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Registration number: 04381477

Nikid Design Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Nikid Design Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Nikid Design Limited

Company Information

Director

Mr NJ Rose

Company secretary

Mr JB Rose

Registered office

Rancho
Marlow Road
Bourne End
SL8 5SP

Registered number

04381477

Accountants

Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU

 

Nikid Design Limited

(Registration number: 04381477)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,448

2,891

Current assets

 

Debtors

5

33,092

35,914

Cash at bank and in hand

 

656

6,290

 

33,748

42,204

Creditors: Amounts falling due within one year

6

(920,181)

(930,899)

Net current liabilities

 

(886,433)

(888,695)

Total assets less current liabilities

 

(883,985)

(885,804)

Creditors: Amounts falling due after more than one year

6

(25,246)

(29,846)

Net liabilities

 

(909,231)

(915,650)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(909,331)

(915,750)

Shareholders' deficit

 

(909,231)

(915,650)

 

Nikid Design Limited

(Registration number: 04381477)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 January 2025
 

.........................................
Mr NJ Rose
Director

 

Nikid Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Rancho
Marlow Road
Bourne End
SL8 5SP
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.

Going concern

The accounts have been prepared on a going concern basis on the understanding that the parent company will continue to support the company for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable on provided services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in relation to expenditure are credited to profit and loss account when the expenditure is charged to profit and loss.

 

Nikid Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% on reducing balance

Fixtures and fittings

25% on reducing balance

Motor vehicle

25% on reducing balance

Office equipment

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Nikid Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.


Research and development
Expenditure on research and development is written off in the year in which it is incurred.

Foreign currency
Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Nikid Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

31,052

10,779

115,224

833

157,888

Additions

-

-

349

-

349

Disposals

-

(10,779)

-

-

(10,779)

At 31 July 2024

31,052

-

115,573

833

147,458

Depreciation

At 1 August 2023

29,930

10,779

113,509

779

154,997

Charge for the year

280

-

498

14

792

Eliminated on disposal

-

(10,779)

-

-

(10,779)

At 31 July 2024

30,210

-

114,007

793

145,010

Carrying amount

At 31 July 2024

842

-

1,566

40

2,448

At 31 July 2023

1,122

-

1,715

54

2,891

 

Nikid Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

33,092

35,914

   

33,092

35,914

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

8

4,600

4,487

Trade creditors

 

237

1,755

Amounts owed to group undertakings

910,091

910,091

Taxation and social security

 

180

4,472

Other creditors

 

5,073

10,094

 

920,181

930,899

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

25,246

29,846

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Nikid Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

25,246

29,846

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,600

4,487

Included in loans and borrowings is a Bounce Back Loan of £29,846 (2023: £34,333) due to NatWest bank repayable in monthly instalments.

 

9

Related party transactions

Nikid Holdings Limited
Parent company

As at year end, the company owed £910,091, (2023: £910,091) to Nikid Holdings Limited.

IO-CO IP Ltd
A company in which Mr N J Rose is a director

During the year, the company made sales of £20,833 (2023: £63,669) to IO-CO IP Ltd.

As at year end, Io-Co IP Ltd owed £32,992, (2023: £35,792) to the company.

State Mode Medcial Ltd
A company in which Mr N J Rose is a director

As at year end, State Mode Medical Ltd owed £100, (2023: £100) to the company.

Niteshyft Ltd
A company in which Mr N J Rose is a director

As at year end, Niteshyft Ltd owed £-, (2023: £22) to the company.

Director's balance
As at year end, the company owed £-, (2023: £1,099) to Mr N J Rose, the director of the company.