Nude Finance Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10761771 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2019

FOR

NUDE FINANCE HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C Taylor

M Bell

G Dixon

S P Doherty

A McFarlane

REGISTERED OFFICE:

C/o CMS Cameron Mckenna

Cannon Place

78 Cannon Street

London

EC4N 6AF

BUSINESS ADDRESS:

Tontine Building

20 Trongate

Glasgow

G1 5ES

REGISTERED NUMBER:

10761771 (England and Wales)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

FIXED ASSETS

Intangible assets

4

299,185

168,324

Investments

5

100

-

299,285

168,324

CURRENT ASSETS

Debtors

6

5

11

Cash at bank

332,017

2,641

332,022

2,652

CREDITORS

Amounts falling due within one year

7

8,206

278,199

NET CURRENT ASSETS/(LIABILITIES)

323,816

(275,547

)

TOTAL ASSETS LESS CURRENT LIABILITIES

623,101

(107,223

)

CREDITORS

Amounts falling due after more than one year

8

443,499

-

NET ASSETS/(LIABILITIES)

179,602

(107,223

)

CAPITAL AND RESERVES

Called up share capital

9

119

115

Share premium

337,496

-

Retained earnings

(158,013

)

(107,338

)

SHAREHOLDERS' FUNDS

179,602

(107,223

)

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 May 2019 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 on 28 February 2020 and were signed on its behalf by:

C Taylor - Director

1.	STATUTORY INFORMATION

Nude Finance Holdings 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.

Nude Finance Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's

registered number and registered office address are as below:

Registered number:

10761771

Registered office:

C/o Cms Cameron McKenna

Cannon Place

78 Cannon Street

London

EC4N 6AF

The presentation and functional 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.

Preparation of consolidated financial statements

The financial statements contain information about Nude Finance Holdings Limited as an individual Company and do not

contain consolidated financial information as the parent of the group. The directors have taken the decision not to

prepare group accounts in accordance with Section 398 of the Companies Act 2006.

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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of

its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

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

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.

Research and development

Expenditure on research is written off against profits in the year in which it is incurred. Development expenditure is

capitalised and amortised over its useful life.

Fixed asset investments

Investments are stated at cost less provision for any diminution of value, if such reduction is deemed to be of a permanent

nature.

Government grants

Government grants in respect of capital expenditure are treated as deferred income and credited to the Income Statement

over the estimated useful life of the assets to which they relate.

Government grants in respect of revenue expenditure are credited to the profit and loss account in the period to which

they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	INTANGIBLE FIXED ASSETS

Research

and

Development

£

COST

At 1 June 2018

168,324

Additions

130,861

At 31 May 2019

299,185

NET BOOK VALUE

At 31 May 2019

299,185

At 31 May 2018

168,324

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

100

At 31 May 2019

100

NET BOOK VALUE

At 31 May 2019

100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

5

11

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

2,806

14,400

Amounts owed to group undertakings

100

-

Other creditors

5,300

263,799

8,206

278,199

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

443,499

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

11,500

Ordinary

£0.01

115

115

44,702

Ordinary

£0.0001

4

-

119

115

Proceeds of £350,000 were received during the year in respect of the allotment of 44,702 Ordinary shares of £0.0001 each

at a premium of £7.8299 per share.

10.	RELATED PARTY DISCLOSURES

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.

Included within other creditors is a balance due to C Taylor totalling £443,499 (2018: £261,999) The loan is only repayable

prior to 31 May 2029 by agreement between C Taylor and the Company. No interest is payable on the loan.

No further transactions with related paries were undertaken such as are required to be disclosed under the provisions of

Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland".

11.	POST BALANCE SHEET EVENTS

On 10 June 2019 the Company subdivided the 11,500 ordinary shares of £0.01 each into 1,150,000 ordinary shares of

£0.0001 each.

Subsequently on 10 June 2019 the Company allotted 161,561 ordinary shares of £0.0001 each for a total cash consideration

of £1,265,000. Proceeds of £350,000 in relation to 44,702 shares was received in the year and has been included within

share capital at the balance sheet date.

12.	ULTIMATE CONTROLLING PARTY

The Company was under the control of the holders of the issued share capital throughout the current and prior year. C

Taylor has ultimate control by virtue of his interest in the issued share capital.