Caseware UK (AP4) 2023.0.135 2023.0.135 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied: The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:2023-04-01falseinformation training and consultancy services.2217truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI042716 2023-04-01 2024-03-31 NI042716 2022-04-01 2023-03-31 NI042716 2024-03-31 NI042716 2023-03-31 NI042716 2022-04-01 NI042716 2 2023-04-01 2024-03-31 NI042716 2 2022-04-01 2023-03-31 NI042716 d:CompanySecretary1 2023-04-01 2024-03-31 NI042716 d:Director1 2023-04-01 2024-03-31 NI042716 d:Director2 2023-04-01 2024-03-31 NI042716 d:RegisteredOffice 2023-04-01 2024-03-31 NI042716 e:Buildings e:LongLeaseholdAssets 2023-04-01 2024-03-31 NI042716 e:Buildings e:LongLeaseholdAssets 2024-03-31 NI042716 e:Buildings e:LongLeaseholdAssets 2023-03-31 NI042716 e:OfficeEquipment 2023-04-01 2024-03-31 NI042716 e:OfficeEquipment 2024-03-31 NI042716 e:OfficeEquipment 2023-03-31 NI042716 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI042716 e:ComputerEquipment 2023-04-01 2024-03-31 NI042716 e:ComputerEquipment 2024-03-31 NI042716 e:ComputerEquipment 2023-03-31 NI042716 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI042716 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI042716 e:Goodwill 2024-03-31 NI042716 e:Goodwill 2023-03-31 NI042716 e:CurrentFinancialInstruments 2024-03-31 NI042716 e:CurrentFinancialInstruments 2023-03-31 NI042716 e:Non-currentFinancialInstruments 2024-03-31 NI042716 e:Non-currentFinancialInstruments 2023-03-31 NI042716 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 NI042716 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 NI042716 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 NI042716 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 NI042716 e:ShareCapital 2024-03-31 NI042716 e:ShareCapital 2023-03-31 NI042716 e:ShareCapital 2022-04-01 NI042716 e:OtherMiscellaneousReserve 2023-04-01 2024-03-31 NI042716 e:OtherMiscellaneousReserve 2024-03-31 NI042716 e:OtherMiscellaneousReserve 2 2023-04-01 2024-03-31 NI042716 e:OtherMiscellaneousReserve 2023-03-31 NI042716 e:OtherMiscellaneousReserve 2022-04-01 NI042716 e:OtherMiscellaneousReserve 2 2022-04-01 2023-03-31 NI042716 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 NI042716 e:RetainedEarningsAccumulatedLosses 2024-03-31 NI042716 e:RetainedEarningsAccumulatedLosses 2 2023-04-01 2024-03-31 NI042716 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 NI042716 e:RetainedEarningsAccumulatedLosses 2023-03-31 NI042716 e:RetainedEarningsAccumulatedLosses 2022-04-01 NI042716 e:RetainedEarningsAccumulatedLosses 2 2022-04-01 2023-03-31 NI042716 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 NI042716 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 NI042716 e:TaxLossesCarry-forwardsDeferredTax 2024-03-31 NI042716 e:TaxLossesCarry-forwardsDeferredTax 2023-03-31 NI042716 d:OrdinaryShareClass1 2023-04-01 2024-03-31 NI042716 d:OrdinaryShareClass1 2024-03-31 NI042716 d:OrdinaryShareClass1 2023-03-31 NI042716 d:FRS102 2023-04-01 2024-03-31 NI042716 d:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI042716 d:FullAccounts 2023-04-01 2024-03-31 NI042716 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI042716 e:Subsidiary1 2023-04-01 2024-03-31 NI042716 e:Subsidiary1 1 2023-04-01 2024-03-31 NI042716 e:WithinOneYear 2024-03-31 NI042716 e:WithinOneYear 2023-03-31 NI042716 e:BetweenOneFiveYears 2024-03-31 NI042716 e:BetweenOneFiveYears 2023-03-31 NI042716 e:Goodwill e:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 NI042716 2 2023-04-01 2024-03-31 NI042716 6 2023-04-01 2024-03-31 NI042716 e:Goodwill e:OwnedIntangibleAssets 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Unaudited Financial Statements
Neueda Technologies Ltd
For the Year Ended 31 March 2024





































Registered number: NI042716

 
Neueda Technologies Ltd
 

Company Information


Directors
Mr D Bole 
Mr K F Corrigan 




Company secretary
Ms K Dinsmore



Registered number
NI042716



Registered office
5e Stirling House Castlereagh Road Business Park
478 Castlereagh Road

Belfast

BT5 6BQ




Accountants
Grant Thornton (NI) LLP
Chartered Accountants

12 - 15 Donegall Square West

Belfast

BT1 6JH





 
Neueda Technologies Ltd
 

Contents



Page
Accountant's Report
1
Balance Sheet
2 - 3
Statement of Changes in Equity
4
Notes to the Financial Statements
5 - 16


  
img3776.png
Independent Accountant's Report to the directors of the unaudited financial statements of Neueda Technologies Ltd for the Year Ended 31 March 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Neueda Technologies Ltd for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Neueda Technologies Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Neueda Technologies Ltd, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Neueda Technologies Ltd and its directors, as a body, for our work or for this report.


We have carried out this engagement in accordance with the technical guidance issued by Chartered Accountants Ireland ("the Institute") and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 March 2024 and you have acknowledged on the Balance Sheet as at 31 March 2024 your duty to ensure that Neueda Technologies Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Neueda Technologies Ltd is exempt from the statutory audit requirement for the year ended 31 March 2024.

We have not been instructed to carry out an audit or review the financial statements of Neueda Technologies Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. 




  


Grant Thornton (NI) LLP

Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH







Date:   6 August 2024
Page 1

 
Neueda Technologies Ltd
Registered number:NI042716

Balance Sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
519,600
-

Tangible assets
 6 
552,595
571,718

Investments
 7 
2
577,335

  
1,072,197
1,149,053

Current assets
  

Debtors: amounts falling due within one year
 8 
1,136,947
991,542

Cash at bank and in hand
 9 
3,130,283
9,717,582

  
4,267,230
10,709,124

Creditors: amounts falling due within one year
 10 
(1,167,209)
(8,940,742)

Net current assets
  
 
 
3,100,021
 
 
1,768,382

Total assets less current liabilities
  
4,172,218
2,917,435

Creditors: amounts falling due after more than one year
  
-
(125,000)

Provisions for liabilities
  

Deferred tax liability
 12 
(23,733)
(25,923)

  
 
 
(23,733)
 
 
(25,923)

Net assets
  
4,148,485
2,766,512


Capital and reserves
  

Called up share capital 
 13 
100
100

Share based payment reserve
 14 
29,241
44,063

Profit and loss account
 14 
4,119,144
2,722,349

  
4,148,485
2,766,512


Page 2

 
Neueda Technologies Ltd
Registered number:NI042716

Balance Sheet (continued)
As at 31 March 2024

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 statement of comprehensive income 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 August 2024.





Mr D Bole
Director

The notes on pages 5 to 16 form part of these financial statements.

Page 3

 
Neueda Technologies Ltd
 

Statement of Changes in Equity
For the Year Ended 31 March 2024


Called up share capital
Share based payment reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
100
44,063
2,722,349
2,766,512



Profit for the year
-
-
1,381,973
1,381,973

Share options lapsed
-
(14,822)
14,822
-


At 31 March 2024
100
29,241
4,119,144
4,148,485



Statement of Changes in Equity
For the Year Ended 31 March 2023


Called up share capital
Share based payment reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
100
-
8,851,345
8,851,445



Profit for the year
-
-
2,091,813
2,091,813

Dividends: Equity capital
-
-
(8,220,809)
(8,220,809)

Share options granted
-
44,063
-
44,063


At 31 March 2023
100
44,063
2,722,349
2,766,512


The notes on pages 5 to 16 form part of these financial statements.

Page 4

 
Neueda Technologies Ltd
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

1.


General information

Neueda Technologies Ltd is a private company limited by shares and registered in Northern Ireland.  The registered address is 5e Stirling House Castlereagh Road Business Park, 478 Castlereagh Road, Belfast, BT5 6BQ.
The principal activity of the company is the provision of information technology training and consultancy services.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

  
2.3

Consolidation

These financial statements contain information about the company as an individual and do not contain consolidated financial information as the parent undertaking of a group. The company has taken advantage of exemptions available to small groups not to prepare consolidated financial statements.

Page 5

 
Neueda Technologies Ltd
 

Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.4

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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

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.

 
2.6

Interest income

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

Page 6

 
Neueda Technologies Ltd
 

Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.7

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.

  
2.8

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 7

 
Neueda Technologies Ltd
 

Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

  
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquire at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over 10 years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
2%
Office equipment
-
20 - 25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.13

Business combinations

The company uses the merger accounting method for business combinations. Under the merger accounting method, assets and liabilities are transferred from the acquire to the acquirer at net book value, and are not subject to any fair value adjustments. Differences arising on such transactions are recognised in equity. 
When the trade and assets of a subsidiary company are acquired by its parent, the merger accounting method permits an element of the carrying value of the investment to be transferred to goodwill. This balance is then amortised over the estimated remaining useful life of the assets acquired. 

Page 8

 
Neueda Technologies Ltd
 

Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.19

Share based payments

The Company provides share-based payment arrangements to certain employees. Equity-settled arrangements are measured at fair value (excluding the effect on non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straight- line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.

Page 9

 
Neueda Technologies Ltd
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
b) Useful economic lives of tangible assets and intangible assets
The annual depreciation/amortisation charge for tangible/intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.
c) Carrying value of investments
Investment in subsidiary undertakings is measured at cost less accumulated impairment. Where there is an indication of impairment the recoverable amount is estimated and compared with the carrying amount. The estimate of recoverable amount is considered in light of the trading and balance sheet strength of the subsidiary together with the director's best estimate of future performance of the subsidiary.


4.


Employees

The average monthly number of employees, including directors, during the year was 22 (2023 - 17).

Page 10

 
Neueda Technologies Ltd
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

5.


Intangible assets




Goodwill

£



Cost


Transfer
577,333



At 31 March 2024

577,333



Amortisation


Charge for the year
57,733



At 31 March 2024

57,733



Net book value



At 31 March 2024
519,600



At 31 March 2023
-

During the the financial year the trading assets of Conygre I.T. Limited transferred to Neueda Technologies Ltd and this is reflected in goodwill as above. 



Page 11

 
Neueda Technologies Ltd
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

6.


Tangible fixed assets





Long-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
440,000
103,158
60,109
603,267


Additions
-
3,592
31,147
34,739


Disposals
-
-
(1,041)
(1,041)



At 31 March 2024

440,000
106,750
90,215
636,965



Depreciation


At 1 April 2023
4,400
11,478
15,671
31,549


Charge for the year
8,800
23,930
20,525
53,255


Disposals
-
-
(434)
(434)



At 31 March 2024

13,200
35,408
35,762
84,370



Net book value



At 31 March 2024
426,800
71,342
54,453
552,595



At 31 March 2023
435,600
91,680
44,438
571,718

Page 12

 
Neueda Technologies Ltd
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
577,335


Transfer
(577,333)



At 31 March 2024
2





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Conygre I.T. Limited
37 Watch Elm Close, Bradley Stoke, Bristol, BS32 8AL
Ordindary
100%


8.


Debtors

2024
2023
£
£


Trade debtors
432,358
539,521

Other debtors
20,750
18,723

VAT repayable
41,982
39,175

Prepayments and accrued income
641,857
394,123

1,136,947
991,542



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,130,283
9,717,582

3,130,283
9,717,582


Page 13

 
Neueda Technologies Ltd
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
223,048
150,356

Amounts owed to group undertakings
187,929
8,005,181

Deferred consideration
125,000
125,000

Corporation tax
252,131
203,457

Other taxation and social security
42,925
36,663

Other creditors
13,308
15,295

Accruals and deferred income
322,868
404,790

1,167,209
8,940,742


Amounts owed to group are interest free and repayable on demand.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Deferred consideration
-
125,000

-
125,000



12.


Deferred tax liability




2024
2023


£

£






At beginning of year
25,923
2,701


Charged to profit or loss
(2,190)
23,222



At end of year
23,733
25,923

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
24,671
28,311

Short term timing differences
(938)
(2,388)

23,733
25,923

Page 14

 
Neueda Technologies Ltd
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100



14.


Reserves

Share based payment reserve

Represents the value of share options granted.

Profit and loss account

This includes all current and prior period retained profits and losses.


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £233,656 (2023 -£63,306). Contributions totaling £3,752 (2023 -£9,554) were payable to the fund at the balance sheet date and are included in creditors.


16.


Comparative figures

Comparative figures have been restated to conform with current year presentation. This had no impact on profit or loss reported.


17.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

As restated
2024
2023
£
£


Not later than 1 year
6,000
6,000

Later than 1 year and not later than 5 years
4,500
10,500

10,500
16,500

Page 15

 
Neueda Technologies Ltd
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

18.


Related party transactions

The company has availed of the exemption under FRS102 section 33 which does not require disclosure of transactions entered into between any subsidiary undertaking which is wholly owned by a member of that group.
There were no related party transactions in the year such as are required to be disclosed. 


19.


Controlling party

The Company's immediate parent undertaking is Neueda Technologies Group Limited. The ultimate controlling party is David Bole


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