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Registered number: 12971396














NIBBLE TECHNOLOGY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 OCTOBER 2023

 
NIBBLE TECHNOLOGY LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
NIBBLE TECHNOLOGY LIMITED
REGISTERED NUMBER:12971396

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,288
3,720

Current assets
  

Debtors: amounts falling due after more than one year
 5 
12,254
12,254

Debtors: amounts falling due within one year
 5 
56,887
23,189

Bank and cash balances
  
784,567
1,858,202

  
853,708
1,893,645

Current Liabilities
  

Creditors: amounts falling due within one year
 6 
(28,342)
(20,863)

Net current assets
  
 
 
825,366
 
 
1,872,782

Total assets less current liabilities
  
828,654
1,876,502

  

Net assets
  
828,654
1,876,502


Capital and reserves
  

Called up share capital 
 7 
1,276
1,276

Share premium account
  
2,499,673
2,499,673

Profit and loss account
  
(1,672,295)
(624,447)

  
828,654
1,876,502


Page 1

 
NIBBLE TECHNOLOGY LIMITED
REGISTERED NUMBER:12971396
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 March 2024.




J B Ettedgui
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
NIBBLE TECHNOLOGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Nibble Technology Limited is a limited company incorporated in England and Wales, with its registered office address at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD. 
The Company was incorporated on 23 October 2020 and started trading on 1 November 2020.
The principal activity of the Company during the period was that of software development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
NIBBLE TECHNOLOGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.
Page 4

 
NIBBLE TECHNOLOGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Trademarks
-
10
years

 
2.9

Financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 -7).

Page 5

 
NIBBLE TECHNOLOGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Intangible assets




Trademarks

£



Cost


At 1 November 2022
4,320



At 31 October 2023

4,320



Amortisation


At 1 November 2022
599


Charge for the year on owned assets
432



At 31 October 2023

1,031



Net book value



At 31 October 2023
3,289



At 31 October 2022
3,720




5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
12,254
12,254

12,254
12,254


2023
2022
£
£

Due within one year

Trade debtors
2,375
1,445

Other debtors
9,015
6,384

Prepayments and accrued income
-
514

Tax recoverable
45,497
14,846

56,887
23,189


Page 6

 
NIBBLE TECHNOLOGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,800
-

Other taxation and social security
22,425
18,132

Other creditors
17
18

Accruals and deferred income
4,100
2,713

28,342
20,863



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,276,371 (2022 -1,276,370) Ordinary shares of £0.001 each
1,276
1,276



8.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independantly administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £8,940 (2022 - £5,523). Contributions totalling £17 (2022 - £18) were payable to the fund at the reporting date and are included in creditors.

 
Page 7