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Registered number: 10777744
Nixinfinity - AI Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
TaxAssist Accountants
Contents
Page
Company Information 1
Accountant's Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—8
Page 1
Company Information
Director Mr Harjinder Bilan
Company Number 10777744
Registered Office 169 Pastures Hill
Littleover
Derby
DE23 4AZ
Accountants TaxAssist Accountants
2 Burghley Way
Littleover
Derby
DE23 4TD
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Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nixinfinity - AI Ltd for the year ended 31 March 2024 which comprise the Profit and Loss Account, the Balance Sheet, 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 Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the director of Nixinfinity - AI Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Nixinfinity - AI Ltd and state those matters that we have agreed to state to the director of Nixinfinity - AI Ltd in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Nixinfinity - AI Ltd 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 profit of Nixinfinity - AI Ltd . You consider that Nixinfinity - AI Ltd 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 Nixinfinity - AI Ltd . 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.
Signed
19/12/2024
TaxAssist Accountants
2 Burghley Way
Littleover
Derby
DE23 4TD
Page 2
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Balance Sheet
Registered number: 10777744
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 10,000 20,000
Tangible Assets 5 27,958 17,506
Investments 6 204,356 200,604
242,314 238,110
CURRENT ASSETS
Debtors 7 814,722 1,134,832
Cash at bank and in hand 729,259 830,870
1,543,981 1,965,702
Creditors: Amounts Falling Due Within One Year 8 (526,645 ) (1,012,398 )
NET CURRENT ASSETS (LIABILITIES) 1,017,336 953,304
TOTAL ASSETS LESS CURRENT LIABILITIES 1,259,650 1,191,414
Creditors: Amounts Falling Due After More Than One Year 9 (33,910 ) (37,494 )
NET ASSETS 1,225,740 1,153,920
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 1,225,739 1,153,919
SHAREHOLDERS' FUNDS 1,225,740 1,153,920
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Harjinder Bilan
Director
19/12/2024
The notes on pages 5 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Nixinfinity - AI Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10777744 . The registered office is 169 Pastures Hill, Littleover, Derby, DE23 4AZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling (£), which is the functional currency of the entity.
2.2. 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.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Software Development cost is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. 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 15% on reducing balance method
Computer Equipment 15% on reducing balance method
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 4)
5 4
4. Intangible Assets
Development Costs
£
Cost
As at 1 April 2023 50,000
As at 31 March 2024 50,000
Amortisation
As at 1 April 2023 30,000
Provided during the period 10,000
As at 31 March 2024 40,000
Net Book Value
As at 31 March 2024 10,000
As at 1 April 2023 20,000
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5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 981 26,666 27,647
Additions - 13,837 13,837
As at 31 March 2024 981 40,503 41,484
Depreciation
As at 1 April 2023 503 9,638 10,141
Provided during the period 72 3,313 3,385
As at 31 March 2024 575 12,951 13,526
Net Book Value
As at 31 March 2024 406 27,552 27,958
As at 1 April 2023 478 17,028 17,506
6. Investments
Unlisted
£
Cost
As at 1 April 2023 200,604
Additions 3,752
As at 31 March 2024 204,356
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 204,356
As at 1 April 2023 200,604
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 611,075 793,211
Prepayments and accrued income 1,647 1,621
Other Debtors: Intercompany loan 202,000 340,000
814,722 1,134,832
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 359,471 848,222
Bank loans and overdrafts 5,000 5,559
Corporation tax 97,191 78,039
Other taxes and social security 1,180 3,257
VAT 7,329 47,313
Accruals 3,667 4,828
Pensions 177 433
Director's loan account 52,630 24,747
526,645 1,012,398
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bounce back loan - more than 1 year 33,910 37,494
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Related Party Transactions
At the year end there was a loan outstanding from Lotus Management Services Limited, a company in which Mr H Bilan is a director. The amount outstanding at the year end amounted to £20,000 (2023: £120,000).
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