Caseware UK (AP4) 2019.0.227 2019.0.227 2020-12-31 2020-12-31 52 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. false 2020-01-01 No description of principal activity 3 true true 12199793 2020-01-01 2020-12-31 12199793 2019-09-10 2019-12-31 12199793 2020-12-31 12199793 2019-12-31 12199793 2019-09-10 12199793 c:Director1 2020-01-01 2020-12-31 12199793 d:MotorVehicles 2020-01-01 2020-12-31 12199793 d:MotorVehicles 2020-12-31 12199793 d:MotorVehicles 2019-12-31 12199793 d:MotorVehicles d:OwnedOrFreeholdAssets 2020-01-01 2020-12-31 12199793 d:FurnitureFittings 2020-01-01 2020-12-31 12199793 d:FurnitureFittings 2020-12-31 12199793 d:FurnitureFittings 2019-12-31 12199793 d:FurnitureFittings d:OwnedOrFreeholdAssets 2020-01-01 2020-12-31 12199793 d:ComputerEquipment 2020-01-01 2020-12-31 12199793 d:ComputerEquipment 2020-12-31 12199793 d:ComputerEquipment 2019-12-31 12199793 d:ComputerEquipment d:OwnedOrFreeholdAssets 2020-01-01 2020-12-31 12199793 d:OwnedOrFreeholdAssets 2020-01-01 2020-12-31 12199793 d:CurrentFinancialInstruments 2020-12-31 12199793 d:CurrentFinancialInstruments 2019-12-31 12199793 d:Non-currentFinancialInstruments 2020-12-31 12199793 d:Non-currentFinancialInstruments 2019-12-31 12199793 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 12199793 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 12199793 d:ShareCapital 2020-01-01 2020-12-31 12199793 d:ShareCapital 2020-12-31 12199793 d:ShareCapital 2019-09-10 2019-12-31 12199793 d:ShareCapital 2019-12-31 12199793 d:ShareCapital 2019-09-10 12199793 d:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 12199793 d:RetainedEarningsAccumulatedLosses 2020-12-31 12199793 d:RetainedEarningsAccumulatedLosses 2019-12-31 12199793 c:OrdinaryShareClass1 2020-01-01 2020-12-31 12199793 c:OrdinaryShareClass1 2020-12-31 12199793 c:OrdinaryShareClass1 2019-12-31 12199793 c:FRS102 2020-01-01 2020-12-31 12199793 c:Audited 2020-01-01 2020-12-31 12199793 c:AbbreviatedAccounts 2020-01-01 2020-12-31 12199793 c:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 12199793 c:SmallCompaniesRegimeForAccounts 2020-01-01 2020-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number:  12199793



FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2020


































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NATIONWIDE FINANCE LIMITED
REGISTERED NUMBER: 12199793

STATEMENT OF FINANCIAL POSITION
AS AT  31 DECEMBER 2020

2020
2019
Note
£
£
   

Tangible assets
 4 
87,400
-

   
87,400
-

CURRENT ASSETS
   

Debtors: amounts falling due after more than one year
 5 
20,929,019
-

Debtors: amounts falling due within one year
 5 
4,905,122
8,000,000

Cash at bank and in hand
 6 
1,859,982
-

   
27,694,123
8,000,000

Creditors: amounts falling due within one year
 7 
(6,286,307 )
-

NET CURRENT ASSETS
   
 
 
21,407,816
 
 
8,000,000

TOTAL ASSETS LESS CURRENT
LIABILITIES
   
21,495,216
8,000,000

PROVISIONS FOR LIABILITIES
   

Deferred tax
   
(2,646 )
-

   
 
 
(2,646 )
 
 
-

NET ASSETS
   
21,492,570
8,000,000

CAPITAL AND RESERVES
   

Called up share capital 
 8 
20,000,000
8,000,000

Profit and loss account
   
1,492,570
-

   
21,492,570
8,000,000


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 : 





Mr M J Bass
Director

Date:  23 April 2021
Page 1


NATIONWIDE FINANCE LIMITED
REGISTERED NUMBER: 12199793
    
STATEMENT OF FINANCIAL POSITION  (CONTINUED)
AS AT  31 DECEMBER 2020


The notes on pages 5 to 10 form part of these financial statements.

Page 2


NATIONWIDE FINANCE LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED  31 DECEMBER 2020


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2020
8,000,000
-
8,000,000



Profit for the year

-
1,492,570
1,492,570
12,000,000
-
12,000,000


At 31 December 2020
20,000,000
1,492,570
21,492,570


The notes on pages 5 to 10 form part of these financial statements.

Page 3


NATIONWIDE FINANCE LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED  31 DECEMBER 2019


Called up share capital
Total equity

£
£

At 10 September 2019
8,000,000
8,000,000
Total comprehensive income for the year
-
-


At 31 December 2019
8,000,000
8,000,000


The notes on pages 5 to 10 form part of these financial statements.

Page 4


NATIONWIDE FINANCE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

GENERAL INFORMATION

Nationwide Finance Limited is a private company, limited by limited by shares, incorporated in England within the United Kingdom on 10th September 2019. The address of the registered office is 9 Osier Way, Olney Business Park, Olney, Bucks, MK46 5FP.

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 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:

2.2

GOING CONCERN

The directors have considered the COVID-19 outbreak and what impact it will have on ongoing operations of the business.
The Company has closely monitored the existing debtor book for and, where customers have been struggling to meet their re-payments, have worked with them to manage their commitments.
The directors are confident that the Company will be able to operate for the foreseeable future. As such, they consider it appropriate for the financial statemenets to be drawn up on a going concern basis.

2.3

REVENUE

The company acts as a lessor under finance lease arrangements. Amounts receivable are initially recognised in debtors at the present value of future rentals, discounted by the interest rate implicit to the lease.
Lease payments received are apportioned between capital and interest, the interest element is recognised as revenue and the capital element reduces the the amounts owed by the lessee. Finance lease income is recognised within turnover at the date in which the rental falls due.

2.4

FINANCIAL INSTRUMENTS

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.

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.

Page 5


NATIONWIDE FINANCE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

2. ACCOUNTING POLICIES (continued)

TANGIBLE FIXED ASSETS (CONTINUED)

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:

Motor vehicles
-
straight line
Fixtures and fittings
-
25 %
straight line
Computer 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 profit or loss.

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.

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

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 6


NATIONWIDE FINANCE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

2. ACCOUNTING POLICIES (continued)

2.10

LEASED ASSETS: THE COMPANY AS LESSOR

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.

2.11

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. 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 reporting 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 Statement of financial position 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 reporting date.

2.12

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

The average monthly number of employees, including directors, during the year was 52  (2019:  3 ) .

Page 7


NATIONWIDE FINANCE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020




Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



COST OR VALUATION


Additions
77,540
10,330
36,292
124,162


Disposals
(7,667 )
-
-
(7,667 )



At 31 December 2020

69,873
10,330
36,292
116,495



DEPRECIATION


Charge for the year on owned assets
18,116
2,463
9,794
30,373


Disposals
(1,278 )
-
-
(1,278 )



At 31 December 2020

16,838
2,463
9,794
29,095



NET BOOK VALUE



At 31 December 2020
53,035
7,867
26,498
87,400



At 31 December 2019
-
-
-
-

Page 8


NATIONWIDE FINANCE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2020
2019
£
£

DUE AFTER MORE THAN ONE YEAR

Investment in finance lease and hire purchase contracts
20,929,019
-

20,929,019
-


2020
2019
£
£

DUE WITHIN ONE YEAR

Trade debtors
3,361
-

Amounts owed by group undertakings
-
8,000,000

Other debtors
1,032,978
-

Prepayments and accrued income
8,298
-

Investment in finance lease and hire purchase contracts
3,860,485
-

4,905,122
8,000,000


2019
£
£


Within one year
3,878,881
-

Between 1-5 years
21,391,066
-

Over 5 years
21,561
-

25,291,508
-

2020
2019
£
£

Cash at bank and in hand
1,859,982
-

1,859,982
-


Page 9


NATIONWIDE FINANCE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2020
2019
£
£

Trade creditors
362,353
-

Amounts owed to group undertakings
5,753,500
-

Corporation tax
110,537
-

Other taxation and social security
40,804
-

Other creditors
6,164
-

Accruals and deferred income
12,949
-

6,286,307
-


2020
2019
£
£
ALLOTTED, CALLED UP AND FULLY PAID



20,000,000  (2019:  8,000,000 )   Ordinary  shares of £ 1.00  each
20,000,000
8,000,000

During the period the Company issued 12,000,000 ordinary £1 shares at par value.

At the year end, the company was a subsidiary of Goldmore Asset Management Limited, registered office,  9 Osier Way, Olney Business Park, Olney, Bucks, MK46 5FP. Consolidated group accounts are available from Companies House, Crown Way, Maindy, CF14 3UZ.

The auditors' report on the financial statements for the year ended 31 December 2020 was unqualified.

The audit report was signed on  26 April 2021  by  Mark Munro FCA  (Senior statutory auditor) on behalf of  Bishop Fleming LLP .

Page 10