ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

NEXXUS GROUP LIMITED - Company Information

Print Friendly Version

Caseware UK (AP4) 2020.0.247 2020.0.247 2020-01-01falseNo description of principal activitytruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02946584 2020-01-01 2020-12-31 02946584 2019-01-01 2019-12-31 02946584 2020-12-31 02946584 2019-12-31 02946584 c:Director6 2020-01-01 2020-12-31 02946584 d:CurrentFinancialInstruments 2020-12-31 02946584 d:CurrentFinancialInstruments 2019-12-31 02946584 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 02946584 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 02946584 d:ShareCapital 2020-12-31 02946584 d:ShareCapital 2019-12-31 02946584 d:RetainedEarningsAccumulatedLosses 2020-12-31 02946584 d:RetainedEarningsAccumulatedLosses 2019-12-31 02946584 c:OrdinaryShareClass1 2020-01-01 2020-12-31 02946584 c:OrdinaryShareClass1 2020-12-31 02946584 c:OrdinaryShareClass1 2019-12-31 02946584 c:FRS102 2020-01-01 2020-12-31 02946584 c:AuditExempt-NoAccountantsReport 2020-01-01 2020-12-31 02946584 c:FullAccounts 2020-01-01 2020-12-31 02946584 c:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 02946584 d:Subsidiary1 2020-01-01 2020-12-31 02946584 d:Subsidiary1 1 2020-01-01 2020-12-31 02946584 d:Subsidiary2 2020-01-01 2020-12-31 02946584 d:Subsidiary2 1 2020-01-01 2020-12-31 02946584 d:Subsidiary3 2020-01-01 2020-12-31 02946584 d:Subsidiary3 1 2020-01-01 2020-12-31 02946584 2 2020-01-01 2020-12-31 02946584 6 2020-01-01 2020-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02946584










Nexxus Group Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2020
 
Nexxus Group Limited
Registered number: 02946584

Balance Sheet
As at 31 December 2020

2020
2019
Note
£
£

Fixed assets
  

Investments
 4 
1,810,150
1,810,150

  
1,810,150
1,810,150

Current assets
  

Debtors: amounts falling due within one year
 5 
450,000
450,000

Cash at bank and in hand
  
2,401
4,069

  
452,401
454,069

Creditors: amounts falling due within one year
 6 
(451,680)
(451,620)

Net current assets
  
 
 
721
 
 
2,449

Total assets less current liabilities
  
1,810,871
1,812,599

  

Net assets
  
1,810,871
1,812,599


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
1,810,771
1,812,499

  
1,810,871
1,812,599


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: 


................................................
L A Edwards
Director
Date: 28 July 2021

The notes on pages 2 to 4 form part of these financial statements.

Page 1
 
Nexxus Group 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

Exemption from preparing consolidated financial statements

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.

 
2.4

Valuation of investments

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. 

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.6

Creditors

Short term creditors are measured at the transaction price. 

 
2.7

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.


3.


Employees

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

Page 2
 
Nexxus Group Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2020

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2020
2,800,201



At 31 December 2020

2,800,201



Impairment


At 1 January 2020
990,051



At 31 December 2020

990,051



Net book value



At 31 December 2020
1,810,150



At 31 December 2019
1,810,150


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Nexxus Corporation Limited
Ordinary
100%
Harrington Securities Limited
Ordinary
100%
Gate Securities Limited
Ordinary
100%

The registered office for all subsidiaries is: 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ.

The aggregate of the share capital and reserves as at 31 December 2020 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Nexxus Corporation Limited
809,839
(4,579)

Harrington Securities Limited
197,852
15,014

Gate Securities Limited
2,983,102
(163,829)

Page 3
 
Nexxus Group Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2020

5.


Debtors

2020
2019
£
£


Amounts owed by group undertakings
450,000
450,000



6.


Creditors: Amounts falling due within one year

2020
2019
£
£

Other loans
450,000
450,000

Accruals and deferred income
1,680
1,620

451,680
451,620



7.


Share capital

2020
2019
£
£
Allotted, called up and fully paid



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


8.


Related party transactions

Nexxus Corporation Limited
(100% Subsidiary)
During the year Nexxus Corporation Limited incurred expenses on behalf of the company totalling £1,669 (2019: £1,909). At the balance sheet date the amount due to Nexxus Corporation Limited was £nil (2019: £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 (2019: £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 (2019: £450,000).


9.


Controlling party

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 4