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Registration number: 10476451

N2K Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

N2K Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

N2K Limited

Company Information

Directors

Mr Murtuza Noorali Pirani

Mrs Sayeda Fatima Pirani

Registered office

1 Market Hill
Calne
Wiltshire
SN11 0BT

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

N2K Limited

(Registration number: 10476451)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,656

150

Investment property

6

438,000

440,000

Investments

7

-

50

 

442,656

440,200

Current assets

 

Debtors

8

48,343

-

Cash at bank and in hand

 

40,595

47,236

 

88,938

47,236

Creditors: Amounts falling due within one year

9

(2,161)

(2,161)

Net current assets

 

86,777

45,075

Total assets less current liabilities

 

529,433

485,275

Creditors: Amounts falling due after more than one year

9

(401,427)

(409,648)

Provisions for liabilities

(14,535)

(14,915)

Net assets

 

113,471

60,712

Capital and reserves

 

Called up share capital

100

1,000

Revaluation reserve

61,966

63,586

Retained earnings

51,405

(3,874)

Shareholders' funds

 

113,471

60,712

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

 

N2K Limited

(Registration number: 10476451)
Balance Sheet as at 30 November 2023 (continued)

.........................................
Mr Murtuza Noorali Pirani
Director

 

N2K Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
1 Market Hill
Calne
Wiltshire
SN11 0BT

These financial statements were authorised for issue by the Board on 29 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Straight line

 

N2K Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

N2K Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

667

150

 

N2K Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

599

599

Additions

5,173

5,173

At 30 November 2023

5,772

5,772

Depreciation

At 1 December 2022

449

449

Charge for the year

667

667

At 30 November 2023

1,116

1,116

Carrying amount

At 30 November 2023

4,656

4,656

At 30 November 2022

150

150

6

Investment properties

2023
£

At 1 December

440,000

Fair value adjustments

(2,000)

At 30 November

438,000

The fair value of the investment properties have been arrived at on the basis of the valuations carried out at that date by the directors of the Company who are not professionally qualified valuers. The valuations have been arrived at by reference to the market evidence of transaction prices for similar properties in the location where the properties are situated.

7

Investments

2023
£

2022
£

Investments in joint ventures

-

50

 

N2K Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

7

Investments (continued)

Joint ventures

£

Cost

At 1 December 2022

50

Additions

(50)

At 30 November 2023

-

Provision

Carrying amount

At 30 November 2023

-

At 30 November 2022

50

8

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

48,343

-

   

48,343

-

 

N2K Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

2,160

2,160

Other creditors

1

1

2,161

2,161

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

401,427

400,050

Other non-current financial liabilities

 

-

9,598

 

401,427

409,648

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

228,429

228,526

Other borrowings

172,998

171,524

401,427

400,050