NAFD Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11674376 (England and Wales)

NAFD LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

Directors' Responsibilities Statement

7

Independent Chartered Accountants' Review Report

8

DIRECTORS:

J Levett

J N Rees

J C Adams

D G Barrington

Ms C S Edwards

B Pritchard

M D Adams

S P D Kershaw

REGISTERED OFFICE:

618 Warwick Road

Solihull

West Midlands

B91 1AA

REGISTERED NUMBER:

11674376 (England and Wales)

ACCOUNTANTS:

Gardiner Fosh

Chartered Accountants and Statutory Auditor

31 St John's

Worcester

Worcestershire

WR2 5AG

FIXED ASSETS

Intangible assets

4

57,577

5,277

Tangible assets

5

60,337

52,133

Investments

6

850

850

118,764

58,260

CURRENT ASSETS

Stocks

1,636

286

Debtors

7

247,284

149,962

Cash at bank and in hand

862,667

1,059,070

1,111,587

1,209,318

CREDITORS

Amounts falling due within one year

8

780,264

699,690

NET CURRENT ASSETS

331,323

509,628

TOTAL ASSETS LESS CURRENT LIABILITIES

450,087

567,888

PROVISIONS FOR LIABILITIES

85,000

85,000

NET ASSETS

365,087

482,888

CAPITAL AND RESERVES

Called up share capital

10

10

Perfect Choice Reserve

150,000

150,000

Special Reserve

280,000

280,000

Retained earnings

(64,923

)

52,878

365,087

482,888

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 23 September 2022 and were signed on its behalf by:

J N Rees - Director

1.	STATUTORY INFORMATION

NAFD 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Development costs are being amortised evenly over their estimated useful life of three years.

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

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2020 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

141,955

Additions

52,300

At 31 December 2021

194,255

AMORTISATION

At 1 January 2021

and 31 December 2021

136,678

NET BOOK VALUE

At 31 December 2021

57,577

At 31 December 2020

5,277

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2021

-

90,053

90,053

Additions

34,311

-

34,311

At 31 December 2021

34,311

90,053

124,364

DEPRECIATION

At 1 January 2021

-

37,920

37,920

Charge for year

-

26,107

26,107

At 31 December 2021

-

64,027

64,027

NET BOOK VALUE

At 31 December 2021

34,311

26,026

60,337

At 31 December 2020

-

52,133

52,133

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2021

and 31 December 2021

850

NET BOOK VALUE

At 31 December 2021

850

At 31 December 2020

850

The company's investments at the Balance Sheet date in the share capital of companies include the following:

NAFD Ventures Limited

Registered office: UK

Nature of business: Exhibition Organiser

%

Class of shares:

holding

Ordinary

100.00

2021

2020

£

£

Aggregate capital and reserves

(74,215

)

17,134

Profit/(loss) for the year

91,349

(92,802

)

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

35,397

12,379

Amounts owed by group undertakings

170,596

90,596

Other debtors

41,291

46,987

247,284

149,962

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

99,433

94,898

Amounts owed to group undertakings

349,990

399,990

Taxation and social security

18,592

25,461

Other creditors

312,249

179,341

780,264

699,690

9.	POST BALANCE SHEET EVENTS

The principal activity of the company's NAFD Ventures Limited subsidiary is the delivery of the biennial National Funeral Exhibition [NFE]. The NFE was due to take place in June 2021 but was cancelled due to the pandemic. The delayed NFE was successfully held from 10 - 12 June 2022 and was generally well received by exhibitors and visitors alike.

The following reproduces the text of the report prepared for the directors and members in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to:

-	ensure that the company has kept proper accounting records;

-	prepare financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2021 and of its loss for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.

ON BEHALF OF THE BOARD:

J N Rees - Director

23 September 2022

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of NAFD Limited for the year ended 31 December 2021, which comprise the Income Statement, Balance Sheet and the related notes 1 to 9. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter dated 14 May 2020. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed.

Directors' responsibility for the financial statements

As explained more fully in the Directors' Responsibilities Statement set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

-	so as to give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its loss for the year then ended;

-	in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	in accordance with the requirements of the Companies Act 2006.

Gardiner Fosh

Chartered Accountants and Statutory Auditor

31 St John's

Worcester

Worcestershire

WR2 5AG

23 September 2022