NWX Residences B Limited - Period Ending 2022-12-31

NWX Residences B Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 5

NWX Residences B Limited

Company Information

Director

Mr J T F Cham

Registered office

Loftus Road Stadium South Africa Road London W12 7PJ

Accountants

Mr Darrell R Emerson FCCA Chartered Accountants 66 Roundmead Avenue Loughton IG10 1PZ

Auditors

Richlands Business Advisers Limited Chartered Accountants and Statutory Auditor 42-46 Station Road Edgware Middlesex HA8 7AB

NWX Residences B Limited

(Registration number: 13036679)
Balance Sheet as at 31 December 2022

	Note	2022 £	Unaudited 2021 £
Current assets
Debtors	4	367,675	60,433
Cash at bank and in hand		334,963	374,654
		702,638	435,087
Creditors: Amounts falling due within one year	5	(652,551)	(435,114)
Net assets/(liabilities)		50,087	(27)
Capital and reserves
Called up share capital	6	1	1
Retained earnings		50,086	(28)
Shareholders' funds/(deficit)		50,087	(27)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 director on 26 June 2023
 

......................................... Mr J T F Cham Director

NWX Residences B Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

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:
Loftus Road Stadium
South Africa Road
London
W12 7PJ
United Kingdom

These financial statements were authorised for issue by the director on 26 June 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited.
 

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 26 June 2023 was Jay Shah, who signed for and on behalf of Richlands Business Advisers Limited.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable from the rental of the company's short leasehold property, excluding value added tax.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income or directly in equity.

Current income tax or deferred tax assets and liabilities are not discounted.

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.

NWX Residences B Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Deferred tax is provided in full on timing differences which result in an obligation to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise but not reversed at the balance sheet date.

Deferred tax is measured based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more than likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

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.

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.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4

Debtors

	Note	2022 £	Unaudited 2021 £
Amounts owed by group undertakings	8	300,000	-
Other debtors		67,675	60,433
Total current trade and other debtors		367,675	60,433

5

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	Unaudited 2021 £
Due within one year
Amounts owed to group undertakings	8	555,223	432,614
Accrued expenses		5,500	2,500
Deferred income		91,828	-
		652,551	435,114

NWX Residences B Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

6	Share capital

Allotted, called up and fully paid shares

	2022		Unaudited 2021
	No.	£	No.	£
Ordinary of £1 each	1	1	1	1

7	Financial commitments, guarantees and contingencies

On 26 February 2021 the parent company, Oakfield B Limited, granted a lease of 21 years and one day to NWX Residences B Limited. This lease together with the company bank accounts have a charge over them by Deutsche Bank AG.

8	Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The ultimate parent entity producing publicly available consolidated financial statements is Pembinaan Redza SDN.BHD, whose registered office is 62C, Jalan SS21/62, Damansara Utama, 47400 Petaling Jaya, Selangor Darul Ehsan, Malaysia. These financial statements are available upon request.

9	Parent and ultimate parent undertaking

The company's immediate parent is Oakfield B Limited, incorporated in England and Wales.

 The ultimate parent is Pembinaan Redzai SDN.BHD, incorporated in Malaysia.
The results of the company are consolidated at group level headed by Pembinaan Redzai SDN.BHD.

 The ultimate controlling party is Ruben Emir Gnanalingam Bin Abdullah, Shaline Gnanalingam and Marco Jager .