Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Investments | 4 |
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| 10,406,496 | 10,629,041 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 2,352 | 3,339 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets/(liabilities) | 2,154 | (10,221,070) | ||
| Total assets less current liabilities | 10,408,650 | 407,971 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Profit and loss account |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Nerth Energy Limited (registered number:
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Thames Street Services Limited
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Nerth Energy Limited (the Company) is a private company, limited by shares, 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 10 Lower Thames Street, London, EC3R 6AF, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.
A prior year adjustment of £163,643 has been recognised to correct the accounting for a historical distribution. This has now been corrected in the current period.
Finance costs are capitalised over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a
reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.
Investments in subsidiary undertakings are recognised 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 the Income Statement.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 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.
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.
A prior year adjustment of £163,643 has been recognised to correct the accounting for a historical distribution. This has now been corrected in the current period.
| As previously reported | Adjustment | As restated | ||||
| Year ended 30 September 2024 | £ | £ | £ | |||
| Shareholder Loan Interest Payable | 313,518 | (163,643) | 149,875 | |||
| Retained Earnings | (571,613) | 163,643 | (407,970) |
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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Investments in subsidiaries
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| Cost | |
| At 01 October 2024 |
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| At 30 September 2025 |
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| Carrying value at 30 September 2025 |
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| Carrying value at 30 September 2024 |
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| Loans | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 October 2024 |
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| Repayments | (
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| At 30 September 2025 |
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| Carrying value at 30 September 2025 |
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| Carrying value at 30 September 2024 |
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The assets of the company are subject to a fixed and floating charge in relation to connected party loan facilities.
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| £ | £ | ||
| Other debtors |
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| £ | £ | ||
| Amounts owed to Group undertakings |
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| Other taxation and social security |
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| £ | £ | ||
| Amounts owed to Group undertakings |
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| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.