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Registered number: 08495005
Code Nation Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Elevate Professional Ltd T/A Elevate Accountancy
Unit 5 Marlborough Road
Wrexham Industrial Estate
Wrexham
LL13 9RJ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08495005
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 170 20,580
170 20,580
CURRENT ASSETS
Debtors 6 293,962 620,055
Cash at bank and in hand 1,539 113
295,501 620,168
Creditors: Amounts Falling Due Within One Year 7 (203,843 ) (380,213 )
NET CURRENT ASSETS (LIABILITIES) 91,658 239,955
TOTAL ASSETS LESS CURRENT LIABILITIES 91,828 260,535
Creditors: Amounts Falling Due After More Than One Year 8 (39,387 ) (1,069,145 )
NET ASSETS/(LIABILITIES) 52,441 (808,610 )
CAPITAL AND RESERVES
Called up share capital 9 10,100 10,100
Share premium account 1,290,000 1,290,000
Profit and Loss Account (1,247,659 ) (2,108,710 )
SHAREHOLDERS' FUNDS 52,441 (808,610)
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr D Muir
Director
30/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Code Nation Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08495005 . The registered office is The Cloud, 10 Boughton, Chester, CH3 5AG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets comprise computer software capitalised. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings straight line over 5 years
Computer Equipment straight line over 4 years
3. Average Number of Employees
Average number of employees, including directors, during the year was: 38 (2022: 42)
38 42
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 13,903
As at 31 December 2023 13,903
Amortisation
As at 1 January 2023 13,903
As at 31 December 2023 13,903
...CONTINUED
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Page 4
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 135,115 194,711 329,826
Additions 170 - 170
Disposals (135,115 ) (194,711 ) (329,826 )
As at 31 December 2023 170 - 170
Depreciation
As at 1 January 2023 114,535 194,711 309,246
Provided during the period 19,984 - 19,984
Disposals (134,519 ) (194,711 ) (329,230 )
As at 31 December 2023 - - -
Net Book Value
As at 31 December 2023 170 - 170
As at 1 January 2023 20,580 - 20,580
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 33,300 56,348
Other debtors 260,662 563,707
293,962 620,055
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 76,558 301,972
Bank loans and overdrafts 35,650 32,258
Other creditors 20,964 27,999
Taxation and social security 70,671 17,984
203,843 380,213
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 39,387 75,037
Amounts owed to participating interests - 994,108
39,387 1,069,145
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9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10,100 10,100
10. Related Party Transactions
During the year, rent of £36,000 (2022: £36,000) was paid to City Road Investments Limited, a company under common control.
Within amounts owed to participating interests is an interest-free loan of NIL (2022: £994,108) from i4thrive Limited, which is the parent company.
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