Company registration number 11074543 (England and Wales)
NEKKO CONSULTING UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
NEKKO CONSULTING UK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
NEKKO CONSULTING UK LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
416
301
Investments
6
232,428
315,923
232,844
316,224
Current assets
Debtors
7
222,501
36,518
Investments
8
5,150
17,122
Cash at bank and in hand
29,631
104,393
257,282
158,033
Creditors: amounts falling due within one year
9
(395,827)
(262,236)
Net current liabilities
(138,545)
(104,203)
Total assets less current liabilities
94,299
212,021
Creditors: amounts falling due after more than one year
10
(137,364)
(211,764)
Net (liabilities)/assets
(43,065)
257
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
(43,068)
254
Total equity
(43,065)
257
NEKKO CONSULTING UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024
30 November 2024
- 2 -
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 29 August 2025
Mr J Santacana
Director
Company registration number 11074543 (England and Wales)
NEKKO CONSULTING UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2022
3
267
270
Year ended 30 November 2023:
Profit and total comprehensive income
-
198,987
198,987
Dividends
4
-
(199,000)
(199,000)
Balance at 30 November 2023
3
254
257
Year ended 30 November 2024:
Loss and total comprehensive income
-
(43,322)
(43,322)
Balance at 30 November 2024
3
(43,068)
(43,065)
NEKKO CONSULTING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
1
Accounting policies
Company information
The company is a private company limited by shares incorporated in England and Wales. The registered office is Flat 1 27-29 Britten Street, London, SW3 3UD.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis on the assumption that the company will continue to trade in the foreseeable future. This basis may not be appropriate due to net current liabilities of £138,545 at 30 November 2024. The director is of the opinion that the company will trade profitably in the future and the company receives continued financial support from the sole director and shareholder of the company.
If this basis were found not to be appropriate assets and liabilities would have to be restated on a break up basis which would not be materially different.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.
Revenue from the provision of 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.
1.4
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:
Computer equipment
3 years straight line
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.
NEKKO CONSULTING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
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.
1.7
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.
NEKKO CONSULTING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.8
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, 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.
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.
1.9
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.
1.10
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.
NEKKO CONSULTING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 7 -
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.
1.11
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Dividends
2024
2023
£
£
Paid during the year
199,000
NEKKO CONSULTING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
5
Tangible fixed assets
Computer equipment
£
Cost
At 1 December 2023
1,446
Additions
499
At 30 November 2024
1,945
Depreciation and impairment
At 1 December 2023
1,145
Depreciation charged in the year
384
At 30 November 2024
1,529
Carrying amount
At 30 November 2024
416
At 30 November 2023
301
6
Fixed asset investments
2024
2023
£
£
Investments
143,428
230,923
Loans
89,000
85,000
232,428
315,923
Fixed asset investments represent share investments and loans made to unquoted trading companies and individuals in the United Kingdom and European Union.
NEKKO CONSULTING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
6
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Shares in group undertakings
Other investments
Total
£
£
£
Cost or valuation
At 1 December 2023
230,923
85,000
315,923
Additions
-
4,000
4,000
At 30 November 2024
230,923
89,000
319,923
Impairment
At 1 December 2023
-
-
-
Disposals
87,495
-
87,495
At 30 November 2024
87,495
-
87,495
Carrying amount
At 30 November 2024
143,428
89,000
232,428
At 30 November 2023
230,923
85,000
315,923
At 30 November 2024 the company owned 8.17% of the issued share capital of Jigma Ventures SL (previously named Jeim Somnis SL), a company incorporated in Spain in which the director of the company is also a director. During the year ended 31 December 2024 Jigma Ventures SL made a profit of €56,246 and had net assets of €1,055,782.
Included in other investment is a loan of £85,000, to an unconnected company incorporated in the United Kingdom. The loan is unsecured, repayable in March 2025 and interest will be payable at a rate of 8% per annum upon the repayment of the loan. Interest of £6,800 was charged during the year and is included within other debtors.
During the year the company made a loan of £4,000, to an unconnected individual in the United Kingdom. The loan is secured against a pension fund and is repayable in 2038. The amount to be repaid on this loan upon maturity is dependent on how the pension fund performs throughout the duration of the loan.
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
8,372
17,814
Other debtors
214,129
18,704
222,501
36,518
NEKKO CONSULTING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
8
Current asset investments
2024
2023
£
£
Other investments
5,150
17,122
Included within other investment is £2,990 (2023 - £14,962) invested in cryptocurrency and £2,160 (2023 - £2,160) in artwork.
9
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
117,897
69,322
Other creditors
277,930
192,914
395,827
262,236
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
137,364
211,764
Included within other creditors due after one year is an £18,000 (2023: £18,000) bounce back loan repayable in May 2026. Interest is payable on the bounce back loan at a rate of 2.50% per annum. During the year interest of £450 (2023 - £450) has been accrued for. At 30 November 2024 unpaid estimated interest on the bounce back loan is £1,163 (2023: £713) which is included within other creditors due within one year.
At 30 November 2024 the company owed £372,000 (2023: £372,000) to Jigma Ventures Pension Scheme, located in the United Kingdom, of which the sole director Mr J Santacana is a managing trustee. The loans which make up the balance of £372,000 (2023: £372,000) is secured, by way of a charge over the company's investment in Jigma Ventures SL, and repayable in 2027 with interest being charged at rates between 1.25% - 4.00% per annum. Capital repayments of £252,636 (2023: £178,236) are due to be repaid within one year and capital repayments of £119,364 (2023: £193,764) are due to be repaid after more than one year. During the year interest of £5,210 (2023 - £9,446) has been accrued for. At 30 November 2024 unpaid estimated interest on the loan is £16,774 (2023 - £11,564) which is included within other creditors due within one year.
NEKKO CONSULTING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
12
Directors' transactions
Dividends totalling £0 (2023 - £199,000) were paid in the year in respect of shares held by the company director.
Included within other debtors is £148,044 owed to the company by the sole director and shareholder of the company, Mr J Santacana. This amount is unsecured and repayable on demand. During the year interest of £1,693 was charged by the company to Mr J Santacana at a rate of 2.25% per annum on amounts owed to the company throughout the year.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Mr J Santacana - director
2.25
4,116
142,235
1,693
148,044
4,116
142,235
1,693
148,044
13
Controlling party
The company is controlled by the sole director of the company, Mr J Santacana by virtue of his holding 100% of the issued share capital of the company.
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