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Niyo Labs Ltd.
Financial Statements
For The Year Ended 31 May 2024
Financial Statements
Contents
Page
Accountants' Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—5
Page 1
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of Niyo Labs Ltd. For The Year Ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Niyo Labs Ltd. For The Year Ended 31 May 2024 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Niyo Labs Ltd. , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Niyo Labs Ltd. and state those matters that we have agreed to state to the director of Niyo Labs Ltd. , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Niyo Labs Ltd. and its director, as a body, for our work or for this report.
It is your duty to ensure that Niyo Labs Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Niyo Labs Ltd. . You consider that Niyo Labs Ltd. is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Niyo Labs 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 financial statements.
Signed
20 January 2025
Cooper Adams Ltd
Chartered Accountants
12 Payton Street
Stratford upon Avon
Warwickshire
CV37 6UA
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Statement of Financial Position
Registered number: 11371368
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 3 12,520 16,231
12,520 16,231
CURRENT ASSETS
Debtors 54,737 94,651
Investments 8,030 8,030
Cash at bank and in hand 371,044 2,841
433,811 105,522
Creditors: Amounts Falling Due Within One Year (195,274 ) (66,177 )
NET CURRENT ASSETS (LIABILITIES) 238,537 39,345
TOTAL ASSETS LESS CURRENT LIABILITIES 251,057 55,576
Creditors: Amounts Falling Due After More Than One Year (200,000 ) -
NET ASSETS 51,057 55,576
CAPITAL AND RESERVES
Called up share capital 4 100 100
Income Statement 50,957 55,476
SHAREHOLDERS' FUNDS 51,057 55,576
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For the year ending 31 May 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 her 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 Income Statement.
On behalf of the board
Miss Oyinkansola Adebayo
Director
20 January 2025
The notes on pages 4 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.
1.3. 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 20% reducing balance
Computer equipment 33% reducing balance
1.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.5. Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement 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.
1.6. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 12 (2023: 16)
12 16
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3. Tangible assets
Fixtures & fittings Computer equipment Total
£ £ £
Cost
As at 1 June 2023 8,085 29,646 37,731
Additions 215 1,451 1,666
As at 31 May 2024 8,300 31,097 39,397
Depreciation
As at 1 June 2023 3,335 18,165 21,500
Provided during the period 1,108 4,269 5,377
As at 31 May 2024 4,443 22,434 26,877
Net Book Value
As at 31 May 2024 3,857 8,663 12,520
As at 1 June 2023 4,750 11,481 16,231
4. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
5. General Information
Niyo Labs Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 11371368 . The registered office is Ug05 Zellig Building, Gibb Street, Birmingham, B9 4AT.
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