3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 13,500 13,500 13,500 xbrli:pure xbrli:shares iso4217:GBP 06805805 2023-05-01 2024-04-30 06805805 2024-04-30 06805805 2023-04-30 06805805 2022-05-01 2023-04-30 06805805 2023-04-30 06805805 2022-04-30 06805805 core:FurnitureFittings 2023-05-01 2024-04-30 06805805 bus:Director1 2023-05-01 2024-04-30 06805805 core:FurnitureFittings 2024-04-30 06805805 core:AfterOneYear 2024-04-30 06805805 core:AfterOneYear 2023-04-30 06805805 core:WithinOneYear 2024-04-30 06805805 core:WithinOneYear 2023-04-30 06805805 core:ShareCapital 2024-04-30 06805805 core:ShareCapital 2023-04-30 06805805 core:RetainedEarningsAccumulatedLosses 2024-04-30 06805805 core:RetainedEarningsAccumulatedLosses 2023-04-30 06805805 core:CostValuation core:Non-currentFinancialInstruments 2024-04-30 06805805 core:Non-currentFinancialInstruments 2024-04-30 06805805 core:Non-currentFinancialInstruments 2023-04-30 06805805 bus:Director1 2023-04-30 06805805 bus:Director1 2022-04-30 06805805 bus:SmallEntities 2023-05-01 2024-04-30 06805805 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 06805805 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 06805805 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 06805805 bus:FullAccounts 2023-05-01 2024-04-30 06805805 core:ComputerEquipment 2023-05-01 2024-04-30 06805805 core:ComputerEquipment 2024-04-30
COMPANY REGISTRATION NUMBER: 06805805
Noetik Limited
Filleted Unaudited Financial Statements
30 April 2024
Noetik Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Investments
6
13,500
13,500
Current assets
Debtors
7
65
275
Cash at bank and in hand
11,165
22,973
--------
--------
11,230
23,248
Creditors: amounts falling due within one year
8
68
615
--------
--------
Net current assets
11,162
22,633
--------
--------
Total assets less current liabilities
24,662
36,133
Creditors: amounts falling due after more than one year
9
15,837
17,144
--------
--------
Net assets
8,825
18,989
--------
--------
Capital and reserves
Called up share capital
200
200
Profit and loss account
8,625
18,789
-------
--------
Shareholders funds
8,825
18,989
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Noetik Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 17 October 2024 , and are signed on behalf of the board by:
Mr N Raja
Director
Company registration number: 06805805
Noetik Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Tauber Close, Elstree, Borehamwood, Hertfordshire, WD6 3PE, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 1 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
982
4,008
4,990
----
-------
-------
Depreciation
At 1 May 2023 and 30 April 2024
982
4,008
4,990
----
-------
-------
Carrying amount
At 30 April 2024
----
-------
-------
At 30 April 2023
----
-------
-------
6. Investments
Other investments other than loans
£
Cost
At 1 May 2023 and 30 April 2024
13,500
--------
Impairment
At 1 May 2023 and 30 April 2024
--------
Carrying amount
At 30 April 2024
13,500
--------
At 30 April 2023
13,500
--------
7. Debtors
2024
2023
£
£
Trade debtors
57
175
Other debtors
8
100
----
----
65
275
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
68
86
Corporation tax
326
Social security and other taxes
203
----
----
68
615
----
----
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,900
5,700
Other creditors
11,937
11,444
--------
--------
15,837
17,144
--------
--------
10. 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 and creditors, loans from banks and other third parties and loans to related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or or received. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet 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.
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
Mr N Raja
( 11,937)
( 11,444)
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--------