Registered number:
SC597467
NAAM HOLDINGS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2020
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NAAM HOLDINGS LIMITED
REGISTERED NUMBER:
SC597467
BALANCE SHEET
AS AT
30 JUNE 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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NAAM HOLDINGS LIMITED
REGISTERED NUMBER:
SC597467
BALANCE SHEET
(CONTINUED)
AS AT
30 JUNE 2020
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
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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 by
:
The notes on pages 3 to 6 form part of these financial statements.
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NAAM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
NAAM Holdings Limited is a private company (limited by shares) incorporated in Scotland, company number SC597467. The address of its principal place of business is C/O Turcan Connell Princes Exchange, 1 Earl Grey Street, Edinburgh, Scotland, EH3 9EE.
The principal activity is that of a holding company.
The functional currency of the company is Pounds Sterling as this is the currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest £.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The directors' have carefully considered the impact of COVID-19 on the business. The company has not being materially affected by COVID-19. The directors' will continue to support the company as and when required.
In the directors' opinion the financial statements should be prepared on a going concern basi.
Investments in subsidiaries are measured at cost less accumulated impairment.
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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Cash and cash equivalents
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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.
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.
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NAAM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.
Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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The average monthly number of employees, including directors, during the period was 2 (2019 - 2).
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Investments in subsidiary companies
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NAAM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Amounts owed by group undertakings (note 9)
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings (note 9)
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Allotted, called up and fully paid
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80
Ordinary A shares
of £1 each
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1,066,827
Preference shares of £1 each
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10
Ordinary B
shares of £
1
each
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10
Ordinary C
shares of £
1
each
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Ordinary A, B and C shares confer full voting rights. On a return of assets on liquidation, capital reduction or otherwise, the assets shall be applied first in paying the holders of preference shares an amount equivalvent to the subscription price of each preference share and second to paying the holders of ordinary shares pari passu. These shares are not redeemable.
The preference shares do not confer any voting rights. Any holder of preference shares may at any time, by notice in writing to the company, require conversion of all of the preference shares held by it at any time into ordinary shares on the basis of one A share for each preference share. The directors of the company shall determine the terms, conditions and manner of redemption of the preference shares.
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NAAM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Profit and loss account
Profit and loss include cumulative profits and losses.
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Related party transactions
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The company has chosen to take the exemption available under FRS 102 not to disclose related party transactions which are entered into between two or more members of a group, provided that the subsidiary which is a party to the transaction is wholly owned by such a member.
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Post balance sheet events
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On 30 January 2020, the World Health Organization (WHO) declared COVID-19 a 'Public Health Emergency of International Concern'. The directors have considered the impact of the outbreak within the accounting policies. The directors do no consider any adjustments to the reported financial information to be required in relation to this and no post balance sheet events as a result have been identified. The going concern basis of preparation is considered appropriate for the preparation of the financial statements as per note 2.2.
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