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Registered number: 04721037
NX INFRASTRUCTURE (WALES) LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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NX INFRASTRUCTURE (WALES) LIMITED
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COMPANY INFORMATION
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R A Baker (resigned 15 July 2022)
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G B Senk (appointed 15 July 2022)
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NX INFRASTRUCTURE (WALES) LIMITED
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CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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NX INFRASTRUCTURE (WALES) LIMITED
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DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2021
The directors present their report and the financial statements for the year ended 30 April 2021.
The director who served during the year was:
R A Baker (resigned 15 July 2022)
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Directors' responsibilities statement
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The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 25 April 2023 and signed on its behalf.
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NX INFRASTRUCTURE (WALES) LIMITED
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CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NX INFRASTRUCTURE (WALES) LIMITED
FOR THE YEAR ENDED 30 APRIL 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NX Infrastructure (Wales) Limited for the year ended 30 April 2021 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of NX Infrastructure (Wales) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of NX Infrastructure (Wales) Limited and state those matters that we have agreed to state to the Board of Directors of NX Infrastructure (Wales) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NX Infrastructure (Wales) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that NX Infrastructure (Wales) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of NX Infrastructure (Wales) Limited. You consider that NX Infrastructure (Wales) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of NX Infrastructure (Wales) 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 statutory financial statements.
Warrener Stewart
Chartered Accountants
Harwood House
43 Harwood Road
London
SW6 4QP
25 April 2023
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NX INFRASTRUCTURE (WALES) LIMITED
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PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2021
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(Loss)/profit for the financial year
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There were no recognised gains and losses for 2021 or 2020 other than those included in the profit and loss account.
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The notes on pages 6 to 8 form part of these financial statements.
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NX INFRASTRUCTURE (WALES) LIMITED
REGISTERED NUMBER:04721037
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BALANCE SHEET
AS AT 30 APRIL 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 were approved and authorised for issue by the board and were signed on its behalf on 25 April 2023.
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G B Senk
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The notes on pages 6 to 8 form part of these financial statements.
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NX INFRASTRUCTURE (WALES) LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2021
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The notes on pages 6 to 8 form part of these financial statements.
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NX INFRASTRUCTURE (WALES) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
NX Infrastructure (Wales) Limited is a private company limited by shares and incorporated in England. Its registered address is Harwood House, 43 Harwood Road, London, SW6 4QP.
2.Accounting policies
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Basis of preparation of financial statements
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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:
The company closed its manufacturing facility in Wales during the year ended 30 April 2013 therefore these financial statements have not been prepared on the going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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NX INFRASTRUCTURE (WALES) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including directors, during the year was 1 (2020 - 1).
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Factors affecting tax charge for the year
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There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of19% (2020 - 19%).
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Factors that may affect future tax charges
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No charge to corporation tax arises due to the availability of brought forward losses. The company has tax losses of approximately £10,031,500 (2020: £10,029,500) available for offset against future trading profits subject to arrangement by HMRC.
No provision for a potential deferred tax asset of £1,905,985 (2020: £1,905,605) has been provided.
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NX INFRASTRUCTURE (WALES) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Allotted, called up and fully paid
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1 (2020 - 1) Ordinary share of £1
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The ultimate parent undertaking is NX Infrastructure Limited, a company registered in England.
No one party exercises control over NX Infrastructure Limited.
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