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No description of principal activity
2022-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
9,766
1,745
11,511
9,766
73
9,839
1,672
xbrli:pure
xbrli:shares
iso4217:GBP
11609752
2022-01-01
2022-12-31
11609752
2022-12-31
11609752
2021-12-31
11609752
2021-01-01
2021-12-31
11609752
2021-12-31
11609752
bus:Director3
2022-01-01
2022-12-31
11609752
core:WithinOneYear
2022-12-31
11609752
core:WithinOneYear
2021-12-31
11609752
core:ShareCapital
2022-12-31
11609752
core:ShareCapital
2021-12-31
11609752
core:RetainedEarningsAccumulatedLosses
2022-12-31
11609752
core:RetainedEarningsAccumulatedLosses
2021-12-31
11609752
bus:SmallEntities
2022-01-01
2022-12-31
11609752
bus:AuditExempt-NoAccountantsReport
2022-01-01
2022-12-31
11609752
bus:FullAccounts
2022-01-01
2022-12-31
11609752
bus:SmallCompaniesRegimeForAccounts
2022-01-01
2022-12-31
11609752
bus:PrivateLimitedCompanyLtd
2022-01-01
2022-12-31
11609752
core:ComputerEquipment
2022-01-01
2022-12-31
11609752
core:ComputerEquipment
2021-12-31
11609752
core:ComputerEquipment
2022-12-31
COMPANY REGISTRATION NUMBER:
11609752
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2022
Fixed assets
Tangible assets |
5 |
1,672 |
– |
|
|
|
|
Current assets
Debtors |
6 |
153,268 |
26,801 |
Cash at bank and in hand |
5,516 |
35,702 |
|
--------- |
-------- |
|
158,784 |
62,503 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
91,892 |
8,091 |
|
--------- |
-------- |
Net current assets |
66,892 |
54,412 |
|
-------- |
-------- |
Total assets less current liabilities |
68,564 |
54,412 |
|
-------- |
-------- |
Net assets |
68,564 |
54,412 |
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
1,000 |
1,000 |
Profit and loss account |
67,564 |
53,412 |
|
-------- |
-------- |
Shareholder funds |
68,564 |
54,412 |
|
-------- |
-------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
29 September 2023
, and are signed on behalf of the board by:
Company registration number:
11609752
Notes to the Financial Statements |
|
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is High Park Farm, Kirkbymoorside, York, YO62 7HS.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £1.
Going concern
These financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements from the support of its parent company. The directors believe that it is appropriate to prepare the financial statements on a going concern basis, which assumes that the company will continue in existence for the foreseeable future, on the grounds that the parent company will continue its support and that the parent company will have the resources available to it to continue this level of support for a period exceeding twelve months from the approval of these financial statements. The financial statements do not include any adjustments that would result from the withdrawal of the support given by the parent company.
Revenue recognition
The turnover is measured at the fair value of the consideration received or receivable for the expenses recharged to the parent company and the value of commissions receivable from the parent company in respect of goods and services supplied to group customers, exclusive of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment |
- |
50% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. The Company only has basic financial instruments which are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2021:
1
).
5.
Tangible assets
|
Equipment |
|
£ |
Cost |
|
At 1 January 2022 |
9,766 |
Additions |
1,745 |
|
-------- |
At 31 December 2022 |
11,511 |
|
-------- |
Depreciation |
|
At 1 January 2022 |
9,766 |
Charge for the year |
73 |
|
-------- |
At 31 December 2022 |
9,839 |
|
-------- |
Carrying amount |
|
At 31 December 2022 |
1,672 |
|
-------- |
At 31 December 2021 |
– |
|
-------- |
|
|
6.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
150,640 |
24,473 |
Other debtors |
2,628 |
2,328 |
|
--------- |
-------- |
|
153,268 |
26,801 |
|
--------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Trade creditors |
4,503 |
4,409 |
Corporation tax |
10,777 |
3,682 |
Social security and other taxes |
55,570 |
– |
Other creditors |
21,042 |
– |
|
-------- |
------- |
|
91,892 |
8,091 |
|
-------- |
------- |
|
|
|
8.
Related party transactions
During the period, the Company was charged £9,850 (2021: £4,100) by Harrison Holt, Chartered Accountants, a firm in which Mr P J H Holt, a director and the Company Secretary of the Company, is principal. The balance due to Harrison Holt at 31 December 2022 was £4,396 (2021: £4,396). During the period, Nymi Inc, the parent company and sole-shareholder advanced £191,304 (2021: £256,620) as loans to the Company and was charged £305,332 (2021: £334,615) in respect of marketing and support services. At 31 December 2022, the balance due from Nymi Inc. was £150,640 (2021: £24,473).
9.
Controlling party
The directors consider
Nymi Inc
., a company incorporated in Canada, to be the immediate controlling party and parent undertaking of the smallest group to consolidate the accounts of Nymi UK Limited
. The Company's ultimate parent undertaking and controlling company is Innominds Software Inc
., of 99 Almaden Boulevard, Suite 710, San Jose, California 95113, USA, part of the Innominds Group of Companies and the parent undertaking of the largest and smallest group within which these financial statements are consolidated. Copies of the group financial statements of Nymi Inc. are available from The Company Secretary.