Nityo Infotech Limited |
Notes to the Accounts |
for the year ended 31 December 2022 |
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1 |
Statutory information |
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Nityo Infotech Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company information page. |
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The presentation currency of the finacial statements is the Pound Sterling (£). |
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2 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Investments |
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Investments in subsidiaries are measured at cost less any accumulated impairment losses, converted to GB Pounds at the spot rate when the investment was acquired. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss account. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
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Financial instruments |
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Basic financial instruments which include bank, cash, trade and other receivables, and trade and other payables, are recognised at the transaction price including transaction costs unless the arrangement in effect constitutes a financial arrangement. |
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Taxation |
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The tax expense or income represents the sum of the tax currently payable or recoverable. The tax payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are deducble in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the reporting period end date. |
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Government grants |
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Covid-19 business support grants are credited to profit and loss account in the year they are received. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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2 |
Accounting policies - continued |
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Leased assets |
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Assets held under finance leases and hire purchase contracts, which are those where substantially all risks and rewards have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Related party exemption |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 applicable in the UK and Republic of Ireland not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Group accounts exemption |
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The company has taken advatage of the exemption under section 390 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group. |
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3 |
Critical accounting judgements and key sources of estimation uncertainity |
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In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions and the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
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4 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Philippa Duckworth, FCCA, BSc (Senior Statutory Auditor) |
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Firm: |
WP Audit Limited |
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Date of audit report: |
31 October 2023 |
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5 |
Interest payable |
2022 |
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2021 |
as restated |
£ |
£ |
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Amount payable to group companies |
19,096 |
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15,558 |
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Other interest |
- |
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31 |
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19,096 |
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15,589 |
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6 |
Employees |
2022 |
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2021 |
as restated |
Number |
Number |
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Average number of persons employed by the company |
3 |
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3 |
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7 |
Investments |
2022 |
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2021 |
as restated |
£ |
£ |
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Investments |
28,670 |
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35,597 |
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Investments in |
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subsidiaries |
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undertakings |
£ |
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Cost at 1 January 2022 |
35,597 |
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Impairments |
(6,927) |
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28,670 |
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Retrospective restatement for 2021: |
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Investments in subsidiaries were previously converted at the incorrect exchange rate from investment denominated currency to the reporting currency. As such a retrospective restatement was made to correct this error. |
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Previously stated |
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Restated |
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Change |
£ |
£ |
£ |
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Investments in subsidiaries |
104,360 |
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35,597 |
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(68,763) |
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Amounts owed by group undertakings |
517,604 |
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586,367 |
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68,763 |
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621,964 |
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621,964 |
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- |
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8 |
Debtors |
2022 |
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2021 |
as restated |
£ |
£ |
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Trade debtors |
154,977 |
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168,481 |
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Amounts owed by group undertakings |
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714,320 |
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586,367 |
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Other debtors |
20,712 |
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56,464 |
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890,009 |
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811,312 |
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9 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
as restated |
£ |
£ |
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Trade creditors |
145,856 |
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14,007 |
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Amounts owed to group undertakings |
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455,675 |
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519,153 |
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Taxation and social security costs |
24,557 |
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99,374 |
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Other creditors |
32,288 |
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107,662 |
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658,376 |
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740,196 |
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Included in the creditors above is a loan of £449,392 (2021-£499,183) from the parent company, |
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wholly repayable within one year. |
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10 |
Other financial commitments |
2022 |
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2021 |
as restated |
£ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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Within one year |
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6,511 |
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6,511 |
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Within two to five years |
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3,256 |
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9,767 |
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9,767 |
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16,278 |
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Retrospective restatement for 2021 |
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The payments due for operating leases within two to five years were not disclosed previously. A retrospective restatement was made to correct this error. |
Previously |
Restated |
Change |
stated |
£ |
£ |
£ |
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Total future minimum payments under non- |
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cancellable operating leases |
6,512 |
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- |
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(6,512) |
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- Within one year |
- |
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6,511 |
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6,511 |
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- Within two to five years |
- |
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9,767 |
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9,767 |
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6,512 |
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16,278 |
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9,766 |
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11 |
Controlling party |
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The company is a wholly owned subsidiary of Nityo Infotech Corporation based in the USA. Naveen Kumar is the ultimate controlling party. The registered office of the parent company is: |
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666 Plainsboro Road |
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Suite 1285 |
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Plainsboro |
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NJ 08536 |
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USA |
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12 |
Other information |
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Nityo Infotech Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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309 Davidson House |
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Forbury Square |
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Reading |
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Berkshire |
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RG1 3EU |