Company registration number 06329935 (England and Wales)
NE INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2022
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 2022
30 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
4
2
Current assets
Debtors
6
7,296,623
2,663,408
Investments
7
2
7,296,625
2,663,408
Creditors: amounts falling due within one year
8
(7,360,468)
(2,719,754)
Net current liabilities
(63,843)
(56,346)
Net liabilities
(63,843)
(56,344)
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss reserves
(163,843)
(156,344)
Total equity
(63,843)
(56,344)
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 17 November 2023 and are signed on its behalf by:
Mr B Kennedy
Director
Company registration number 06329935 (England and Wales)
NE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2022
- 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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the 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.
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.
NE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2022
1
Accounting policies
(Continued)
- 3 -
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 payments 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. Amounts 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
Non-Consolidation and information in respect of subsidiaries
For the year ended 30 October 2022, none of the subsidiary undertakings have been consolidated on the grounds that the company has taken advantage of the provision of the FRS102 para 9.9 which permits the exclusion of the subsidiaries from the consolidation if 'the parent's interest is held exclusively with a view to resale the subsidiaries within the 12 months of the parent's year-end and subsidiaries have not previously been consolidated in the consolidated financial statements prepared in accordance with FRS.
Directors confirm that all of the subsidiary undertakings are held for resale and have not been consolidated previously. All necessary steps have been taken for the disposal of the subsidiary undertakings within12 months of the year-end. An expert professional services firm is appointed to facilitate the disposal of all of the parent's interest, who are actively working on trying to seek a purchaser. As per experts experience and market condition they anticipate that the sale will be taken place within 12 months of the parent company's year-end or soon.
The Company's reasons for the non-preparation of consolidated financial statements are in accordance with the requirements of FRS 102. Accordingly these financial statements present information about the individual company and not the group.
NE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2022
- 4 -
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:
2022
2021
Number
Number
Total
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
2
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 31 October 2021
2
Transfer to current asset
(2)
At 30 October 2022
-
Carrying amount
At 30 October 2022
-
At 30 October 2021
2
5
Subsidiaries
Details of the company's subsidiaries at 30 October 2022 are as follows:
NE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2022
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
-
100.00
Four Seasons 1 LLC
USA
Common Stock
-
100.00
Four Seasons Sun Rooms LLC
USA
Common Stock
-
100.00
Four Seasons Marketing Corp.
USA
Common Stock
-
100.00
Four Seasons Solar Products LLC
USA
Common Stock
-
100.00
Fisher Skylights Inc.
USA
Common Stock
-
100.00
Wilmslow (Long Island) Properties LLC
USA
Common Stock
-
100.00
Latium Investments Partnership
USA
Common Stock
-
100.00
Wilmslow (Alabama) Properties LLC
USA
Common Stock
-
100.00
Platinum Secure Inc
USA
Common Stock
-
100.00
Four Seasons Retail LLC
USA
Common Stock
-
100.00
Latium USA Trading LLC
USA
Common Stock
-
100.00
Four Seasons Brands LLC
USA
Common Stock
-
100.00
LK Outdoor Products LLC
USA
Common Stock
-
100.00
Vitapod Limited
UK
Ordinary Shares
-
100.00
Vitapod Holdco Limited
UK
Ordinary Shares
-
100.00
Kennedy Property Investments LLC
USA
Common Stock
-
100.00
Vitapodworld LLC
USA
Common Stock
-
100.00
Four Seasons Sunrooms of New York LLC
USA
Common Stock
-
100.00
Ageless Home Living Inc
USA
Common Stock
-
100.00
Four Seasons Home Products LLC
USA
Common Stock
-
100.00
Four Seasons Sunrooms of Texas LLC
USA
Common Stock
-
100.00
Four Seasons Sunrooms of New Jersey LLC
USA
Common Stock
-
100.00
Four Seasons Sunrooms of Georgia and South Carolina LLC
USA
Common Stock
-
100.00
Four Seasons Sunrooms of North Carolina LLC
USA
Common Stock
-
100.00
Vitapod Inc
USA
Common Stock
-
100.00
NE Innovations Limited
UK
Common Stock
-
100.00
Latium IT Limited
UK
Common Stock
-
100.00
Vitapod UK Operations Limited
UK
Common Stock
-
100.00
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
7,296,623
2,663,408
NE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2022
- 6 -
7
Current asset investments
2022
2021
£
£
Other investments
2
8
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
7,360,468
2,719,754
9
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 unqualified.
As more fully explained in note 1.7 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. However, the company has taken advantage of the provision of FRS102 para 9.9 which permits the exclusion of the subsidiaries from the consolidation if 'the parent's interest is held exclusively with a view to resale the subsidiaries within the 12 months of the parent's year-end and subsidiaries have not previously been consolidated in the consolidated financial statements prepared in accordance with FRS.
For further details please refer to the note1.7 where this matter has been fully explained.
Senior Statutory Auditor:
Nathaniel Davidson BA(Hons) ACA
Statutory Auditor:
Lopian Gross Barnett & Co
Date of audit report:
17 November 2023
NE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2022
- 7 -
10
Related party transactions
At the balance sheet date the company was owed £7,296,623 (2021: £2,663,408) by Four Seasons Sunrooms, who are an entity under common control as the company.
At the balance sheet date the company owed £7,350,468 (2021: £2,709,753) 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.
11
Parent company
The ultimate controlling party is Brian Kennedy.
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.