Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312024-08-312025-05-285falseNo description of principal activity2023-09-01truetrue5false 10917763 2023-09-01 2024-08-31 10917763 2022-09-01 2023-08-31 10917763 2024-08-31 10917763 2023-08-31 10917763 c:Director2 2023-09-01 2024-08-31 10917763 d:ComputerEquipment 2023-09-01 2024-08-31 10917763 d:ComputerEquipment 2024-08-31 10917763 d:ComputerEquipment 2023-08-31 10917763 d:CurrentFinancialInstruments 2024-08-31 10917763 d:CurrentFinancialInstruments 2023-08-31 10917763 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 10917763 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 10917763 d:OtherMiscellaneousReserve 2024-08-31 10917763 d:OtherMiscellaneousReserve 2023-08-31 10917763 d:RetainedEarningsAccumulatedLosses 2024-08-31 10917763 d:RetainedEarningsAccumulatedLosses 2023-08-31 10917763 c:EntityNoLongerTradingButTradedInPast 2023-09-01 2024-08-31 10917763 c:FRS102 2023-09-01 2024-08-31 10917763 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 10917763 c:FullAccounts 2023-09-01 2024-08-31 10917763 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 10917763 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Registered number: 10917763









NEXUS MUTUAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
NEXUS MUTUAL LIMITED
REGISTERED NUMBER: 10917763

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
32,438
32,438

Debtors: amounts falling due within one year
 6 
-
248

  
32,438
32,686

Creditors: amounts falling due within one year
 8 
(441,586)
(441,834)

Net current liabilities
  
 
 
(409,148)
 
 
(409,148)

Total assets less current liabilities
  
(409,148)
(409,148)

  

Net liabilities
  
(409,148)
(409,148)


Capital and reserves
  

Other reserves
  
(17,210,535)
(17,210,535)

Profit and loss account
  
16,801,387
16,801,387

  
(409,148)
(409,148)


For the year ended 31 August 2024 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 profit and loss account 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 28 May 2025.




H Karp
Director
Page 1

 
NEXUS MUTUAL LIMITED
REGISTERED NUMBER: 10917763
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
NEXUS MUTUAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Nexus Mutual Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, United Kingdom.

2.Accounting policies

 
2.1

General information and basis of accounting

The principal accounting policies are summarised below. They have all been applied consistently throughout thefinancial year and to the preceding financial year, unless otherwise stated.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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.

 
2.2

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £409,148. The company is supported through loans from a Company under common control. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Company under common control will continue to support the company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 3

 
NEXUS MUTUAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Computer equipment
-
3
Years

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.

 
2.5

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.

Page 4

 
NEXUS MUTUAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

  
2.6

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.
Stock comprises cryptocurrencies held to fulfil the Company's Minimum Capital Requirement (MCR), which represents the level of liquid assets required to cover all potential claims at any given point in time. The MCR is based on the market demand for cover as well as investor risk appetite, and is a constantly fluctuating requirement.
All cryptocurrencies held as stock are held with the intention of allowing the mutual to operate, and exists solely to pay out potential claims.
At each reporting 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 September 2023
800



At 31 August 2024

800



Depreciation


At 1 September 2023
800



At 31 August 2024

800



Net book value



At 31 August 2024
-



At 31 August 2023
-

Page 5

 
NEXUS MUTUAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Stocks

2024
2023
£
£

Stocks
32,438
32,438

32,438
32,438



6.


Debtors

2024
2023
£
£


Prepayments and accrued income
-
248

-
248



7.


Reserves

Other reserves
Comprises members' contributions to the mutual.
Surplus and deficit account
Comprises current year and accumulated surplus and deficits.







8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
441,586
437,867

Accruals and deferred income
-
3,967

441,586
441,834



9.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of themembers is liable to contribute an amount not exceeding £1.00 towards the assets of the company in the event ofliquidation.

Page 6