Company Registration No. 09040136 (England and Wales)
NXTGen Technology Limited
Unaudited accounts
for the year ended 31 March 2023
NXTGen Technology Limited
Unaudited accounts
Contents
NXTGen Technology Limited
Company Information
for the year ended 31 March 2023
Directors
M Atherton
G Busby
W Curtis
Company Number
09040136 (England and Wales)
Registered Office
Oak House B Ransom Wood Business Park
Southwell Road West, Rainworth
Mansfield
NG21 0HJ
Accountants
Future Cloud Accounting Limited
14 Halifax Court
Fernwood Business Centre
Newark
Nottinghamshire
NG24 3JP
NXTGen Technology Limited
Statement of financial position
as at 31 March 2023
Intangible assets
3,006
3,826
Tangible assets
12,427
15,008
Cash at bank and in hand
71,179
78,198
Creditors: amounts falling due within one year
(67,992)
(96,344)
Net current assets
52,253
44,330
Total assets less current liabilities
67,686
63,164
Provisions for liabilities
Deferred tax
(3,107)
(3,752)
Called up share capital
153
153
Profit and loss account
64,426
59,259
Shareholders' funds
64,579
59,412
For the year ending 31 March 2023 the company was entitled to exemption from audit 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by
W Curtis
Director
Company Registration No. 09040136
NXTGen Technology Limited
Notes to the Accounts
for the year ended 31 March 2023
NXTGen Technology Limited is a private company, limited by shares, registered in England and Wales, registration number 09040136. The registered office is Oak House B Ransom Wood Business Park, Southwell Road West, Rainworth, Mansfield, NG21 0HJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight line
Motor vehicles
25% Reducing balance
Fixtures & fittings
20% Straight line
Computer equipment
33% Straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Amortisation has been provided over the assets useful life of five years.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
NXTGen Technology Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2022
8,419
2,200
2,781
8,912
22,312
Additions
1,239
-
197
12,939
14,375
Disposals
-
(2,200)
(149)
(15,855)
(18,204)
At 31 March 2023
9,658
-
2,829
5,996
18,483
At 1 April 2022
676
458
1,200
4,970
7,304
Charge for the year
1,828
-
543
1,584
3,955
On disposals
-
(458)
(77)
(4,668)
(5,203)
At 31 March 2023
2,504
-
1,666
1,886
6,056
At 31 March 2023
7,154
-
1,163
4,110
12,427
At 31 March 2022
7,743
1,742
1,581
3,942
15,008
Amounts falling due within one year
Trade debtors
33,175
53,415
Accrued income and prepayments
14,478
6,144
NXTGen Technology Limited
Notes to the Accounts
for the year ended 31 March 2023
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
8,736
44,327
Taxes and social security
27,342
15,964
Other creditors
27,469
29,419
8
Operating lease commitments
2023
2022
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
6,131
3,018
Later than one year and not later than five years
16,807
-
9
Average number of employees
During the year the average number of employees was 4 (2022: 3).