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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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NCB FINANCIAL SERVICES UK LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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FOR |
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NCB FINANCIAL SERVICES UK LIMITED |
NCB FINANCIAL SERVICES UK LIMITED (REGISTERED NUMBER: 04407579) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 SEPTEMBER 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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NCB FINANCIAL SERVICES UK LIMITED |
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COMPANY INFORMATION |
for the year ended 30 SEPTEMBER 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY
AUDITOR: |
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AUDITORS: |
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Chartered Certified Accountants |
and Statutory | Auditors |
9 Bickels Yard |
151-153 Bermondsey Street |
London |
SE1 3HA |
NCB FINANCIAL SERVICES UK LIMITED (REGISTERED NUMBER: 04407579) |
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BALANCE SHEET |
30 SEPTEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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NCB FINANCIAL SERVICES UK LIMITED (REGISTERED NUMBER: 04407579) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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NCB FINANCIAL SERVICES UK LIMITED (REGISTERED NUMBER: 04407579) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 SEPTEMBER 2018 |
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1. | STATUTORY INFORMATION |
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NCB Financial Services UK Limited is a
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England and Wales. The company's registered number and registered office address can be |
found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents fees charged for the money transfer activities and foreign exchange |
gains. The company acts as agent for its clients. |
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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive |
income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have |
been enacted or substantively enacted by the balance sheet date. |
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NCB FINANCIAL SERVICES UK LIMITED (REGISTERED NUMBER: 04407579) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 SEPTEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in |
periods different from those in which they are recognised in financial statements. Deferred tax |
is measured using tax rates and laws that have been enacted or substantively enacted by the |
year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
probable that they will be recovered against the reversal of deferred tax liabilities or other |
future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange |
ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling |
at the rate of exchange ruling at the date of transaction. Exchange differences are taken into |
account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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Critical accounting estimates and judgements |
Estimates and judgement are continuously evaluated and are based on historical experience |
and other factors, including expectations of future events that are believed to be reasonable |
under certain circumstances. |
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The Company, thus, makes estimates and assumptions concerning the future. The resulting |
accounting estimates will, by definition, seldom equal the related actual results. |
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There were no major estimates and assumptions made during the year that have a significant |
risk of causing material adjustments to the carrying amount of the company's assets and |
liabilities within the next financial year. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - 4 ). |
NCB FINANCIAL SERVICES UK LIMITED (REGISTERED NUMBER: 04407579) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 SEPTEMBER 2018 |
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4. | AUDITORS' REMUNERATION |
2018 | 2017 |
£ | £ |
Fees payable to the company's auditors for the audit of the
company's financial statements |
2,940 |
6,600 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2017 |
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Disposals | ( |
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At 30 September 2018 |
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DEPRECIATION |
At 1 October 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 September 2018 |
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NET BOOK VALUE |
At 30 September 2018 |
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At 30 September 2017 |
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6. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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NCB FINANCIAL SERVICES UK LIMITED (REGISTERED NUMBER: 04407579) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 SEPTEMBER 2018 |
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7. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Tax |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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The lease has been assigned to National Commercial Bank Jamaica Limited (CRN |
FC015938) on 20 June 2018. |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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Included in the cash at bank and in hand is a Fixed Deposit of £737,781 (2017: £735,781) |
held with National Commercial Bank Jamaica Limited ("the Bank"), the parent company. |
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During the year, fees to the value of £3,200 (2017: £1,850) and £1,350 (2017: £1,600) were |
paid to Mr L Crawford and Dr F Johnston respectively in their capacity as directors attending |
meetings. |
NCB FINANCIAL SERVICES UK LIMITED (REGISTERED NUMBER: 04407579) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 SEPTEMBER 2018 |
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11. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare |
and submit returns to the tax authorities and assist with the preparation of the financial |
statements. |
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12. | ULTIMATE CONTROLLING PARTY |
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The parent company is National Commercial Bank Jamaica Limited ("the Bank") which is |
incorporated in Jamaica and licensed under the Banking Services Act 2014. The Bank is a |
wholly owned subsidiary of NCB Financial Group Limited. The ultimate parent company is |
Portland Holdings Inc., incorporated in Canada. Portland Holdings Inc., is controlled by Hon. |
Michael A. Lee-Chin, OJ, Chairman of the Bank. The Bank's registered office is located at 32 |
Trafalgar Road, Kingston 10, Jamaica. |
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During March 2017, through a court sanctioned and shareholder approved Scheme of |
Arrangements, NCB Financial Group Limited ('the Company) became the parent of the Bank. |
The Company was incorporated in April 2016. |