1 November 2022 v2024.46.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPSC4615822022-11-012023-10-31SC4615822023-10-31SC4615822022-10-31SC461582core:WithinOneYear2023-10-31SC461582core:WithinOneYear2022-10-31SC461582core:AfterOneYear2023-10-31SC461582core:AfterOneYear2022-10-31SC461582core:ShareCapital2023-10-31SC461582core:ShareCapital2022-10-31SC461582core:RetainedEarningsAccumulatedLosses2023-10-31SC461582core:RetainedEarningsAccumulatedLosses2022-10-31SC461582bus:Director12022-11-012023-10-31SC461582bus:RegisteredOffice2022-11-012023-10-31SC461582core:NetGoodwill2022-11-012023-10-31SC461582core:OfficeEquipment2022-11-012023-10-31SC4615822021-11-012022-10-31SC461582core:NetGoodwill2023-10-31SC461582core:NetGoodwill2022-11-01SC461582core:NetGoodwill2022-10-31SC461582core:PlantMachinery2022-11-01SC461582core:PlantMachinery2022-11-012023-10-31SC461582core:PlantMachinery2023-10-31SC461582core:PlantMachinery2022-10-31SC46158212022-11-012023-10-31SC461582countries:Scotland2022-11-012023-10-31SC461582bus:AuditExempt-NoAccountantsReport2022-11-012023-10-31SC461582bus:PrivateLimitedCompanyLtd2022-11-012023-10-31SC461582bus:SmallEntities2022-11-012023-10-31SC461582bus:FullAccounts2022-11-012023-10-31
Company registration number:
SC461582
NK ACCOUNTS LTD
Unaudited Filleted Financial Statements for the year ended
31 October 2023
NK ACCOUNTS LTD
Statement of Financial Position
31 October 2023
20232022
Note££
Fixed assets    
Intangible assets 5
111,798
 
118,008
 
Tangible assets 6
2,525
 
3,249
 
114,323
 
121,257
 
Current assets    
Debtors 7
4,875
 
14,397
 
Cash at bank and in hand
27,930
 
31,200
 
32,805
 
45,597
 
Creditors: amounts falling due within one year 8
(121,477
)
(106,522
)
Net current liabilities
(88,672
)
(60,925
)
Total assets less current liabilities 25,651   60,332  
Creditors: amounts falling due after more than one year 9
(24,740
)
(59,273
)
Net assets
911
 
1,059
 
Capital and reserves    
Called up share capital
2
 
2
 
Profit and loss account
909
 
1,057
 
Shareholders funds
911
 
1,059
 
For the year ending
31 October 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
4 October 2024
, and are signed on behalf of the board by:
Mr Narinder Aggarwal
Director
Company registration number:
SC461582
NK ACCOUNTS LTD
Notes to the Financial Statements
Year ended
31 October 2023

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
4 Lynedoch Place
,
Glasgow
,
G3 6AB
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services supplied.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
15% Straight line

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
5
(2022:
5.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 November 2022
and
31 October 2023
124,218
 
Amortisation  
At
1 November 2022
6,210
 
Charge
6,210
 
At
31 October 2023
12,420
 
Carrying amount  
At
31 October 2023
111,798
 
At 31 October 2022
118,008
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 November 2022
12,547
 
Additions
1,362
 
At
31 October 2023
13,909
 
Depreciation  
At
1 November 2022
9,298
 
Charge
2,086
 
At
31 October 2023
11,384
 
Carrying amount  
At
31 October 2023
2,525
 
At 31 October 2022
3,249
 

7 Debtors

20232022
££
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,875
  -  
Other debtors -  
14,397
 
4,875
 
14,397
 

8 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
4,533
 
8,931
 
Taxation and social security
9,686
 
3,230
 
Other creditors
107,258
 
94,361
 
121,477
 
106,522
 

9 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
4,740
 
7,733
 
Other creditors
20,000
 
51,540
 
24,740
 
59,273