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Registered number: 04582994
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NATIONWIDE CORPORATE FINANCE LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 14 OCTOBER 2020
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NATIONWIDE CORPORATE FINANCE LIMITED
REGISTERED NUMBER:04582994
STATEMENT OF FINANCIAL POSITION
AS AT 14 OCTOBER 2020
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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 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 comprehensive income 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:
The notes on pages 3 to 6 form part of these financial statements.
Page 1
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NATIONWIDE CORPORATE FINANCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 14 OCTOBER 2020
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COMPREHENSIVE INCOME FOR THE YEAR
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COMPREHENSIVE INCOME FOR THE PERIOD
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Dividends: Equity capital
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The notes on pages 3 to 6 form part of these financial statements.
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Page 2
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NATIONWIDE CORPORATE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 14 OCTOBER 2020
Nationwide Corporate Finance Limited is a private company, limited by shares, incorporated in England within the United Kingdom. The address of the registered office is given in the company information page of these financial statements.
The principal activity of the Company during the prior year was that of a broker. In January 2020, Company stopped brokering finance business and ceased trading. For a period up to the balance sheet date, the Company recharged costs to another group company, however, this arrangement came to an end in August 2020 and Nationwide Corporate Finance ceased to trade from that date.
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 financial statements have been prepared on a basis other than going concern and have been drawn up to 14 October 2020.
The following principal accounting policies have been applied:
The Directors do not consider the Company to be a going concern and have, therefore, drawn up the financial statements on a basis other than going concern.
No adjustments to the financial statements have been required as a result of this change.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 3
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NATIONWIDE CORPORATE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 14 OCTOBER 2020
2.ACCOUNTING POLICIES (continued)
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TANGIBLE FIXED ASSETS (CONTINUED)
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Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the Statement of comprehensive income.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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 4
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NATIONWIDE CORPORATE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 14 OCTOBER 2020
2.ACCOUNTING POLICIES (continued)
DEFINED CONTRIBUTION PENSION PLAN
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
The auditors' report on the financial statements for the period ended 14 October 2020 was unqualified.
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In their report, the auditors concluded the following in relation to going concern:
In auditing the financial statements, we have concluded that the directors’ use of an alternative basis to the going concern basis of accounting in the preparation of the financial statements as described in the basis of preparation of accounts note is appropriate.
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The audit report was signed on 9 December 2020 by Mark Munro FCA (Senior Statutory Auditor) on behalf of Bishop Fleming LLP.
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The average monthly number of employees, including directors, during the period was 0 (2019: 60).
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Amounts owed by group undertakings
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Prepayments and accrued income
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Page 5
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NATIONWIDE CORPORATE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 14 OCTOBER 2020
5.DEBTORS (CONTINUED)
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CASH AND CASH EQUIVALENTS
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Other taxation and social security
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Accruals and deferred income
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The Company operated a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £Nil (2019: £38,017). Contributions totalling £Nil (2018: £3,633) were payable to the fund at the reporting date and are included in creditors.
At the period end, the company was a subsidiary of Goldmore Asset Management Limited.
Page 6
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