Navarino Group Limited - Filleted accounts

NAVARINO GROUP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31 MARCH 2023

Company Registration Number: 13966626

NAVARINO GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
CONTENTS									PAGES
Company information									1
Balance sheet									2
Notes to the financial statements									3 to 6

NAVARINO GROUP LIMITED
COMPANY INFORMATION
FOR THE PERIOD ENDED 31 MARCH 2023
DIRECTORS
C G W Codrington
appointed 9 March 2022
Mrs N L Codrington
appointed 9 March 2022
A M R Salter
appointed 9 March 2022
Mrs G A Salter
appointed 9 March 2022
resigned 18 March 2022
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Navarino House
Unit 1D Network Point
Range Road
Witney
Oxon
OX29 0YN
COMPANY REGISTRATION NUMBER
13966626 England and Wales

NAVARINO GROUP LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
							Notes		2023
									£
FIXED ASSETS
Investments							5				10,000
CURRENT ASSETS
Debtors							6		137,645
Cash at bank and in hand									1,862,192
									1,999,837
CREDITORS: Amounts falling due within one year							7		6,258
NET CURRENT ASSETS											1,993,579
NET ASSETS											2,003,579
CAPITAL AND RESERVES
Called up share capital											10,000
Distributable profit and loss account											1,993,579
SHAREHOLDERS' FUNDS											2,003,579
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
A M R Salter						C G W Codrington
Director						Director
Date approved by the board: 21 November 2023

NAVARINO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
1	GENERAL INFORMATION
	Navarino Group Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	Navarino House
	Unit 1D Network Point
	Range Road
	Witney
	Oxon
	OX29 0YN
	The company incorporated on 9 March 2022 and acquired the investment in its subsidiary on 22 June 2022.
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Investments

	Investments in subsidiaries are shown at cost less accumulated impairment losses.

	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

NAVARINO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Debtors

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

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
	Foreign currencies

	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
	Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.

	Consolidation
	The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided by section 399 of the Companies Act 2006 not to prepare group accounts.

NAVARINO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the period was:
											2023
	Average number of employees										3
5	FIXED ASSET INVESTMENTS
											Investment in subsidiary
											£
	Cost
	Additions										10,000
	At 31 March 2023										10,000
	Net book value
	At 31 March 2023										10,000

The additions to fixed asset investments represents the acquisition of 100% of the issued share capital in Navarino Services Limited.

6	DEBTORS
											2023
											£
	Other debtors										137,645
7	CREDITORS: Amounts falling due within one year
											2023
											£
	Taxation and social security										3,258
	Accruals and deferred income										3,000
											6,258

NAVARINO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
8	RELATED PARTY TRANSACTIONS
	The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
	Navarino Services Limited		Subsidiary undertaking