| Nansen Advertising Limited |
| Notes to the Accounts |
| for the year ended 30 April 2019 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Related party transactions |
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The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33.1A of FRS 102 not to disclose transactions with entities that are wholly owned members of the group. There were no other related party transactions to disclose. |
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Going concern |
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The accounts are prepared on the break up basis as the directors have decided to dissolve the company after the balance sheet date. |
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| 2 |
Audit information |
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The audit report is qualified on the basis of limitation of scope. |
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Senior statutory auditor: |
J Auren |
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Firm: |
Accountum Ltd |
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Date of audit report: |
16 September 2020 |
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| 3 |
Employees |
2019 |
|
2018 |
| Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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| 4 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
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Amounts owed by group undertakings |
|
92,630 |
|
92,630 |
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92,630 |
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92,630 |
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The amounts owed by group undertakings are repayable on demand and carry no interest. |
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| 5 |
Creditors: amounts falling due within one year |
2019 |
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2018 |
| £ |
£ |
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Other creditors |
8,000 |
|
7,000 |
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8,000 |
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7,000 |
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| 6 |
Events after the reporting date |
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The company will be dissolved and struck off the register of companies as and when it has complied with all final reporting requirements. |
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| 7 |
Controlling party |
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The immediate parent company is Making Waves Group AB, a company incorporated in Sweden. Group accounts are available at Box 7103, 103 87, Stockholm, Sweden. |
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| 8 |
Related party transactions |
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The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities not to disclose transactions with entities that are wholly owned members of the group. There were no other related party transactions to disclose. |
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| 9 |
Other information |
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Nansen Advertising Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Sweden House |
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5 Upper Montagu Street |
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London |
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W1H 2AG |
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The company was initially dissolved via voluntary strike off on 28 June 2016, but reinstated by order of the court on 16 January 2019. The company also changed its name on this date from Nansen Ltd to Nansen Advertising Ltd. It is still the intention of the directors and shareholders to dissolve the company as soon as is practical. |
