Nesk Limited - Period Ending 2021-08-31

Nesk Limited

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Financial Statements	4 to 6

Nesk Limited

Company Information

Directors

Miguel Tomas Arrufat Laura Arrufat Farell

Registered office

130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Nesk Limited

Statement of Financial Position as at 31 August 2021

	Note	2021 £	(As restated) 2020 £
Current assets
Debtors	5	160	160
Cash at bank and in hand		4,406	57,177
		4,566	57,337
Creditors: Amounts falling due within one year	6	(5,640)	(5,039)
Total assets less current liabilities		(1,074)	52,298
Creditors: Amounts falling due after more than one year	6	(195,657)	(198,887)
Net liabilities		(196,731)	(146,589)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(196,831)	(146,689)
Total equity		(196,731)	(146,589)

For the financial year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Nesk Limited

Statement of Financial Position as at 31 August 2021

Approved and authorised by the Board on 12 May 2022 and signed on its behalf by:
 

.........................................

Miguel Tomas Arrufat

Director

Company registration number: 07824924

Nesk Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of an investment holding company.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

The company made a loss for the year ended 31 August 2021 and had net liabilities of £196,731.

The directors have considered the effect of the COVID-19 pandemic and do not believe it will have a material affect on the company's activities. At 31 August 2021 an amount of £195,657 was due to a company under common control. This company has confirmed that it will not call for repayment until such time as the company has sufficient working capital and to continue to support the company. As a consequence the directors believe that the company is well placed to manage its business risks successfully as it has few fixed overheads and the directors are able to control expenditure.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Nesk Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

Tax

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 taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company during the year, was 0 (2020 - 0).

Nesk Limited

Notes to the Financial Statements for the Year Ended 31 August 2021

4	Investments

Unquoted Investments	£
Cost
At 1 September 2020 and 31 August 2021	1,350
Impairment
At 1 September 2020 and 31 August 2021	1,350
Carrying amount
At 31 August 2021	-

5

Debtors

	2021 £	2020 £
Other debtors	160	160
	160	160

6

Creditors

Creditors: amounts falling due within one year

	2021 £	(As restated) 2020 £
Other creditors	5,640	5,039

Creditors: amounts falling due after more than one year

	2021 £	(As restated) 2020 £
Other Loans	195,657	198,887

7	Prior Period Adjustment

During the year, the directors identified that other loans in 2020 were incorrectly classified as falling due within one year rather after more than one year. In addition, the interest charged in 2020 was understated. This has been corrected in the current year and the comparatives restated.

As a result of these adjustments net assets are £2,878 greater than previously stated and the loss for the year ended 31 August 2020 is £2,878 less than previously stated.