NSC 365 Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09818064 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2018

FOR

NSC 365 LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

D Harris

REGISTERED OFFICE:

Langley House

Park Road

London

N2 8EY

REGISTERED NUMBER:

09818064 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House

Park Road

East Finchley

London

N2 8EY

FIXED ASSETS

Tangible assets

4

1,990

-

CURRENT ASSETS

Debtors

5

1,626,731

851,357

Cash at bank

29,379

47,789

1,656,110

899,146

CREDITORS

Amounts falling due within one year

6

1,503,072

782,120

NET CURRENT ASSETS

153,038

117,026

TOTAL ASSETS LESS CURRENT LIABILITIES

155,028

117,026

PROVISIONS FOR LIABILITIES

378

-

NET ASSETS

154,650

117,026

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

154,550

116,926

SHAREHOLDERS' FUNDS

154,650

117,026

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 15 November 2019 and were signed by:

D Harris - Director

1.	STATUTORY INFORMATION

NSC 365 Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover represents invoiced commission fees and the total sales value of legally completed properties net of

VAT, recognised in the period to which it relates. Revenue and profit on sales of properties are recognised upon

legal completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Financial instruments

The company only enters into basic financial instruments 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 non-puttable 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

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in the Statement of Comprehensive Income.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Impairment

A review of indicators of impairment is carried out at each reporting date, with the recoverable amount being

estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is

impaired accordingly. Prior impairments are also reviewed for possible reversals at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the

recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the

smallest identifiable group of assets that includes the assets and generates cash inflows that are largely

independent of the cash inflows from other assets or group of assets.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 89 (2017 - 75 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

2,653

At 31 October 2018

2,653

DEPRECIATION

Charge for year

663

At 31 October 2018

663

NET BOOK VALUE

At 31 October 2018

1,990

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Trade debtors

1,010,278

509,822

Amounts owed by group undertakings

504,818

250,000

Other debtors

111,635

91,535

1,626,731

851,357

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Trade creditors

343

3,600

Taxation and social security

546,646

289,645

Other creditors

956,083

488,875

1,503,072

782,120

Included in other creditors are factoring balances totalling £918,349 (2017: £480,375).

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.18

31.10.17

£

£

Debt factoring

918,349

480,375

The loans are secured by way of a fixed and floating charge over the property and other assets of the company.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.18

31.10.17

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 November 2017

116,926

Profit for the year

37,624

At 31 October 2018

154,550

10.	ULTIMATE CONTROLLING PARTY

NSC 365 Ltd. is a fully owned subsidiary of NSL 247 Ltd., a fully owned subsidiary of Hearts Investments Ltd.,

the ultimate parent company.