Registered number
05916353
Nityo Infotech Limited
Filleted Accounts
For the Year Ended
31 December 2023
Nityo Infotech Limited
Registered number: 05916353
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investments 7 29,698 28,670
Current assets
Debtors 8 798,623 890,009
Cash at bank and in hand 245,020 408,349
1,043,643 1,298,358
Creditors: amounts falling due within one year 9 (588,761) (658,376)
Net current assets 454,882 639,982
Net assets 484,580 668,652
Capital and reserves
Called up share capital 10 1 1
Profit and loss account 484,579 668,651
Shareholder's funds 484,580 668,652
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Naveen Kumar
Director
Approved by the board on 14 February 2025
Nityo Infotech Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Statutory information
Nityo Infotech Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company information page.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance and compliance with FRS 102 ''The Financial Reporting Standard applicable in the UK and Reublic of Ireland'' (''FRS 102'') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Going concern basis
The directors believe that notwithstanding the trading losses incurred over the last two accounting periods, the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support from the parent company will be adequate to meet the company's needs for the period of at least 12 months from the date of approval of these financial statements.
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 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.
Investments
Investments in subsidiaries are measured at cost less any accumulated impairment losses, converted to GB Pounds at the spot rate when the investment was acquired. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss account. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issue' of FRS 102 to all of its financial instruments.
Basic financial instruments which include bank, trade and other receivables, and trade and other payables, are recognised at the transaction price including transaction costs. Financial instruments are classified as receivable or payable within one year on the basis that these are due for settlement within one year or less.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
2 Accounting policies - continued
Equity instruments
Equity instruments issued by the company are recorded as the proceeds are received, net of transaction costs. Dividend payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Taxation
The tax expense or income represents the sum of the tax currently payable or recoverable. The tax payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the reporting period end date.
Employee benefits
The cost of short-term employee benefits are recognised as a liability and an expense.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 applicable in the UK and Republic of Ireland not to disclose related party transactions with wholly owned subsidiaries within the group.
Group accounts exemption
The company has taken advatage of the exemption under section 390 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
3 Critical accounting judgements and key sources of estimation uncertainity
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions and the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
4 Audit information
The audit report is unqualified.
Senior statutory auditor: Paul Fagan (Senior Stautory Auditor)
Firm: Craufurd Hale Audit Services Limited
Date of audit report: 18 February 2025
5 Interest payable 2023 2022
£ £
Amount payable to group companies 18,759 19,096
6 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 3
7 Investments 2023 2022
£ £
Investments 29,698 28,670
Investments in subsidiary undertakings
£ £
Cost at 1 January 2023 28,670 35,597
Additions 710 -
Impairments/reversal 318 (6,927)
29,698 28,670
8 Debtors 2023 2022
£ £
Trade debtors 109,353 154,977
Amounts owed by group undertakings 624,633 714,320
Other debtors 64,637 20,712
798,623 890,009
9 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 78,335 145,856
Amounts owed to group undertakings 408,950 455,675
Taxation and social security costs 20,385 17,686
Other creditors 81,091 39,159
588,761 658,376
Included in the creditors above is a loan of £385,184 (2022-£449,392) from the parent company,
wholly repayable within one year.
10 Called up share capital 2023 2022
£ £
Allotted, called up and fully paid
1 ordinary share of £1 each 1 1
11 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases
Within one year 3,256 6,511
Within two to five years - 3,256
3,256 9,767
12 Controlling party
The company is a wholly owned subsidiary of Nityo Infotech Corporation based in the USA. Naveen Kumar is the ultimate controlling party. The registered office of the parent company is:
666 Plainsboro Road
Suite 1285
Plainsboro
NJ 08536
USA
13 Other information
Nityo Infotech Limited is a private company limited by shares and incorporated in England. Its registered office is:
309 Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU
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