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Registered number: 10211692 NYARADZO FUNERAL SERVICES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NYARADZO FUNERAL SERVICES LIMITED COMPANY INFORMATION
Directors | L Mushawa
| P Mataranyika
Registered number | 10211692
Registered office | 3rd Floor, Waverley House
| 7-12 Noel Street
| London
| W1F 8GQ
Independent auditors | Ecovis Wingrave Yeats LLP
| Chartered Accountants & Statutory Auditors
| 3rd Floor, Waverley House
| 7-12 Noel Street
| London
| W1F 8GQ
NYARADZO FUNERAL SERVICES LIMITED CONTENTS
| Page
Balance Sheet | 1
Notes to the Financial Statements | 2 - 8
NYARADZO FUNERAL SERVICES LIMITED REGISTERED NUMBER: 10211692 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 5 |  | 542,472 |  | 654,044
|  |  | 542,472 |  | 654,044
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 42,581 |  | 81,707 |
Bank and cash balances |  | 3,765,245 |  | 2,377,179 |
|  | 3,807,826 |  | 2,458,886 |
Creditors: amounts falling due within one year | 7 | (5,132,126) |  | (3,544,872) |
Net current liabilities |  |  | (1,324,300) |  | (1,085,986)
Total assets less current liabilities |  |  | (781,828) |  | (431,942)
Net liabilities |  |  | (781,828) |  | (431,942)
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 2 |  | 2
Capital contribution |  |  | 1,758,110 |  | 1,727,550
Profit and loss account |  |  | (2,539,940) |  | (2,159,494)
Shareholder's deficit |  |  | (781,828) |  | (431,942)
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 statement of comprehensive income 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 12 February 2026.
L Mushawa
Director
The notes on pages 2 to 8 form part of these financial statements. Page 1
NYARADZO FUNERAL SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Nyaradzo Funeral Services Limited is a private company, limited by shares, incorporated in England and Wales, registration number 10211692. The registered office is 3rd Floor, Waverley House, 7-12 Noel Street, London, United Kingdom, W1F 8GQ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The parent company has indicated that it is willing to provide ongoing support to the Company in order to meet its financial obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. The directors are therefore satisfied that the statutory financial statements can be prepared under the going concern basis.
| 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. Page 2
NYARADZO FUNERAL SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 3
NYARADZO FUNERAL SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | 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. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 10 years straight line
|  |  |  | Motor vehicles | - | 5 years straight line
|  |  |  | Fixtures and fittings | - | 5 years straight line
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.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | 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
NYARADZO FUNERAL SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Tangible fixed assets Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Deferred tax asset Management is required to assess whether it is appropriate to recognise a deferred tax asset relating to taxable losses available to the Company. The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of losses and other deductions can be deducted. To determine the future taxable profits, reference is made to the latest available forecasts. Therefore, this involves judgement regarding the future financial performance of the Company in which a deferred tax asset has been recognised. The Company has not recorded a deferred tax asset due to the uncertainty as to whether and when future taxable profits will arise.
4. | Employees
| The average monthly number of employees, including directors, during the year was 4 (2023 - 4). During the year the Directors received total remuneration of £213,948 (2023 - £219,050)
Page 5
NYARADZO FUNERAL SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Tangible fixed assets
|  | Long-term leasehold property | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2024 | 853,536 | 94,955 | 96,754 | 1,045,245
| Additions | - | - | 10,975 | 10,975
| At 31 December 2024 | 853,536 | 94,955 | 107,729 | 1,056,220
| Depreciation |  |  |  |
| At 1 January 2024 | 312,493 | 30,526 | 48,182 | 391,201
| Charge for the year on owned assets | 80,203 | 18,991 | 23,353 | 122,547
| At 31 December 2024 | 392,696 | 49,517 | 71,535 | 513,748
| Net book value |  |  |  |
| At 31 December 2024 | 460,840 | 45,438 | 36,194 | 542,472
| At 31 December 2023 | 541,043 | 64,429 | 48,572 | 654,044
Page 6
NYARADZO FUNERAL SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 14,096 | -
| Amounts owed by group undertakings | 28,485 | 81,705
| Other debtors | - | 2
|  | 42,581 | 81,707
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 34,792 | 59,011
| Amounts owed to group undertakings | 4,617,273 | 3,150,322
| Amounts owed to related parties | 339,768 | 230,818
| Other taxation and social security | 47,207 | 16,506
| Director's loan | 53,715 | 53,715
| Accruals and deferred income | 39,371 | 34,500
|  | 5,132,126 | 3,544,872
| Amounts owed to group undertakings and related parties are unsecured, interest free and repayable on demand.
8. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2 (2023 - 2) 2 shares of £1.00 each | 2 | 2
9. | Contingencies
Lloyds Bank Plc holds a fixed charge over Nyaradzo's assets for a credit card facility. Page 7
NYARADZO FUNERAL SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,161 (2023 - £4,145) . Contributions totalling £770 (2023 - £1,018) were payable to the fund at the balance sheet date and are included in creditors.
11. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 36,000 | 72,000
| Later than 1 year and not later than 5 years | - | 36,000
12. | Related party transactions
| Nyaradzo Funeral Services Limited has taken the exemption under FRS 102, section 33 Related Party Disclosure paragraph 33.1A, whereby the Company is not required to disclose transactions with other companies that are wholly owned within the group. The Company had outstanding amounts owed to a related party, by virtue of common directorship, at the year end totaling £339,768 (2023 - £230,818). During the year a director loaned amounts of £Nil (2023 - £Nil) to the Company. The amount outstanding at the year end totaled £53,715 (2023 - £53,715). During the year the Company repaid £Nil (2023 - £Nil) to the director. No interest is charged on the outstanding balance.
13. | Controlling Party
The Company's immediate and ultimate parent company is Nyaradzo Life Assurance Company (Private) Limited, a company incorporated in Zimbabwe. The results of the Company are not included in any group consolidated financial statements.
14. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 13 February 2026 by Sally Casson (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.
Page 8