Company Registration No. 15316544 (England and Wales)
NSCG CHEMISTRY LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
29 MAY 2025
PAGES FOR FILING WITH REGISTRAR
NSCG CHEMISTRY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
NSCG CHEMISTRY LIMITED
BALANCE SHEET
- 1 -
2025
Notes
£
£
Fixed assets
Intangible assets
3
868,150
Tangible assets
4
29,772
Investments
5
1
897,923
Current assets
Debtors
6
606,041
Cash at bank and in hand
5,111
611,152
Creditors: amounts falling due within one year
7
(2,247,701)
Net current liabilities
(1,636,549)
Net liabilities
(738,626)
Capital and reserves
Called up share capital
8
1
Profit and loss reserves
(738,627)
Total equity
(738,626)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 August 2025 and are signed on its behalf by:
Mr D J Baird
Director
Company registration number 15316544 (England and Wales)
NSCG CHEMISTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MAY 2025
- 2 -
1
Accounting policies
Company information
NSCG Chemistry Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 1, 3 Wellington Place, Leeds, LS1 4AP.
1.1
Reporting period
The company was incorporated on 29 November 2023. In order to align its reporting period with the rest of the New Street Consulting group the financial statements cover an 18 month reporting period.
1.2
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Going concern
The company is part of a larger group headed by New Street (Holdco) Limited ("the group") and the going concern assessment has been performed on a group basis.true
In making their going concern assessment, the directors have considered the financial performance and position of the group at the date of approval of the financial statements and have also prepared a cash flow forecast covering the period to 31 December 2026. Based on the cash flow forecast, the directors have a reasonable expectation that the group will have sufficient resources available in order to continue to pay its debts as they fall due.
The directors recognise that the company is currently reporting net liabilities, due to funding provided by fellow group undertakings during the period, and will therefore require financial support in the medium term. Accordingly, the directors have obtained confirmation from its group undertakings that the company will not be required to repay its intra-group loans unless it has sufficient funds available to do so after settling all of its third party debts. This undertaking is for a minimum of 12 months from the date of approval of these financial statements.
After consideration of the factors noted above, the directors consider it appropriate to adopt the going concern basis in preparing the financial statements.
NSCG CHEMISTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MAY 2025
1
Accounting policies
(Continued)
- 3 -
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
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:
Software
20% straight line
NSCG CHEMISTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MAY 2025
1
Accounting policies
(Continued)
- 4 -
1.7
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:
Computers
straight line over 38 months
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.
1.8
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.9
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
NSCG CHEMISTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MAY 2025
1
Accounting policies
(Continued)
- 5 -
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.12
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.
NSCG CHEMISTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MAY 2025
1
Accounting policies
(Continued)
- 6 -
1.13
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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.
NSCG CHEMISTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MAY 2025
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2025
Number
Consultants
16
3
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 29 November 2023
Additions - internally developed
163,727
163,727
Additions - business combinations
332,020
725,000
1,057,020
At 29 May 2025
332,020
888,727
1,220,747
Amortisation and impairment
At 29 November 2023
Amortisation charged for the period
99,606
252,991
352,597
At 29 May 2025
99,606
252,991
352,597
Carrying amount
At 29 May 2025
232,414
635,736
868,150
NSCG CHEMISTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MAY 2025
- 8 -
4
Tangible fixed assets
Computers
£
Cost
At 29 November 2023
Business combinations
55,434
At 29 May 2025
55,434
Depreciation and impairment
At 29 November 2023
Depreciation charged in the period
25,662
At 29 May 2025
25,662
Carrying amount
At 29 May 2025
29,772
5
Fixed asset investments
2025
£
Shares in group undertakings and participating interests
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 29 November 2023
-
Additions
1
At 29 May 2025
1
Carrying amount
At 29 May 2025
1
NSCG CHEMISTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MAY 2025
- 9 -
6
Debtors
2025
Amounts falling due within one year:
£
Trade debtors
356,852
Amounts owed by group undertakings
42,863
Other debtors
8,042
407,757
Deferred tax asset
198,284
606,041
7
Creditors: amounts falling due within one year
2025
£
Trade creditors
22,163
Amounts owed to group undertakings
1,868,400
Taxation and social security
80,086
Other creditors
277,052
2,247,701
Other creditors totalling £261,094 are secured by a fixed and floating charge over the company's assets.
8
Called up share capital
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of 1p each
1
1
On incorporation, the company issued 100 Ordinary shares of £0.01 at par.
NSCG CHEMISTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MAY 2025
- 10 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Neil Potter FCA
Statutory Auditor:
TC Group
Date of audit report:
29 August 2025
10
Acquisition
On 30 November 2023 the company acquired the business of The Chemistry Group Limited out of administration.
Details of the assets and liabilities acquired and the consideration paid are provided below:
Fair Value
£
Intangible assets
725,000
Property, plant and equipment
55,434
Trade and other receivables
555,376
Trade and other payables
(818,830)
Total identifiable net assets
516,980
Goodwill
332,020
Total consideration
849,000
Satisfied by:
£
Cash
849,000
The goodwill arising on the acquisition of the business is predominantly attributable to operating synergies achieved from bringing the business into the wider New Street Consulting group. The useful economic life of the goodwill arising from the business combination is estimated at five years.
NSCG CHEMISTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MAY 2025
- 11 -
11
Parent company
New Street Consulting Group Limited is the immediate parent company, incorporated in England and Wales.
New Street (Holdco) Limited is the ultimate parent company, incorporated in England and Wales and is controlled by the director D J Baird.
The parent of the largest group in which the results of this company are consolidated is New Street (Holdco) Limited. The parents of the smallest group in which the results of this company are consolidated is New Street Consulting Group Limited.
The financial statements of New Street (Holdco) Limited and New Street Consulting Group Limited are available from 3 Wellington Place, Suite 1, Ground Floor, Leeds, United Kingdom, LS1 4AP.