2022-11-012023-10-312023-10-31false13701759NFTEES 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NFTEES LTD

Registered Number
13701759
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

NFTEES LTD
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

GAUL, Orlando Cory Rupert

Registered Address

Studio 4 224 Shoreditch High Street
London
E1 6PJ

Registered Number

13701759 (England and Wales)
NFTEES LTD
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets37,582-
7,582-
Current assets
Stocks42,500-
Debtors560,16457,476
Cash at bank and on hand42,25634,690
104,92092,166
Creditors amounts falling due within one year6(308,583)(242,579)
Net current assets (liabilities)(203,663)(150,413)
Total assets less current liabilities(196,081)(150,413)
Net assets(196,081)(150,413)
Capital and reserves
Called up share capital1010
Profit and loss account(196,091)(150,423)
Shareholders' funds(196,081)(150,413)
The financial statements were approved and authorised for issue by the Director on 24 July 2024, and are signed on its behalf by:
GAUL, Orlando Cory Rupert
Director
Registered Company No. 13701759
NFTEES LTD
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20232022
Average number of employees during the year11
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions8,8058,805
At 31 October 238,8058,805
Depreciation and impairment
Charge for year1,2231,223
At 31 October 231,2231,223
Net book value
At 31 October 237,5827,582
At 31 October 22--
4.Stocks

2023

2022

££
Finished goods2,500-
Total2,500-
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables60,164-
Other debtors-57,476
Total60,16457,476
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables41,315-
Taxation and social security9,886-
Other creditors256,631242,004
Accrued liabilities and deferred income751575
Total308,583242,579