Registered number
05916353
Nityo Infotech Limited
Filleted Accounts
For the Year Ended
31 December 2022
Nityo Infotech Limited
Registered number: 05916353
Balance Sheet
as at 31 December 2022
Notes 2022 2021
as restated
£ £
Fixed assets
Investments 7 28,670 35,597
Current assets
Debtors 8 890,009 811,312
Cash at bank and in hand 408,349 657,308
1,298,358 1,468,620
Creditors: amounts falling due within one year 9 (658,376) (740,196)
Net current assets 639,982 728,424
Net assets 668,652 764,021
Capital and reserves
Called up share capital 1 1
Profit and loss account 668,651 764,020
Shareholder's funds 668,652 764,021
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Naveen Kumar
Director
Approved by the board on 30 October 2023
Nityo Infotech Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Statutory information
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.
The presentation currency of the finacial statements is the Pound Sterling (£).
2 Accounting policies
Basis of preparation
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.
Turnover
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.
Investments
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.
Financial instruments
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.
Taxation
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.
Government grants
Covid-19 business support grants are credited to profit and loss account in the year they are received.
Foreign currency translation
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.
2 Accounting policies - continued
Leased assets
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.
Related party exemption
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.
Group accounts exemption
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.
3 Critical accounting judgements and key sources of estimation uncertainity
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.
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.
4 Audit information
The audit report is unqualified.
Senior statutory auditor: Philippa Duckworth, FCCA, BSc (Senior Statutory Auditor)
Firm: WP Audit Limited
Date of audit report: 31 October 2023
5 Interest payable 2022 2021
as restated
£ £
Amount payable to group companies 19,096 15,558
Other interest - 31
19,096 15,589
6 Employees 2022 2021
as restated
Number Number
Average number of persons employed by the company 3 3
7 Investments 2022 2021
as restated
£ £
Investments 28,670 35,597
Investments in
subsidiaries
undertakings
£
Cost at 1 January 2022 35,597
Impairments (6,927)
28,670
Retrospective restatement for 2021:
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.
Previously stated Restated Change
£ £ £
Investments in subsidiaries 104,360 35,597 (68,763)
Amounts owed by group undertakings 517,604 586,367 68,763
621,964 621,964 -
8 Debtors 2022 2021
as restated
£ £
Trade debtors 154,977 168,481
Amounts owed by group undertakings 714,320 586,367
Other debtors 20,712 56,464
890,009 811,312
9 Creditors: amounts falling due within one year 2022 2021
as restated
£ £
Trade creditors 145,856 14,007
Amounts owed to group undertakings 455,675 519,153
Taxation and social security costs 24,557 99,374
Other creditors 32,288 107,662
658,376 740,196
Included in the creditors above is a loan of £449,392 (2021-£499,183) from the parent company,
wholly repayable within one year.
10 Other financial commitments 2022 2021
as restated
£ £
Total future minimum payments under non-cancellable operating leases
Within one year 6,511 6,511
Within two to five years 3,256 9,767
9,767 16,278
Retrospective restatement for 2021
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
£ £ £
Total future minimum payments under non-
cancellable operating leases 6,512 - (6,512)
- Within one year - 6,511 6,511
- Within two to five years - 9,767 9,767
6,512 16,278 9,766
11 Controlling party
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:
666 Plainsboro Road
Suite 1285
Plainsboro
NJ 08536
USA
12 Other information
Nityo Infotech Limited is a private company limited by shares and incorporated in England. Its registered office is:
309 Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU
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