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Registration number: 10981167

Noriker Systems Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Noriker Systems Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Noriker Systems Ltd

(Registration number: 10981167)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

-

-

 

1

1

Current assets

 

Debtors

6

1,384

6,916

Cash at bank and in hand

 

26,893

85,989

 

28,277

92,905

Creditors: Amounts falling due within one year

7

(54,337)

(50,070)

Net current (liabilities)/assets

 

(26,060)

42,835

Total assets less current liabilities

 

(26,059)

42,836

Creditors: Amounts falling due after more than one year

7

(20,410)

(31,569)

Net (liabilities)/assets

 

(46,469)

11,267

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

(46,569)

11,167

Shareholders' (deficit)/funds

 

(46,469)

11,267

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 8 March 2024 and signed on its behalf by:
 

 

Noriker Systems Ltd

(Registration number: 10981167)
Statement of Financial Position as at 31 July 2023 (continued)


Dr Marc Jason Thomas
Director

 

Noriker Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
4th Floor
The Quadrangle
Imperial Square
Cheltenham
Gloucestershire
GL50 1PZ

Principal activity

The principal activity of the company is the trade of the provision of information technology services.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Noriker Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

10% reducing balance

Computer equipment

33.3% straight line

Impairment

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.

 

Noriker Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual property

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

 

Noriker Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Intangible assets

Intellectual property
£

Total
£

Cost or valuation

At 1 August 2022

43,000

43,000

At 31 July 2023

43,000

43,000

Amortisation

At 1 August 2022

42,999

42,999

At 31 July 2023

42,999

42,999

Carrying amount

At 31 July 2023

1

1

At 31 July 2022

1

1

Individually material intangible assets

Intellectual property
The carrying amount of this asset is £1 (2022 -£1) and the remaining amortisation period is 0 (2022 - 0). Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Noriker Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 August 2022

506

506

At 31 July 2023

506

506

Depreciation

At 1 August 2022

506

506

At 31 July 2023

506

506

Carrying amount

At 31 July 2023

-

-

6

Debtors

2023
£

2022
£

Trade debtors

-

207

Other debtors

1,384

4,745

Prepayments

-

1,964

1,384

6,916

 

Noriker Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

11,193

11,193

Trade creditors

 

7,842

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

23,955

23,198

Taxation and social security

 

3,395

13,414

Accruals and deferred income

 

7,952

2,265

 

54,337

50,070

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

20,410

31,569

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £0.01 each

10,000

100

10,000

100

       

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Noriker Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

20,410

31,569

Current loans and borrowings

2023
£

2022
£

Bank borrowings

11,193

11,193

Borrowings consist of a bank bounce back loan which is unsecured and repayable by instalments within five years.

11

Related party transactions

Transactions with group companies

The company has taken advantage of the exemption provided by FRS 102 s33.1A whereby disclosures need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is a wholly owned subsidiary.