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Registration number: 14463240

N-iX Technologies Limited

Financial Statements

for the Period from 4 November 2022 to 31 December 2023

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

N-iX Technologies Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 5

 

N-iX Technologies Limited

Company Information

Director

C A Davies

Registered office

Office 06-133
8 Devonshire Square
London
EC2 4YJ

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

N-iX Technologies Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

Current assets

 

Debtors

5

57,170

Cash at bank and in hand

 

656,938

 

714,108

Creditors: Amounts falling due within one year

6

(903,924)

Net liabilities

 

(189,816)

Capital and reserves

 

Called up share capital

1

Retained earnings

(189,817)

Shareholders' deficit

 

(189,816)

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 26 July 2024
 

.........................................

C A Davies

Director

Company registration number: 14463240

 

N-iX Technologies Limited

Notes to the Financial Statements for the Period from 4 November 2022 to 31 December 2023

1

General information

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

The address of its registered office is:
Office 06-133
8 Devonshire Square
London
EC2 4YJ

The principal activity of the company is that of business and domestic software development.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 July 2024 was Martin Widdowson, who signed for and on behalf of Brebners.

3

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company had net liabilities at 31 December 2023 amounting to £189,816. At this date an amount of £679,267 was due to group undertakings. The parent undertaking has agreed to support the company and not call for repayment until such time as the company has sufficient working capital and to provide further funding if required.

The director has considered the potential effect of the cost of living crisis in the UK and the effect of overseas conflicts on the global economy and his view is that any impact will be manageable.

The director remains confident in the company's ability to remain in operational existence for the foreseeable future and, having made sufficient enquiries, believe it is appropriate to prepare the financial statements on the going concern basis.

 

N-iX Technologies Limited

Notes to the Financial Statements for the Period from 4 November 2022 to 31 December 2023

Revenue recognition

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

The company recognises revenue from software development services over the period in which the services are performed, once the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

4

Staff numbers

The average number of persons employed by the company during the period, was 4.

5

Debtors

Note

2023
£

Amounts owed by group undertakings

7

20,682

Other debtors

 

36,488

 

57,170

 

N-iX Technologies Limited

Notes to the Financial Statements for the Period from 4 November 2022 to 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Amounts owed to group undertakings

7

679,267

Taxation and social security

 

139,376

Accruals and deferred income

 

83,950

Other creditors

 

1,331

 

903,924

7

Related party transactions

Included within Accruals is an amount of £69.850 accrued in respect of services provided to fellow group entities.

Exemption is taken under FRS 102 paragraph 1AC.35 not to disclose other transactions or amounts falling due with companies wholly owned within the group.

8

Relationship between entity and parents

The parent of the smallest group preparing group accounts including the results of the company is headed by N-iX Holding Ltd, incorporated in Malta.

The registered address of N-iX Holding Ltd is 157 Archbishop Street, Office 3.4, Valletta, VLT 1440, Malta.