Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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257,329 | 257,622 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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175,334 | 581,445 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current (liabilities)/assets | (3,162) | 310,659 | ||
Total assets less current liabilities | 254,167 | 568,281 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of NiTech Solutions Limited (registered number:
Mr P Hodges
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
NiTech Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Suite 2, Ground Floor Orchard Brae House, 30 Queensferry Road, Edinburgh, EH4 2HS, United Kingdom. The principal place of business is Unit 39, 4-5 Lochside Way, Edinburgh, EH12 9DT.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.
Revenue from the sale of goods is recognised when the significant risk and rewards of ownerships of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably , it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitled is recognised in the period in which the employees services are received.
Defined contribution schemes
The company operates a defined contribution scheme. Payments to defined contribution schemes are charged as an expense as they fall due.
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit and reporter in the profit and loss accounts because it excludes items of income or expense that are taxable or deductible in other years and it further excludes that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting period end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that is probable that they will be recoverable against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit no the accounting profit.
The carrying amount of deferred tax assets are reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities s relate to the taxes levied by the same tax authority.
Amortisation is recognised so at to write off the cost or valuation of assets less their residual values of their useful lives on the following bases:
Other intangible assets |
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Depreciation is recognised so as to write off the cost of valuation of assets over their useful lives on the following bases:
Plant and machinery etc. |
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At each reporting period end date, the company reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exist, the recoverable amount of the asset is estimated in order to determine the extend of the impairment loss (if any).
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised profit and loss.
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors that are classified as debt are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specified performance conditions is recognised in income when the performance conditions are met. Where are grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Equity-settled share-based payment schemes
Options are exercisable at a price equal to the estimated fair value of the Company’s shares on the date of grant. The vesting period is three years. If the options remain unexercised after a period of 10 years from the date of grant the options expire. Options are forfeited if the employee leaves the Company before the options vest. As the exercise price is below £0.01 it appears as nil in the table below.
Details of the share options outstanding during the financial year are as follows:
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Weighted Average | Weighted Average | ||||
Number of share options | Average exercise price (£) | Number of share options | Average exercise price (£) | ||
Outstanding at beginning of period |
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Granted during the period |
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Outstanding at the end of the period |
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Exercisable at the end of the period |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Accumulated amortisation | |||
At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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At 31 December 2023 |
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Accumulated depreciation | |||
At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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226,911 | 226,911 |
Ordinary A2-2 shares have one vote per share and equal entitlement to dividend to that of all other classes of shares. In the event of a return of capital the assets remaining after payment of liabilities will be applied and distributed on a basis that will entitle the A2-2 Ordinary shares to an amount in excess of their pro rata entitlement where the value of the remaining assets exceeds £1,500,000. Ordinary A2-2 shares are not redeemable.
Ordinary B shares have one vote per share and equal entitlement to dividend to that of all other classes of shares. In the event of a return of capital the assets remaining after payment of liabilities will be applied and distributed on a basis that will entitle the B Ordinary shares to their pro rata entitlement. Ordinary B shares are not redeemable.
Ordinary C shares have one vote per share and equal entitlement to dividend to that of all other classes of shares. In the event of a return of capital the assets remaining after payment of liabilities will be applied and distributed on a basis that will entitle the C Ordinary shares to an amount less than their pro rata entitlement where the value of the remaining assets exceeds £1,500,000. Ordinary C shares are not redeemable.
Deferred shares have no voting rights and are not entitled to dividends. In the event of a return of capital, after the holders of the A2-1 Ordinary, A2-2 Ordinary, B Ordinary and C Ordinary shares have received the aggregate amount paid up thereon, plus £10,000 per share held, each holder of Deferred share shall be entitled to receive a sum equal to the nominal capital paid up or credited as paid up on each Deferred share, but shall not be entitled to any further participation in the profits or assets of the company. Deferred shares are not redeemable.
Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
Directors loans | 35,000 | 0 |
Balances owed to directors at 31 December 2023 £35,000 (2022 - £nil). There is no interest charged and loans are repayable upon demand.