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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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FOR |
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NCB FINANCIAL SERVICES UK LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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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 2020 |
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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 2020 |
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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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ACCOUNTANTS: |
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3rd Floor, The News Building |
3 London Bridge Street |
London |
SE1 9SG |
NCB FINANCIAL SERVICES UK LIMITED (REGISTERED NUMBER: 04407579) |
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BALANCE SHEET |
30 SEPTEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
NCB FINANCIAL SERVICES UK LIMITED (REGISTERED NUMBER: 04407579) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2020 |
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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 and authorised for issue on
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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 2020 |
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1. | STATUTORY INFORMATION |
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NCB Financial Services UK Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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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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. |
NCB FINANCIAL SERVICES UK LIMITED (REGISTERED NUMBER: 04407579) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 SEPTEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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
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4. | AUDITORS' REMUNERATION |
2020 | 2019 |
£ | £ |
Fees payable to the company's auditors for the audit of the
company's financial statements |
360 |
860 |
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5. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR |
2020 | 2019 |
£ | £ |
Tax |
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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 2020 |
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6. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR |
2020 | 2019 |
£ | £ |
Accrued expenses |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 10,000 | 1,263,578 |
(2019 - 1,263,578 ) |
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On 17 March 2020, via Special Resolution passed at a Board meeting, the decision was taken to reduce the share capital and repay the parent company. The share capital now comprises 10,000 ordinary shares of £1 each. |
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8. | RELATED PARTY DISCLOSURES |
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During the year the following sums were paid for consultancy services as follows: |
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Dr F Johnston £1,100 (2019 £1,100) |
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Mr L Crawford £1,350 (2019, £1,350) |
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9. | 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. |