NEVERFAIL LIMITED

Company Registration Number:
02778794 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2022

Period of accounts

Start date: 1 January 2022

End date: 31 December 2022

NEVERFAIL LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

NEVERFAIL LIMITED

Directors' report period ended 31 December 2022

The directors present their report with the financial statements of the company for the period ended 31 December 2022

Principal activities of the company

Neverfail's principal activity was that of a software author and distributor.



Directors

The director shown below has held office during the whole of the period from
1 January 2022 to 31 December 2022

Brian Hierholzer


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
26 September 2023

And signed on behalf of the board by:
Name: Brian Hierholzer
Status: Director

NEVERFAIL LIMITED

Profit And Loss Account

for the Period Ended 31 December 2022

2022 2021


£

£
Turnover: 130,000 559,000
Gross profit(or loss): 130,000 559,000
Administrative expenses: ( 346,000 ) ( 232,000 )
Operating profit(or loss): (216,000) 327,000
Profit(or loss) before tax: (216,000) 327,000
Profit(or loss) for the financial year: (216,000) 327,000

NEVERFAIL LIMITED

Balance sheet

As at 31 December 2022

Notes 2022 2021


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 0 2,000
Total fixed assets: 0 2,000
Current assets
Debtors: 4 0 239,000
Cash at bank and in hand: 0 21,000
Total current assets: 0 260,000
Creditors: amounts falling due within one year: 5 0 ( 5,879,000 )
Net current assets (liabilities): 0 (5,619,000)
Total assets less current liabilities: 0 ( 5,617,000)
Total net assets (liabilities): 0 (5,617,000)
Capital and reserves
Called up share capital: 574,000 574,000
Share premium account: 37,682,000 31,849,000
Other reserves: 13,000 13,000
Profit and loss account: (38,269,000 ) (38,053,000 )
Total Shareholders' funds: 0 (5,617,000)

The notes form part of these financial statements

NEVERFAIL LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 26 September 2023
and signed on behalf of the board by:

Name: Brian Hierholzer
Status: Director

The notes form part of these financial statements

NEVERFAIL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover represents amounts receivable for goods and services provided by the Company net of VAT and trade discounts. Perpetual software licence fees are recognised when a sales contract is in place and the software has been delivered and accepted by the customer. Annual support revenue is recognised on a straight-line basis over the period to which it relates. Service revenue is recognised once work has been completed and approved by the customer. Subscription software is recognised monthly on invoice.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset on a straight-line basis as followsEquipment and fittings 3 yearsComputer equipment 3 yearsInvestments in subsidiary undertakings Investments in subsidiary undertakings are recorded at cost plus incidental expenses less any provision for impairment. Impairment reviews are performed by the director when there has been an indication of potential impairment.

    Other accounting policies

    Foreign currenciesMonetary assets and liabilities in foreign currencies are translated into Pounds Sterling at the rate 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 the transaction. Exchange differences are taken into account in arriving at the operating result.Financial instrumentsFinancial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than its legal form. The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans to and from third parties and related parties. The company’s cash at bank and in hand and trade and other debtors and its trade and other creditors are measured initially at the transaction price, including transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.Investments in unlisted company shares (financial asset) are carried in the statement of financial position at fair value with changes in fair value recognised in profit or loss if their fair value can be measured reliably. Otherwise, they are carried as cost less impairment.Operating leasesCosts in respect of operating leases are charged to the profit and loss account on a straight-line basis over the lease term.Presentational currencyThe currency used in the presentation of these financial statements is British Pound Sterling.Capital contributionCapital contributions receivable from other group entities are credited to the capital contribution reserve in the period they are received.

NEVERFAIL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 2. Employees

    2022 2021
    Average number of employees during the period 2 3

NEVERFAIL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2022 38,000 323,000 361,000
Additions 3,000 3,000
Disposals
Revaluations
Transfers
At 31 December 2022 38,000 326,000 364,000
Depreciation
At 1 January 2022 38,000 321,000 359,000
Charge for year 5,000 5,000
On disposals
Other adjustments
At 31 December 2022 38,000 326,000 364,000
Net book value
At 31 December 2022 0 0 0
At 31 December 2021 0 2,000 2,000

NEVERFAIL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Debtors

2022 2021
£ £
Trade debtors 0 81,000
Other debtors 0 158,000
Total 0 239,000

NEVERFAIL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Creditors: amounts falling due within one year note

2022 2021
£ £
Trade creditors 0 108,000
Accruals and deferred income 0 140,000
Other creditors 0 5,631,000
Total 0 5,879,000