ACCOUNTS - Final Accounts

NOMAD CONSULTING LIMITED - Company Information

Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-05-162023-04-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03179474 2023-04-01 2024-03-31 03179474 2022-04-01 2023-03-31 03179474 2024-03-31 03179474 2023-03-31 03179474 2022-04-01 03179474 c:Director1 2023-04-01 2024-03-31 03179474 d:OfficeEquipment 2023-04-01 2024-03-31 03179474 d:OfficeEquipment 2024-03-31 03179474 d:OfficeEquipment 2023-03-31 03179474 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03179474 d:CurrentFinancialInstruments 2024-03-31 03179474 d:CurrentFinancialInstruments 2023-03-31 03179474 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03179474 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03179474 d:ShareCapital 2024-03-31 03179474 d:ShareCapital 2023-03-31 03179474 d:RetainedEarningsAccumulatedLosses 2024-03-31 03179474 d:RetainedEarningsAccumulatedLosses 2023-03-31 03179474 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 03179474 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 03179474 c:OrdinaryShareClass1 2023-04-01 2024-03-31 03179474 c:OrdinaryShareClass1 2024-03-31 03179474 c:OrdinaryShareClass1 2023-03-31 03179474 c:FRS102 2023-04-01 2024-03-31 03179474 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03179474 c:FullAccounts 2023-04-01 2024-03-31 03179474 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03179474 2 2023-04-01 2024-03-31 03179474 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03179474

NOMAD CONSULTING LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

NOMAD CONSULTING LIMITED

REGISTERED NUMBER: 03179474

BALANCE SHEET

AS AT 31 MARCH 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		495		1,167
			495		1,167
Current assets
Debtors: amounts falling due within one year	5	38,169		43,022
Cash at bank and in hand		30,693		16,671
		68,862		59,693
Creditors: amounts falling due within one year	6	(43,227)		(32,370)
Net current assets			25,635		27,323
Total assets less current liabilities			26,130		28,490

Net assets			26,130		28,490

Capital and reserves
Called up share capital	8	100	100
Profit and loss account		26,030	28,390
		26,130	28,490

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NOMAD CONSULTING LIMITED

REGISTERED NUMBER: 03179474

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2024

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 May 2024.

Mr N Reed

Director

The notes on pages 3 to 9 form part of these financial statements.

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NOMAD CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1.	General information

Nomad Consulting Limited is a private company limited by shares incorporated in England within the United Kingdom. The address of the registered office is 11 Beldams Gate, Bishops Stortford, Hertfordshire, CM23 5RN. The Company is not part of a group.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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:

2.2

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

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NOMAD CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

33%

straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.6

Debtors

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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NOMAD CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

2.7

Cash and cash equivalents

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.

2.8

Creditors

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.

2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Income and Retained Earnings.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

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NOMAD CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

2.9

Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including the directors, during the year was 2 (2023 -2).

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NOMAD CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 April 2023	2,015
	At 31 March 2024	2,015
	Depreciation
	At 1 April 2023	848
	Charge for the year on owned assets	672
	At 31 March 2024	1,520
	Net book value
	At 31 March 2024	495
	At 31 March 2023	1,167

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NOMAD CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

Debtors

					2024	2023
					£	£


Trade debtors	37,919	42,898
Deferred taxation	250	124
	38,169	43,022

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	109	-
Corporation tax	21,528	16,195
Other taxation and social security	15,512	10,331
Other creditors	3,808	3,844
Accruals and deferred income	2,270	2,000
	43,227	32,370

7.	Deferred taxation

	2024	2023
	£	£

At beginning of year	125	74
Charged to profit or loss	125	51
At end of year	250	125

The deferred tax asset is made up as follows:
	2024	2023
	£	£

	Accelerated capital allowances	250	124
		250	124

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NOMAD CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

8.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 - 100) ordinary shares of £1.00 each	100	100

9.	Related party transactions
	During the year the company paid dividends of £76,000 (2023 - £120,000) to the directors. During the year the company maintained a loan account with the directors, the amounts due to them at the year end were £3,786 (2023 - £3,281). This loan is repayable on demand.

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