Registered number
10909723
Codenest Ltd
Unaudited Filleted Accounts
5 April 2024
Codenest Ltd
Registered number: 10909723
Balance Sheet
as at 5 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,320 2,512
Investments 4 8,750 8,750
10,070 11,262
Current assets
Debtors 5 741,672 758,031
Cash at bank and in hand 31,800 19,968
773,472 777,999
Creditors: amounts falling due within one year 6 (128,389) (117,613)
Net current assets 645,083 660,386
Total assets less current liabilities 655,153 671,648
Creditors: amounts falling due after more than one year 7 (185,250) (262,084)
Provisions for liabilities (326) (628)
Net assets 469,577 408,936
Capital and reserves
Called up share capital 100 100
Profit and loss account 469,477 408,836
Shareholder's funds 469,577 408,936
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A. Rana
Director
Approved by the board on 22 August 2024
Codenest Ltd
Notes to the Accounts
for the year ended 5 April 2024
1 Accounting policies
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 2-5 years
Investments
Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 6 April 2023 14,004
Additions 365
Disposals (7,800)
At 5 April 2024 6,569
Depreciation
At 6 April 2023 11,492
Charge for the year 1,557
On disposals (7,800)
At 5 April 2024 5,249
Net book value
At 5 April 2024 1,320
At 5 April 2023 2,512
4 Investments
Other
investments
£
Cost
At 6 April 2023 8,750
At 5 April 2024 8,750
Historical cost
At 6 April 2023 8,750
At 5 April 2024 8,750
5 Debtors 2024 2023
£ £
Trade debtors 23,100 17,325
Other debtors 718,572 740,706
741,672 758,031
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 76,630 74,442
Taxation and social security costs 50,571 43,171
Other creditors 1,188 -
128,389 117,613
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 185,250 262,084
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 7,048 15,506
9 Related party transactions
The company has made a loan of £718,472 [2023: £740,472] to a sister company, the loan is repayable on demand.
10 Controlling party
The company is controlled by the director
11 Other information
Codenest Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Clearways Accountants
Clearways
Colley Way
Reigate
RH2 9JH
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