Registered number
01022688
NSG Exports Limited
Filleted Accounts
31 August 2024
NSG Exports Limited
Registered number: 01022688
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 864,721 1,053,662
Investments 5 56,835 209,382
921,556 1,263,044
Current assets
Stocks 1,925,645 94,355
Debtors 6 2,273,121 582,258
Cash at bank and in hand 1,044,075 2,972,056
5,242,841 3,648,669
Creditors: amounts falling due within one year 7 (3,324,953) (1,672,689)
Net current assets 1,917,888 1,975,980
Total assets less current liabilities 2,839,444 3,239,024
Provisions for liabilities - (27,705)
Net assets 2,839,444 3,211,319
Capital and reserves
Called up share capital 100,000 100,000
Share premium 12,723 12,723
Revaluation reserve 8 277,489 438,725
Capital redemption reserve 5,647 5,647
Profit and loss account 2,443,585 2,654,224
Shareholders' funds 2,839,444 3,211,319
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S R Hobson
Director
Approved by the board on 6 May 2025
NSG Exports Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Fixtures, fittings, tools and equipment 10-25% straight line
Investment property
The investment property is included at fair value. Any surplus or deficit on revaluation is dealt with through the profit and loss account. No depreciation is provided in respect of investment property.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Jeremy Staines
Firm: Begbies
Date of audit report: 6 May 2025
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 3
4 Tangible fixed assets
Investment property Fixtures and fittings Total
£ £ £
Fair value Cost
Cost or fair value
At 1 September 2023 1,053,662 12,240 1,065,902
Surplus/(deficit) on revaluation (188,941) - (188,941)
At 31 August 2024 864,721 12,240 876,961
Depreciation
At 1 September 2023 - 12,240 12,240
At 31 August 2024 - 12,240 12,240
Net book value
At 31 August 2024 864,721 - 864,721
At 31 August 2023 1,053,662 - 1,053,662
Investment property: 2024 2023
£ £
Historical cost 621,093 621,093
The investment property was revalued in 2024 and the directors are of the opinion that its fair value is fairly reflected in the accounts.
5 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 September 2023 56,835 152,547 209,382
Disposals - (152,547) (152,547)
At 31 August 2024 56,835 - 56,835
The company holds 20% or more of the share capital of the following companies:
Capital and Profit (loss)
Company Shares held reserves for the year
Class % £ £
NSG (West Indies) Limited (incorporated in Barbados) Ordinary 100 5,184,499 88,274
Other investments 2024 2023
£ £
Unlisted investments - 152,547
6 Debtors 2024 2023
£ £
Trade debtors 1,926,702 241,376
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 12,282
Other debtors 346,419 328,600
2,273,121 582,258
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,592,872 675,101
Amounts owed to group undertakings and undertakings in which the company has a participating interest 938,964 860,200
Taxation and social security costs 279 272
Other creditors 792,838 137,116
3,324,953 1,672,689
8 Revaluation reserve 2024 2023
£ £
At 1 September 2023 438,725 432,571
Fair value losses, net of deferred tax (161,236) 6,154
At 31 August 2024 277,489 438,725
9 Related party transactions
The company owed its subsidiary, NSG (West Indies) Limited £833,093 (2023: £860,200) at the year end. The balance owed to its parent company NSG Management & Technical Services Ltd was £105,870 (2023: (£12.282)) at the year end.
10 Controlling party
The company's parent company is NSG Management and Technical Services Ltd, a company incorporated in Barbados, which is under the control of the director, Mr S R Hobson. The parent company address is Office One, Williams 1, Williams Industry Park, Warrens, St Michael, Barbados.
11 Other information
NSG Exports Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 Chislehurst Road
Richmond
London
TW10 6PW
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