ACCOUNTS - Final Accounts preparation

NEXXUS CORPORATION LIMITED - Company Information

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Registered number: 02946299

Nexxus Corporation Limited

Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2020

Nexxus Corporation Limited

Registered number: 02946299

Balance Sheet

As at 31 December 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		7,601		9,474
			7,601		9,474
Current assets
Stocks	5	767,802		767,802
Debtors: amounts falling due within one year	6	2,413		2,138
Cash at bank		36,133		39,485
		806,348		809,425
Creditors: amounts falling due within one year	7	(4,110)		(4,481)
Net current assets			802,238		804,944
Total assets less current liabilities			809,839		814,418

Net assets			809,839		814,418

Capital and reserves
Called up share capital	8	100	100
Profit and loss account		809,739	814,318
		809,839	814,418

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 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:

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

L A Edwards

Director

Date: 28 July 2021

The notes on pages 3 to 5 form part of these financial statements.

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Nexxus Corporation Limited

Statement of Changes in Equity

For the Year Ended 31 December 2020

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2020	100	814,318	814,418
Comprehensive income for the year
Loss for the year	-	(4,579)	(4,579)
At 31 December 2020	100	809,739	809,839

Statement of Changes in Equity

For the Year Ended 31 December 2019

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2019	100	831,622	831,722
Comprehensive income for the year
Loss for the year	-	(17,304)	(17,304)
At 31 December 2019	100	814,318	814,418

The notes on pages 3 to 5 form part of these financial statements.

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Nexxus Corporation Limited

Notes to the Financial Statements

For the Year Ended 31 December 2020

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: 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ.

2.Accounting policies

2.1

Basis of preparation of financial statements

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:

2.2

Going concern

The financial statements have been prepared on a going concern basis. While the impact of the Covid-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suppliers. However, taking into consideration the UK Government's response and the company's planning, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

2.3

Revenue recognition

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. Revenue represents rental income, maintenance fees and other expenses recharged by the company.

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.5

Tangible fixed assets

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.

Depreciation is provided on the following basis:

Plant and machinery

15% or 20% reducing balance basis per annum

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.

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Nexxus Corporation Limited

Notes to the Financial Statements

For the Year Ended 31 December 2020

2.Accounting policies (continued)

2.6

Stocks

Trading stocks of land and buildings, including work in progress, are consistently valued at the lower of cost of net realisable value.

2.7

Debtors

Short term debtors are measured at transaction price.

2.8

Creditors

Short term creditors are measured at the transaction price.

2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 5 (2019 - 5).

4.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 January 2020	47,569
	At 31 December 2020	47,569
	Depreciation
	At 1 January 2020	38,095
	Charge for the year on owned assets	1,873
	At 31 December 2020	39,968
	Net book value
	At 31 December 2020	7,601
	At 31 December 2019	9,474

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Nexxus Corporation Limited

Notes to the Financial Statements

For the Year Ended 31 December 2020

5.	Stocks
		2020	2019
		£	£

	Finished goods and goods for resale	767,802	767,802

Some of the assets within stock have a legal charge held against them.

Debtors

					2020	2019
					£	£


Prepayments	2,413	2,138
	2,413	2,138

7.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	-	781
Accruals and deferred income	4,110	3,700
	4,110	4,481

8.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

100 (2019 - 100) Ordinary shares of £1.00 each	100	100

9.	Related party transactions
	Nexxus Group Limited (Immediate parent company) During the year the company incurred expenses on behalf of Nexxus Group Limited totalling £1,669 (2019: £1,909). At the balance sheet date, the amount due from Nexxus Group Limited was £nil (2019: £nil).

10.	Controlling party

The company's immediate parent is Nexxus Group Limited, a company incorporated in England and Wales. The ultimate controlling party is Mr D Ashton.

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