NMC Live Ltd - Period Ending 2019-03-30

Registration number: 10467366

NMC Live Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 March 2019

NMC Live Ltd

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 6

NMC Live Ltd

(Registration number: 10467366)
Balance Sheet as at 30 March 2019

	Note	2019		2018
		£	£	£	£
Fixed assets
Tangible assets	4		588		-
Current assets
Debtors	5	5,099		9,008
Cash at bank and in hand		191,044		83,736
		196,143		92,744
Creditors: Amounts falling due within one year	6	(36,872)		(56,910)
Net current assets			159,271		35,834
Net assets			159,859		35,834
Capital and reserves
Called up share capital	7	100		100
Profit and loss account		159,759		35,734
Total equity			159,859		35,834

For the financial year ending 30 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 December 2019
 

......................................... A M Farrow Director

The notes on pages 2 to 6 form an integral part of these financial statements.

Page 1

NMC Live Ltd

Notes to the Financial Statements for the Year Ended 30 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o York House
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PE

The principal place of business is:
1st & 2nd Floor
5 Victoria Road
Saltaire
West Yorkshire
BD18 3LA

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 2

NMC Live Ltd

Notes to the Financial Statements for the Year Ended 30 March 2019

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	3 years straight line basis

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 3

NMC Live Ltd

Notes to the Financial Statements for the Year Ended 30 March 2019

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2018 - 2).

Page 4

NMC Live Ltd

Notes to the Financial Statements for the Year Ended 30 March 2019

4	Tangible assets

	Office equipment  £	Total £
Cost or valuation
Additions	882	882
At 30 March 2019	882	882
Depreciation
Charge for the year	294	294
At 30 March 2019	294	294
Carrying amount
At 30 March 2019	588	588

5

Debtors

	2019 £	2018 £
Trade debtors	2,193	4,011
Other debtors	2,567	4,467
Prepayments	339	530
	5,099	9,008

6

Creditors

	2019 £	2018 £
Due within one year
Trade creditors	12	286
Taxation and social security	33,732	8,438
Accruals and deferred income	2,625	19,092
Other creditors	503	29,094
	36,872	56,910

Page 5

NMC Live Ltd

Notes to the Financial Statements for the Year Ended 30 March 2019

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Page 6