Company registration number 03331851 (England and Wales)
NUSERVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
NUSERVE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
NUSERVE LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NUSERVE LIMITED FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nuserve Limited for the year ended 31 August 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Nuserve Limited, as a body, in accordance with the terms of our engagement letter dated 9 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Nuserve Limited and state those matters that we have agreed to state to the board of directors of Nuserve Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nuserve Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Nuserve Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nuserve Limited. You consider that Nuserve Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Nuserve Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
19 April 2025
Chartered Accountants
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
NUSERVE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
-
0
Tangible assets
4
240,635
173,058
Current assets
Stocks
6,828
5,472
Debtors
5
1,742,645
1,356,931
Cash at bank and in hand
1,382,126
768,920
3,131,599
2,131,323
Creditors: amounts falling due within one year
6
(2,438,514)
(1,535,861)
Net current assets
693,085
595,462
Total assets less current liabilities
933,720
768,520
Creditors: amounts falling due after more than one year
7
-
0
(5,000)
Provisions for liabilities
(56,300)
(40,400)
Net assets
877,420
723,120
Capital and reserves
Called up share capital
8
475,100
475,100
Profit and loss reserves
402,320
248,020
Total equity
877,420
723,120

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

NUSERVE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 19 April 2025 and are signed on its behalf by:
Mr S T Duke
Director
Company registration number 03331851 (England and Wales)
NUSERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information

NuServe Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 London Wall Place, Barbican, London, England, EC2Y 5AU.

1.1
Accounting convention

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”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received for cleaning services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer software
20%, 25% and 57% per annum on a straight line basis
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% and 50% per annum on a straight line basis
Fixtures and fittings
11%, 20% and 25% per annum on a straight line basis
NUSERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the 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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

NUSERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 526 (2023 - 391).

3
Intangible fixed assets
Computer software
£
Cost
At 1 September 2023 and 31 August 2024
60,511
Amortisation and impairment
At 1 September 2023 and 31 August 2024
60,511
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
-
0
NUSERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2023
320,048
95,873
415,921
Additions
129,331
24,068
153,399
Disposals
(1,158)
(3,025)
(4,183)
At 31 August 2024
448,221
116,916
565,137
Depreciation and impairment
At 1 September 2023
174,783
68,080
242,863
Depreciation charged in the year
69,035
15,228
84,263
Eliminated in respect of disposals
-
0
(2,624)
(2,624)
At 31 August 2024
243,818
80,684
324,502
Carrying amount
At 31 August 2024
204,403
36,232
240,635
At 31 August 2023
145,265
27,793
173,058
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,470,108
1,159,172
Other debtors
272,537
197,759
1,742,645
1,356,931
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
470,596
328,879
Taxation and social security
1,833,859
1,149,793
Other creditors
134,059
57,189
2,438,514
1,535,861

Amounts included within other creditors are liabilities due under loan agreements which are secured against the company's assets.

 

Included within other creditors are £5,000 (2023: £5,000) due under hire purchase contracts. These obligations are secured on the assets to which they relate.

NUSERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
5,000

Amounts included within other creditors are liabilities due under loan agreements which are secured against the company's assets.

 

Included within other creditors are £nil (2023: £5,000) due under hire purchase contracts. These obligations are secured on the assets to which they relate.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Non-voting B Ordinary shares of £1 each
475,000
475,000
475,000
475,000
475,100
475,100
475,100
475,100

All rights, except for voting, attached to the share capital listed above are the same.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under operating leases, as follows:

2024
2023
£
£
107,124
186,386
10
Events after the reporting date

Subsequent to the year end a dividend totalling £201,406 was declared and paid.

11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director loan account
-
-
1,721
1,721
-
1,721
1,721
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