Registered number: 06754655
NEXTIVITY LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2021
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NEXTIVITY LIMITED
COMPANY INFORMATION
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W R Sievers (resigned 1 August 2021)
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M P Lotter (appointed 1 August 2021)
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James Cowper Kreston Audit
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Chartered Accountants and Statutory Auditor
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NEXTIVITY LIMITED
CONTENTS
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Notes to the financial statements
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NEXTIVITY LIMITED
REGISTERED NUMBER: 06754655
BALANCE SHEET
AS AT 31 DECEMBER 2021
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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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Total assets less current liabilities
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Page 1
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NEXTIVITY LIMITED
REGISTERED NUMBER: 06754655
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
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 comprehensive income 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 7 form part of these financial statements.
Page 2
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NEXTIVITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Nextivity Limited is a private company limited by shares incorporated in England and Wales. The registered office is Reading Bridge House, 8th Floor South, Reading, RG1 8LS.
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.
The following principal accounting policies have been applied:
The company is a cost centre which recharges all expenses to its parent company on a cost plus basis. The parent has confirmed its intention to continue operating the subsidiary and to continue to fund it via the cost plus arrangement. The parent company is in a strong financial position with sufficient cash availability for the foreseeable future.
Based on the above, the directors are satisifed that it is appropriate to prepare the financial statements on a going concern basis.
Turnover represents net invoiced sales to the company's ultimate parent company under a cost plus arrangement, excluding value added tax. All turnover arises from transactions with the Parent Company.
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:
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 profit or loss.
Page 3
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NEXTIVITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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Foreign currency translation
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Functional and presentation currency
The Company's functional currency is GBP. This differs from the presentational currency which is USD. The reason for the difference is that the parent company consolidates the accounts in USD and all accounting is performed in the United States.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
Tax is recognised in profit or loss 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.
Page 4
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NEXTIVITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
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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The average monthly number of employees, including directors, during the year was 4 (2020 - 4).
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Page 5
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NEXTIVITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Page 6
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NEXTIVITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Under the terms of their employment contracts the employees are entitled to participate in the share based payment scheme of the parent company, Nextivity Inc.
During the year, 1,000 share options were granted. At the year end, there were outstanding options for 9,250 shares of common stock of Nextivity Inc with 4 employees of Nextivity Limited at exercise prices in the range of $5.28 - $6.41. A stock option charge of $nil (2020: $nil) was recognised in the year.
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Related party transactions
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All of the company's turnover is derived from sales to group companies. At the year end the amount owed
by Nextivity Inc to Nextivity Limited was $381,444 (2020: $223,752).
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The company is a wholly owned subsidiary of Nextivity Inc, a company incorporated in the United States of America.
The auditor's report on the financial statements for the year ended 31 December 2021 was unqualified.
The audit report was signed on 19 December 2023 by Alan Poole BA(Hons) FCA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.
Page 7
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