 2024-12-31 06750103 d:PlantMachinery 2024-01-01 2024-12-31 06750103 d:PlantMachinery 2024-12-31 06750103 d:PlantMachinery 2023-12-31 06750103 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06750103 d:MotorVehicles 2024-01-01 2024-12-31 06750103 d:MotorVehicles 2024-12-31 06750103 d:MotorVehicles 2023-12-31 06750103 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06750103 d:FurnitureFittings 2024-01-01 2024-12-31 06750103 d:FurnitureFittings 2024-12-31 06750103 d:FurnitureFittings 2023-12-31 06750103 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06750103 d:ComputerEquipment 2024-01-01 2024-12-31 06750103 d:ComputerEquipment 2024-12-31 06750103 d:ComputerEquipment 2023-12-31 06750103 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06750103 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06750103 d:Goodwill 2024-12-31 06750103 d:Goodwill 2023-12-31 06750103 d:FreeholdInvestmentProperty 2024-01-01 2024-12-31 06750103 d:FreeholdInvestmentProperty 2024-12-31 06750103 d:FreeholdInvestmentProperty 2023-12-31 06750103 d:CurrentFinancialInstruments 2024-12-31 06750103 d:CurrentFinancialInstruments 2023-12-31 06750103 d:Non-currentFinancialInstruments 2024-12-31 06750103 d:Non-currentFinancialInstruments 2023-12-31 06750103 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 06750103 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06750103 d:ShareCapital 2024-12-31 06750103 d:ShareCapital 2023-12-31 06750103 d:SharePremium 2024-12-31 06750103 d:SharePremium 2023-12-31 06750103 d:RevaluationReserve 2024-12-31 06750103 d:RevaluationReserve 2023-12-31 06750103 d:RetainedEarningsAccumulatedLosses 2024-12-31 06750103 d:RetainedEarningsAccumulatedLosses 2023-12-31 06750103 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-31 06750103 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 06750103 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 06750103 c:OrdinaryShareClass1 2024-01-01 2024-12-31 06750103 c:OrdinaryShareClass1 2024-12-31 06750103 c:FRS102 2024-01-01 2024-12-31 06750103 c:Audited 2024-01-01 2024-12-31 06750103 c:FullAccounts 2024-01-01 2024-12-31 06750103 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06750103 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-01-01 2024-12-31 06750103 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-12-31 06750103 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 06750103 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 06750103 2 2024-01-01 2024-12-31 06750103 d:Goodwill d:OwnedIntangibleAssets 2024-01-01 2024-12-31 06750103 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06750103









NUBIS SOLUTIONS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
NUBIS SOLUTIONS LIMITED
 
 
COMPANY INFORMATION


Directors
Leyton Breed (resigned 19 February 2024, appointed 2 April 2024)
Hans Johan Steene (appointed 19 February 2024)
Diandian Daniel Sun Zhang (appointed 19 February 2024)
Richard Chamberlain (resigned 19 February 2024)




Registered number
06750103



Registered office
Unit 19 Earith Business Park
Earith

Cambridgeshire

PE28 3QF




Independent auditors
MA Partners Audit LLP

Chartered Accountants and Statutory Auditor

7 The Close

Norwich

NR1 4DJ





 
NUBIS SOLUTIONS LIMITED
 

CONTENTS



Page
Independent Auditors' Report
 
 
1 - 4
Balance Sheet
 
 
5 - 6
Notes to the Financial Statements
 
 
7 - 19


 
NUBIS SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NUBIS SOLUTIONS LIMITED
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


We have audited the financial statements of Nubis Solutions Limited (the 'Company') for the year ended 31 December 2024, which comprise  the Balance Sheet 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 2024 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.


Page 1

 
NUBIS SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NUBIS SOLUTIONS LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' 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 Directors' 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 2

 
NUBIS SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NUBIS SOLUTIONS LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


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:

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.


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.


Other matters 
 

Comparative figures in the financial statements have not been audited. Sufficient and appropriate evidence has been obtained in regards to opening balances.


Page 3

 
NUBIS SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NUBIS SOLUTIONS LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


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.





MA Partners Audit LLP
 
Chartered Accountants and Statutory Auditor
7 The Close
Norwich
NR1 4DJ

22 April 2025
Page 4

 
NUBIS SOLUTIONS LIMITED
REGISTERED NUMBER: 06750103

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023 as restated
Note
£
£

Fixed assets
  

Intangible assets
 4 
2,204
2,533

Tangible assets
 5 
35,095
31,178

Investment property
 6 
-
475,000

  
37,299
508,711

Current assets
  

Stocks
 7 
224,186
254,995

Debtors: amounts falling due after more than one year
 8 
768,709
-

Debtors: amounts falling due within one year
 8 
711,831
774,554

Cash at bank and in hand
  
171,815
1,069,658

  
1,876,541
2,099,207

Creditors: amounts falling due within one year
 9 
(291,838)
(181,103)

Net current assets
  
 
 
1,584,703
 
 
1,918,104

Total assets less current liabilities
  
1,622,002
2,426,815

Provisions for liabilities
  

Deferred tax
  
-
(7,623)

Other provisions - warranties
 10 
(92,405)
(140,030)

  
 
 
(92,405)
 
 
(147,653)

Net assets
  
1,529,597
2,279,162


Capital and reserves
  

Called up share capital 
 11 
1,001
1,001

Share premium account
  
107,489
107,489

Investment property fair value reserve
  
-
(20,908)

Profit and loss account
  
1,421,107
2,191,580

  
1,529,597
2,279,162


Page 5

 
NUBIS SOLUTIONS LIMITED
REGISTERED NUMBER: 06750103
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 April 2025.




Leyton Breed
Director

The notes on pages 7 to 19 form part of these financial statements.

Page 6

 
NUBIS SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Nubis Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 19 Earith Business Park, Meadow Drive, Earith, Cambridgeshire, PE28 3QF.
The Company's principal activity is that of designing, building and installation of bespoke data centre solutions.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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.

Page 7

 
NUBIS SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.5

Operating leases: the Company as lessee



Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 8

 
NUBIS SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheer date, except that :
 - The recognition of deferred tax 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 profit, and;
 - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The website is amortised on a 25% reducing balance basis.

 
2.10

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

 
NUBIS SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Computer equipment
-
20%
 to 33% reducing balance

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.

 
2.11

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss.

 
2.12

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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 profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 10

 
NUBIS SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

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.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
 
Page 11

 
NUBIS SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)


 

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Page 12

 
NUBIS SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
2



Employees
12
12

15
14

Page 13

 
NUBIS SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Intangible assets




Website

£



Cost


At 1 January 2024
2,643


Additions
405



At 31 December 2024

3,048



Amortisation


At 1 January 2024
110


Charge for the year on owned assets
734



At 31 December 2024

844



Net book value



At 31 December 2024
2,204



At 31 December 2023 as restated
2,533



Page 14

 
NUBIS SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
16,284
41,399
1,559
36,186
95,428


Additions
-
21,997
-
2,314
24,311


Disposals
-
(18,700)
-
-
(18,700)



At 31 December 2024

16,284
44,696
1,559
38,500
101,039



Depreciation


At 1 January 2024
14,613
20,036
1,023
28,578
64,250


Charge for the year on owned assets
335
8,789
107
2,539
11,770


Disposals
-
(10,076)
-
-
(10,076)



At 31 December 2024

14,948
18,749
1,130
31,117
65,944



Net book value



At 31 December 2024
1,336
25,947
429
7,383
35,095



At 31 December 2023 as restated
1,671
21,363
536
7,608
31,178

Page 15

 
NUBIS SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Investment property


Freehold investment property

£





At 1 January 2024
475,000


Disposals
(475,000)



At 31 December 2024
-

The investment property was valued by an estate agent on 21 December 2023, and due to the revaluation adjustment a prior year adjustment has been made to correct the value in the accounts.
Further details are shown in note 12 to the financial statements - prior year adjustment.







7.


Stocks

2024
2023 as restated
£
£

Raw materials and consumables
186,695
189,884

Work in progress (goods to be sold)
37,491
65,111

224,186
254,995


Page 16

 
NUBIS SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Debtors

2024
2023 as restated
£
£

Due after more than one year

Amounts owed by group undertakings
768,709
-

768,709
-


2024
2023 as restated
£
£

Due within one year

Trade debtors
495,678
665,109

Amounts owed by group undertakings
86,191
-

Other debtors
81,282
57,226

Prepayments and accrued income
15,942
20,367

Tax recoverable
-
31,852

Deferred taxation
32,738
-

711,831
774,554



9.


Creditors: Amounts falling due within one year

2024
2023 as restated
£
£

Trade creditors
256,460
160,208

Other taxation and social security
18,290
13,635

Other creditors
2,978
2,231

Accruals and deferred income
14,110
5,029

291,838
181,103


Page 17

 
NUBIS SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Provisions




Warranties

£





At 1 January 2024
140,030


Released in year
(47,625)



At 31 December 2024
92,405


11.


Share capital

2024
2023 as restated
£
£
Allotted, called up and fully paid



100,064 Ordinary shares of £0.01 each
1,001
1,001



12.


Prior year adjustment

The investment property was included in the prior year ended 31 December 2023 at a valuation of £775,000 and the investment property fair value reserve (£20,908). In December 2023, a valuation of the property was obtained and valued the property at £475,000. In January 2024 the property was disposed of at fair value. The comparative figures for the investment property on the balance sheet have been restated to £475,000 and a fair value movement of £300,000 has been included on the statement of comprehensive income. The investment property fair value reserve has been restated to recognise the permanent revaluation losses in the profit and loss reserve. 


13.


Pension commitments

Contributions totalling £2,078 (2023 - £1,608) were payable to the fund at the balance sheet date, and are included wihin other creditors in note 9 to the financial statements.

Page 18

 
NUBIS SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Related party transactions

The company was 100% owned by R&L (Hemingford) Ltd - a company which is jointly controlled by R Chamberlain and L Breed (Both of whom own 50% of the issued share capital of that company). The Company was sold to Teqnion AB in the year.
The parent undertaking for which group financial statements are prepared is as follows :-
Teqnion AB
Dalvagen 14 169 56, Solna, Stockholm, Sweden.
C T R Developments - A company in which R Chamberlain is a director :
Company fees and expenses totalling 
 19,018 in the period to 19 February 2024 (2023 - £188,053) were charged to Nubis Solutions Limited during the year.

Redwood Consultancy Services Ltd - A company in which L Breed is a director :
Company fees and expenses totalling 
£231,222 (2023 - £222,643) were charged to Nubis Solutions Limited during the year. The balance owed to Redwood at the year end amounts to  26,400.

At the year end the company was owed  86,191 by Nubis Solutions Europe, and this is shown as amounts owed by group undertakings due within 1 year, in note 8 to the financial statements. There were sales in the year to Nubis Solutions Europe of £83,361.

At the year end the company was owed  768,709 by the parent company, Teqnion AB. This is shown under amounts owed by group undertakings due in over one year, in note 8 to the financial statements.
 


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 22 April 2025 by  (Senior Statutory Auditor) on behalf of MA Partners Audit LLP.

 
Page 19