NKW Holdings Limited - Accounts to registrar (filleted) - small 23.1.2
NKW Holdings Limited - Accounts to registrar (filleted) - small 23.1.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2022 |
FOR |
NKW HOLDINGS LIMITED |
NKW HOLDINGS LIMITED (REGISTERED NUMBER: 11586927) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
NKW HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Unit 4 Mulgrave Chambers |
26-28 Mulgrave Road |
Sutton |
Surrey |
SM2 6LE |
NKW HOLDINGS LIMITED (REGISTERED NUMBER: 11586927) |
BALANCE SHEET |
31 JULY 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 6 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
NKW HOLDINGS LIMITED (REGISTERED NUMBER: 11586927) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2022 |
1. | STATUTORY INFORMATION |
NKW Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts. |
The company has a negative retained earnings reserve, following distributions in prior years that was paid in breach of the requirements of the Companies Act 2006 sections 829-853 as the company did not have sufficient profits available for distribution. The Director confirms that the company is taking the necessary steps to rectify this position in the forthcoming year and to start to convert the retained profit and loss account into a credit position.The position has been further amplified by the write down of its investment. |
The company remains solvent as a result of share capital. |
The director, having considered all the information available, is confident that the company has adequate overall reserves and resources to continue its operational activities for the foreseeable future. Accordingly, the director is satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements. |
Preparation of consolidated financial statements |
The financial statements contain information about NKW Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
NKW HOLDINGS LIMITED (REGISTERED NUMBER: 11586927) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2022 |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2021 |
Impairments | ( |
) |
At 31 July 2022 |
NET BOOK VALUE |
At 31 July 2022 |
At 31 July 2021 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 42 Briarwood Road, Epsom, Surrey, KT17 2LY |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed to group undertakings |
Accrued expenses |
6. | RESERVES |
Retained |
earnings |
£ |
At 1 August 2021 | ( |
) |
Deficit for the year | ( |
) |
At 31 July 2022 | ( |
) |
In a prior year the company received dividends (£52,267) from its subsidiary company despite a deficit in that company's distributable profit and loss reserves. |
The Director acknowledges that the dividends were paid in breach of the requirements of the Companies Act 2006 sections 829-853 as that company did not have the sufficient profits available for distribution. Based on those dividend receipts, this company then paid dividends, £54,070 of which are subsequently in breach of the Companies Act 2006 sections 829-853. |
The Director confirms that the subsidiary company is taking the necessary steps to try to rectify this position in the forthcoming year. In the meantime, the director (who is also the sole shareholder of the company), recognises that the payment of dividends in these circumstances is unlawful and acknowledges that repayment of all or part of the dividends may be required should a winding up order be made against the company. |