Company registration number 06329935 (England and Wales)
NE INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2021
PAGES FOR FILING WITH REGISTRAR
NE INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
NE INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 OCTOBER 2021
30 October 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
4
2
2
Current assets
Debtors
6
2,663,408
7,786,274
Creditors: amounts falling due within one year
7
(2,719,754)
(7,836,620)
Net current liabilities
(56,346)
(50,346)
Net liabilities
(56,344)
(50,344)
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss reserves
(156,344)
(150,344)
Total equity
(56,344)
(50,344)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 July 2022 and are signed on its behalf by:
Mr B Kennedy
Director
Company Registration No. 06329935
NE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2021
- 2 -
1
Accounting policies
Company information
NE Investments Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Hamilton House, Church Street, Altrincham, WA14 4DR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
NE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2021
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
NE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2021
1
Accounting policies
(Continued)
- 4 -
1.8
Non-Consolidation and information in respect of subsidiaries
For the year ended 30 October 2021, none of the subsidiary undertakings have been consolidated on the grounds that the information necessary for the preparation of consolidated financial statements for the primary trading entities in the USA cannot be obtained without disproportionate expense or undue delay.
The directors believe it is not possible to complete the preparation and the audit of the accounts in the USA without incurring substantial additional costs which the directors believe outweighs the benefits to the shareholders and stakeholders of the group. The Company's reasons for the non-preparation of consolidated financial statements are not in accordance with the requirements of FRS 102. Accordingly these financial statements present information about the individual company and not the group.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
2
2
5
Subsidiaries
Details of the company's subsidiaries at 30 October 2021 are as follows:
NE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2021
5
Subsidiaries
(Continued)
- 5 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Latium USA Partnership 1 Ltd
UK
Ordinary Shares
100.00
-
Latium USA Partnership 2 Ltd
UK
Ordinary Shares
100.00
-
Glass House Construction Ltd
UK
Ordinary Shares
100.00
-
Ultraframe North America Limited
Canada
Common Stock
0
100.00
Four Seasons 1 LLC
USA
Common Stock
0
100.00
Four Seasons Sun Rooms LLC
USA
Common Stock
0
100.00
Four Seasons Marketing Corp.
USA
Common Stock
0
100.00
Four Seasons Solar Products LLC
USA
Common Stock
0
100.00
Fisher Skylights Inc.
USA
Common Stock
0
100.00
Wilmslow (Long Island) Properties LLC
USA
Common Stock
0
100.00
Latium Investments Partnership
USA
Common Stock
0
100.00
Wilmslow (Alabama) Properties LLC
USA
Common Stock
0
100.00
Platinum Secure Inc
USA
Common Stock
0
100.00
Four Seasons Retail LLC
USA
Common Stock
0
100.00
Latium USA Trading LLC
USA
Common Stock
0
100.00
Four Seasons Brands LLC
USA
Common Stock
0
100.00
LK Outdoor Products LLC
USA
Common Stock
0
100.00
MND Finance
UK
Ordinary Shares
0
100.00
Vitapod Holdco Limited
UK
Ordinary Shares
0
100.00
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
2,663,408
7,786,274
7
Creditors: amounts falling due within one year
2021
2020
£
£
Other creditors
2,719,754
7,836,620
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was qualified and the auditor reported as follows:
NE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2021
8
Audit report information
(Continued)
- 6 -
We have audited the financial statements of NE Investments Limited (the 'company') for the year ended 30 October 2021 which comprise , the balance sheet and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion, because of the significant of the matter described in the Basis for adverse opinion paragraph below, the financial statements:
-
do not give a true and fair view of the state of the group and the company's affairs as at 30 October 2020 and its results for the year then ended;
-
have not been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have not been prepared in accordance with the requirements of the Companies Act 2006.
Basis for adverse opinion
As more fully explained in note 1 to the financial statements, the Company has not prepared group financial statements, which is contrary to the provisions of the Companies Act 2006 and the requirements of FRS 102. Furthermore, the directors have applied the provisions available to small entities under FRS 102 Section 1A; however, they are not a small group.
As the financial statements of the US subsidiaries have not been audited we have been unable to obtain sufficient and appropriate audit evidence regarding the assets, liabilities, capital and reserves, profit and loss for the year and intercompany receivables and payables of these subsidiaries of these subsidiaries, as set out in the notes to the financial statements.
Additionally, no cashflow and no strategic report have been produced.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our adverse opinion.
Except for the matter described in the basis for adverse opinion section, we have determined that there are no key audit matters to be communicated in our report.
The senior statutory auditor was Nathaniel Davidson BA(Hons) ACA and the auditor was Lopian Gross Barnett & Co.
NE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2021
- 7 -
9
Related party transactions
At the balance sheet date the company was owed £2,663,408 (2020: £7,786,274) by Four Seasons Sunrooms, who are an entity under common control as the company.
At the balance sheet date the company owed £2,709,753 (2020: £7,826,619) to Latium Management Services Ltd, who are an entity under common control as the company.
There were no other related party transactions which require disclosure under FRS 102 1A.
10
Parent company
The ultimate controlling party is Brian Kennedy.
11
Covid-19
The directors have closely monitored the Government guidance in response to the Covid-19 Pandemic and have implemented measures in line with the Governmental guidelines. The directors have assessed the impact of Covid-19 on the group and conclude that there are no items resulting from the Covid-19 Pandemic which require disclosure at the balance sheet date beyond those already disclosed elsewhere in the accounts.
12
Impact of Brexit
The directors have considered the impact of Brexit and don't believe there are any items relating to Brexit which require disclosure at the balance sheet date.