Nest VC London Limited
Nest VC London Limited
Registered number: 09790703
Unaudited Financial Statements
For The Year Ended
31 March 2020
Ten Forward Finance Ltd
Chartered Certified Accountants
Balfour House, 741 High Road
London
N12 0BP
Nest VC London Limited
Unaudited Financial Statements
For The Year Ended
31 March 2020
Unaudited Financial Statements
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| Accountant's Report | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3—5 |
Nest VC London Limited
Accountant's Report
For The Year Ended
31 March 2020
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of
Nest VC London Limited
For The Year Ended 31 March 2020
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of
Nest VC London Limited
which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of
Nest VC London Limited
, as a body, in accordance with the terms of our engagement letter dated 19 June 2019. Our work has been undertaken solely to prepare for your approval the accounts of
Nest VC London Limited
and state those matters that we have agreed to state to the director of
Nest VC London Limited
, as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Nest VC London Limited
and its director as a body for our work or for this report.
It is your duty to ensure that
Nest VC London Limited
has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of
Nest VC London Limited
. You consider that
Nest VC London Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of
Nest VC London Limited
. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Chartered Certified Accountants
Balfour House, 741 High Road
London
N12 0BP
Page 1
Nest VC London Limited
Balance Sheet
As at
31 March 2020
Balance Sheet
Registered number:
09790703
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Debtors | 3 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 4 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 5 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 206,040 | 234,142 | |||
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Nest VC London Limited
Notes to the Financial Statements
For The Year Ended
31 March 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
1.4.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
1.6.
Research and Development
Expenditure on research and development is written off in the year it is incurred
1.7.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2019: NIL)
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Nest VC London Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
3.
Debtors
| 2020 | 2019 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Corporation tax recoverable assets |
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| VAT | - |
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| Amounts owed by group undertakings |
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Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Trade creditors |
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| Accruals and deferred income |
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| Director's loan account |
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| Amounts owed to group undertakings |
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6.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
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Amounts advanced | Amounts repaid | Amounts written off | As at
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| £ | £ | £ | £ | £ | |
| Mr Lawrence Morgan |
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The above loan is unsecured, interest free and repayable on demand.
7.
Related Party Transactions
Nest Management Ltd
Nest Management Ltd is controlled by Nest Group Ltd, which also controls the company.
During the year Nest Management Ltd paid expenses on behalf of the company of a total of £27,179. At year end the company owed Nest Management Ltd £70,058.
8.
Ultimate Parent Undertaking and Controlling Party
The company's immediate parent undertaking is Nest Group Ltd. Nest Group Ltd was incorporated in British Virgin Islands. The ultimate controlling party is Blue Ocean Concepts Ltd (BVI) who controls the majority voting shares of Nest Group Ltd.
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Nest VC London Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
9.
General Information
Nest VC London Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
09790703
. The registered office is Balfour House, 741 High Road, London, N12 0BP.
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