Newland Chase Solutions Limited - Period Ending 2020-12-31

Newland Chase Solutions Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 7

Newland Chase Solutions Limited

(Registration number: 04890797)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	5	33,495	-
Current assets
Debtors	6	213,427	120,915
Cash at bank and in hand		32,440	56,283
		245,867	177,198
Creditors: Amounts falling due within one year	7	(901,762)	(575,152)
Net current liabilities		(655,895)	(397,954)
Net liabilities		(622,400)	(397,954)
Capital and reserves
Called up share capital		1,312,537	1,312,537
Profit and loss account		(1,934,937)	(1,710,491)
Shareholders' deficit		(622,400)	(397,954)

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 FRS102 Section 1A - small entities

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 December 2021 and signed on its behalf by:
 

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

S Diehl
Director

Newland Chase Solutions 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:
Skyline House First Floor
200 Union Street
London
SE1 0LX
United Kingdom

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors consider the company to be a going concern on the basis that support is offered by the parent company. In addition, the parent company will not demand the repayment of its loan until the company is in a financial position to make repayment.

The directors have continued to consider the potential implications of COVID-19, which includes travel restrictions and the long-term effect on demand for the company’s services. The company has been able to effectively mitigate the decline in customer demand by reducing its fixed cost base, as well as making use of the government provided furlough scheme. The financial impact of the virus is not able to be estimated due to the general level of uncertainty.

The company and the CIBT Group are monitoring the development of COVID-19 and the measures taken to control it. We will continue to evaluate its impact on the financial position and operating results of the company and Group. As at the date of these financial statements, the directors are not aware of any material adverse effects on the financial statements as a result of COVID-19.

No other matter or circumstance has arisen since 31 December 2020 that has significantly affected the company and Group's operations, results or state of affairs.

Newland Chase Solutions Limited

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

Audit report

The Independent Auditors' Report was unqualified. The audit report included the following paragraph;

Material uncertainty related to going concern
We draw attention to note 2 in the financial statements. The company incurred a net loss of £204,905 during
the year ended 31 December 2020, and, as of that date, the company’s current liabilities exceeded its total
assets by £622,400. As stated in note 2, these events or conditions, along with other matters as set forth in
note 2, including the Covid-19 pandemic, together with the transfer of the UK trading to a group company per
note 4, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to
continue as a going concern. Our opinion is not modified in respect of this matter. In auditing the financial
statements, we have concluded that the directors' use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.

The name of the Senior Statutory Auditor who signed the audit report on 23 December 2021 was Caroline Webster, who signed for and on behalf of UHY Ross Brooke.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Revenue is recognised when services are rendered, which generally coincides with the month such services are invoiced. Amounts billed in advance of services to be rendered are recorded as deferred revenue.

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 rates prevailing on the initial transaction dates.

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

Tax

The tax expense for the period comprises current tax payable.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Newland Chase Solutions Limited

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% straight line
Office equipment	33% Straight line
Leasehold improvements	Straight line over the lease term

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.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2019 - 13).

4	Discontinued operations

The UK trade was hived up to Newland Chase Limited on 30th June 2019. The company’s remaining activities relate to the trade in Switzerland.

Newland Chase Solutions Limited

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

5	Tangible assets

	Fixtures and fittings £	Total £
Cost or valuation
Additions	38,744	38,744
At 31 December 2020	38,744	38,744
Depreciation
Charge for the year	5,249	5,249
At 31 December 2020	5,249	5,249
Carrying amount
At 31 December 2020	33,495	33,495

6

Debtors

	2020 £	2019 £
Trade debtors	129,214	55,958
Other debtors	84,213	64,957
Total current trade and other debtors	213,427	120,915

7

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Trade creditors		16,007	38,508
Amounts owed to group undertakings	9	757,978	472,016
Taxation and social security		51,347	24,562
Other creditors		76,430	40,066
		901,762	575,152

Newland Chase Solutions Limited

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

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £200,120 (2019 - £7,728). Financial commitment relates to non-cancellable operating lease commitment of property.

9	Related party transactions

Summary of transactions with parent

Emigra Group LLC (parent company)
 During the year a management charge of £nil (2019: £153,903) was levied on the company by Emigra Group LLC in respect of administrative services provided. Additionally, during the year, Emigra Group LLC charged the company £nil (2019: £36,703) in respect of IT charges. At the year end the balance due to Emigra LLC was £602,913 (2019: £580,151)

Summary of transactions with entities with joint control or significant interest

Emigra India (a company under common control)
 At the year end the balance due to Emigra India was £nil (2019: £nil)
 
Emigra Deutschland (a company under common control)
At the year end the balance due from Emigra Deutschland was £nil (2019: £351)

Newland Chase USA (a company under common control)
At the year end the balance due from Newland Chase USA was £7,857 (2019: £17,166)

Emigra USA,LLC (a company under common control)
At the year end the balance due from Emigra USA,LLC was £1,850 (2019: £9,820)

Newland Chase Limited (a company under common control)
At the year end the balance due from Newland Chase Limited was £100,346 (2019: £80,798)

Newland Chase SG (a company under common control)
At the year end the balance due from Newland Chase SG was £4,414 (2019: £nil)

CN-Emigra Business Consultants (a company under common control)
At the year end the balance due from CN-Emigra Business Consultants was £1,514 (2019: £nil)

CIBT UK Limited (a company under common control)
At the year end the balance due to CIBT UK Limited was £1,621 (2019: £nil)

UK-Peregrine Immigration Limited (a company under common control)
At the year end the balance due to UK-Peregrine Immigration Limited was £10,246 (2019: £nil)

CIBT Nederland (NL) (a company under common control)
At the year end the balance due to CIBT Nederland (NL) was £5,893 (2019: £nil)

CIBT Visum Centrale GmbH (Switz) (a company under common control)
At the year end the balance due to CIBT Visum Centrale GmbH (Switz) was £225,421 (2019: £nil)

Emigra France S.A.R.L. (a company under common control)
At the year end the balance due to Emigra France S.A.R.L was £15,411 (2019: £nil)

Emigra (UAE) Immigration Services (a company under common control)
At the year end the balance due to Emigra (UAE) Immigration Services was £12,452 (2019: £nil)

Newland Chase Solutions Limited

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

10	Parent and ultimate parent undertaking

The company's immediate parent is Emigra Group LLC, a company registered in the United States of America.

The most senior parent entity producing publicly available financial statements is Emigra Group LLC. These financial statements are available upon request from 450 Maple Avenue East, Suite 203, Vienna, VA 22180, United States.