NBP Resources Ltd Filleted accounts for Companies House (small and micro)

NBP Resources Ltd Filleted accounts for Companies House (small and micro)

NBP RESOURCES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10094472
NBP Resources Ltd
Filleted Financial Statements
31 December 2019
NBP Resources Ltd
Statement of Financial Position
31 December 2019
2019
2018
Note
£
£
Current assets
Debtors
5
38,010
15,079
Cash at bank and in hand
12,275
15,787
--------
--------
50,285
30,866
Creditors: amounts falling due within one year
6
65,665
44,096
--------
--------
Net current liabilities
15,380
13,230
--------
--------
Total assets less current liabilities
( 15,380)
( 13,230)
--------
--------
Net liabilities
( 15,380)
( 13,230)
--------
--------
Capital and reserves
Called up share capital
3
3
Profit and loss account
( 15,383)
( 13,233)
--------
--------
Shareholders deficit
( 15,380)
( 13,230)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their 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 were approved by the board of directors and authorised for issue on 30 December 2020 , and are signed on behalf of the board by:
Mr B Higgins
Director
Company registration number: 10094472
NBP Resources Ltd
Notes to the Financial Statements
Year ended 31 December 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 843 Finchley Road, London, NW11 8NA, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. The company's sole source of revenue is the recharge of employment and associated costs to the rest of the group. This revenue is recognised in the month the associated costs are incurred.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2018: 15 ).
5. Debtors
2019
2018
£
£
Trade debtors
700
9,925
Amounts owed by group undertakings and undertakings in which the company has a participating interest
19,877
–
Other debtors
17,433
5,154
--------
--------
38,010
15,079
--------
--------
6. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
120
120
Amounts owed to group undertakings and undertakings in which the company has a participating interest
42,000
–
Social security and other taxes
13,077
36,692
Other creditors
10,468
7,284
--------
--------
65,665
44,096
--------
--------
7. Events after the end of the reporting period
During 2020 the outbreak of COVID-19 has gripped the world causing unprecedented restrictions on travel and business. It will likely be considered one of the most significant social and economic events for the world in modern history. While the expectation of the directors is that the company is well placed to continue as a going concern over the next twelve months due to ongoing shareholder support, at the date of this report the full effects of COVID-19 are subject to unprecedented level of uncertainty of outcomes, with the full range of possible effects unknown. This is particularly relevant in respect of the property market in London and the South East, being the market in which the group the company supports primarily operates. It is therefore not possible for the directors to estimate the likely financial effect of this non-adjusting post balance sheet event.
8. Summary audit opinion
The auditor's report for the year dated 30 December 2020 was unqualified.
The senior statutory auditor was Jeffrey N Kelly , for and on behalf of Coveney Nicholls Partnership LLP .
9. Related party transactions
The company is under the control of Hadley Property Group Holdings Limited. It has taken advantage of the exemption offered by FRS102 from disclosing transactions with other wholly owned members of the group.
10. Controlling party
The parent company of NBP Resources Limited is Hadley Property Group Holdings Limited , registered at 16 Garrick Street, London, England, WC2E 9BA . Hadley Property Group Holdings Limited is not under the control of any single party. The smallest and largest group, into which the entity is consolidated is that headed by Hadley Property Group Holdings Limited.