REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
NORTHSHORE IO LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
NORTHSHORE IO LIMITED |
NORTHSHORE IO LIMITED (REGISTERED NUMBER: 12410861) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 |
NORTHSHORE IO LIMITED |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
11 Laura Place |
Bath |
BA2 4BL |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Northshore IO Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Northshore IO Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Northshore IO Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Northshore IO Limited and state those matters that we have agreed to state to the Board of Directors of Northshore IO Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Northshore IO Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Northshore IO Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Northshore IO Limited. You consider that Northshore IO Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Northshore IO Limited. 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. |
Chartered Accountants |
11 Laura Place |
Bath |
BA2 4BL |
NORTHSHORE IO LIMITED (REGISTERED NUMBER: 12410861) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share-based payment reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
NORTHSHORE IO LIMITED (REGISTERED NUMBER: 12410861) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Northshore IO Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised when the service is rendered. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
NORTHSHORE IO LIMITED (REGISTERED NUMBER: 12410861) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Critical accounting judgements and key sources of estimation uncertainty |
No significant judgements or key assumptions have had to be made by directors in preparing these financial statements. |
Share-based payments for employee share schemes |
The company has issued shares to employees under its employee share ownership programme. The company's policy is to offer participation in the employee share scheme to employees who are nominated for participation at the discretion of the Board of Directors. These share allocations must be measured at fair value and recognised as an expense in the profit and loss account with a corresponding increase in shareholders' funds. The fair value of the share allocations has been estimated at the date of issue of the shares to the employees using the Black-Scholes option-pricing model. The fair value will be charged as an expense in the profit and loss account in the year in which the shares have been issued. The credit entry is contained within a separate reserve called the Share-Based Payment Reserve in the company's reserves and is shown in the Movement in Shareholders' Funds. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
NORTHSHORE IO LIMITED (REGISTERED NUMBER: 12410861) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
Machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 12,776 | 2,808 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Accelerated capital allowances | 9,968 |
Balance at 31 December 2023 |
NORTHSHORE IO LIMITED (REGISTERED NUMBER: 12410861) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £0.01 | 9,900 | 9,900 |
Ordinary B | £0.01 | 1,862 | 1,862 |
Preference | £0.01 | 100 | 100 |
11,862 | 11,862 |
B Ordinary shares of £0.01 each nominal value: 330,000 B Ordinary shares are made available to members of the Northshore IO Limited Share Ownership Programme and shall be administered at the discretion of the Directors and subject to the Programme rules. At the balance sheet date there were 143,800 B Ordinary shares alloted but not yet issued. |
A Ordinary shares have no rights to dividends nor voting rights in the first year of holding, after which these rights fully accrue. |
B Ordinary shares have no rights to dividends nor voting rights in the first year of holding, after which these rights accrue incrementally. |
Cumulative preference shares have priority over other shares with regards to dividends and full voting rights. |
All shares have equal rights on liquidation. |
On 20 October 2021, the company issued 186,200 B Ordinary Shares through an employee share scheme to a total of 3 employees on a selective nominated basis at a share price of £0.01 per B Ordinary Share. On the occasion of an exit at any time, the employee shareholders are entitled to full participation in the surplus assets of the company, and, in the case of a winding-up of the company, after payment of all other debts and liabilities of the company and of the costs and charges and expenses of such a winding-up. |
The expense calculation for the shares issued on 20 October 2021, using the Black-Scholes option-pricing valuation model, is based on the following assumptions: |
Assumptions | 2021 Issue 20.10.2021 |
Expected volatility | 30% |
Expected divided yield | 0% |
Exercise price | £0.01 |
Market value | £0.01 |
Expected life | 5 years |
Risk-free rate | 1.0% |
The outstanding options at the end of the year: |
Shares Issued | 2023 | 2022 |
Outstanding at the end of the year | 186,000 | 186,000 |
The movement for the involvement of the employees in the employee share schemes during the year: |
Shares Issued | 2023 | 2022 |
Outstanding at the end of the year | 186,000 | 186,000 |
NORTHSHORE IO LIMITED (REGISTERED NUMBER: 12410861) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
9. | PARENT COMPANY |
Northshore IO Limited is a subsidiary of Northshore IO Inc, a company incorporated in the United States of America. |