ACCOUNTS - Final Accounts preparation

NGX MINING UK LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-02-26The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseNo description of principal activity20true 13230722 2021-02-25 13230722 2021-02-26 2022-06-30 13230722 2022-06-30 13230722 2020-07-01 2021-02-25 13230722 c:Director1 2021-02-26 2022-06-30 13230722 d:CurrentFinancialInstruments 2022-06-30 13230722 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 13230722 d:ShareCapital 2022-06-30 13230722 d:RetainedEarningsAccumulatedLosses 2022-06-30 13230722 c:FRS102 2021-02-26 2022-06-30 13230722 c:AuditExempt-NoAccountantsReport 2021-02-26 2022-06-30 13230722 c:FullAccounts 2021-02-26 2022-06-30 13230722 c:PrivateLimitedCompanyLtd 2021-02-26 2022-06-30 13230722 6 2021-02-26 2022-06-30 iso4217:GBP xbrli:pure

Registered number: 13230722

NGX Mining UK Limited

Financial statements

Information for filing with the registrar

30 June 2022


NGX Mining UK Limited

Balance sheet

as at 30 June 2022

		2022
Note		$


Current assets
Debtors: amounts falling due within one year	4	2
		2
Creditors: amounts falling due within one year	5	(2,435)
Net current (liabilities)/assets			(2,433)
Total assets less current liabilities			(2,433)

Net (liabilities)/assets			(2,433)

Capital and reserves
Called up share capital			2
Profit and loss account			(2,435)
Shareholders' deficit			(2,433)

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

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 profit and loss account 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 28 October 2022.

D P Browne

Director

Company registered number: 13230722
The notes on pages 2 to 3 form part of these financial statements.


NGX Mining UK Limited

Notes to the financial statements

for the period ended 30 June 2022

1.	General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Citygate, St James' Boulevard, Newcastle upon Tyne, NE1 4JE.

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 following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

2.3

Going concern

The company is reliant upon the continuing support of its ultimate parent company, which agrees to cover all inter group borrowings. On this basis the directors consider it appropriate to prepare the accounts on a going concern basis.

2.4

Foreign currency translation

Functional and presentation currency

The financial statements are expressed in Australian dollars as the company primarily generate income, incur expenditure and have the majority of their assets and liabilities denominated in Australian dollars. The exchange rate as at 30 June 2022 was ($1.75339 / £1).

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.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.6

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.


NGX Mining UK Limited

Notes to the financial statements

for the period ended 30 June 2022

Employees

The average monthly number of employees, including directors, during the period was 2.

Debtors

					2022
					$


	Called up share capital not paid	2
		2

5.	Creditors: amounts falling due within one year
		2022
		$

	Amounts owed to group undertakings	132
	Accruals and deferred income	2,303
		2,435

6.	Related party transactions
	During the period $132 was loaned from NGX Holdings UK Limited (immediate parent). The balance due to the company at the year end was $132. This transaction was undertaken on commercial terms and conditions except that there is no fixed repayment terms for the loan, and currently no interest payable on the outstanding balance.

7.	Controlling party

NGX Holdings UK Limited is the holding company (immediate parent), Sovereign Metals Limited is considered to be the ultimate controlling party, a company incorporated in Australia.