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Registered number: 02946584
Nexxus Group Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 December 2019
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Nexxus Group Limited
Registered number: 02946584
Balance Sheet
As at 31 December 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 year 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 statement of income and retained earnings 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 by:
................................................
G L Edwards
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The notes on pages 2 to 5 form part of these financial statements.
Page 1
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Nexxus Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
The company is a private company limited by share capital incorporated in England and Wales. The address of its registered office is: 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ.
2.Accounting policies
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Basis of preparation of financial statements
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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:
At the time of approving the financial statements, the directors have given due consideration to the
impact of the COVID-19 pandemic and they have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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Exemption from preparing consolidated financial statements
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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.
Investments in equity shares which are publically traded or where fair value can be measured reliably are intitially measured at fair value, with changes recognised in the profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured are measured at cost less impairment.
Short term debtors are measured at transaction price, less any impairment.
Short term creditors are measured at the transaction price.
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 2
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Nexxus Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
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The average monthly number of employees, including directors, during the year was 5 (2018 - 2).
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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Nexxus Corporation Limited
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Harrington Securities Limited
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The registered office for all subsidiaries is: 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ.
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Page 3
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Nexxus Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
Subsidiary undertakings (continued)
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The aggregate of the share capital and reserves as at 31 December 2019 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Nexxus Corporation Limited
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Harrington Securities Limited
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Allotted, called up and fully paid
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100 (2018 - 100) Ordinary shares of £1.00 each
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Page 4
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Nexxus Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
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Related party transactions
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Nexxus Corporation Limited
(100% Subsidiary)
During the year Nexxus Corporation Limited incurred expenses on behalf of the company totalling £1,909 (2018: £1,665). At the balance sheet date the amount due to Nexxus Corporation Limited was £nil (2018: £nil).
Gate Securities Limited
(100% Subsidiary)
During the year Gate Securities provided Nexxus Group Limited with an interest free unsecured loan. At the balance sheet date the amount due to Gate Securities is £450,000 (2018: £450,000).
Mallen International Limited
(Parent company)
During the year Nexxus Group Limited provided Mallen International Limited with an interest free unsecured loan. At the balance sheet date the amount due from Mallen International Limited was £450,000 (2018: £450,000).
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Post balance sheet events
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The 2020 Coronavirus (COVID-19) pandemic has now become a global crisis, affecting the lives of many.
Business are feeling the strain brought about by the pandemic as cities are put on lockdown causing
physical spaces to be shut and people staying at home.
The gradual easing of restrictions from 4 July 2020 mean the Company has confidence it will pick up trade
again in the future.
The company's immediate parent is Mallen International Limited, incorporated in the Bahamas.
The ultimate controlling party is Mr D Ashton.
The company is part of a small group. The company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 and has not prepared group financial statements.
Page 5
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