Nityo Infotech Limited |
Notes to the Accounts |
for the year ended 31 December 2023 |
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1 |
Statutory information |
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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. |
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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 £. |
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2 |
Accounting policies |
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Basis of preparation |
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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. |
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The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
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Going concern basis |
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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. |
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Turnover |
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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. |
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Investments |
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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. |
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Financial instruments |
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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. |
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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. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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2 |
Accounting policies - continued |
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Equity instruments |
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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. |
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Taxation |
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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. |
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Employee benefits |
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The cost of short-term employee benefits are recognised as a liability and an expense. |
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Foreign currency translation |
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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. |
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Leased assets |
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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. |
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Related party exemption |
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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. |
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Group accounts exemption |
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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. |
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3 |
Critical accounting judgements and key sources of estimation uncertainity |
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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. |
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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. |
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4 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Paul Fagan (Senior Stautory Auditor) |
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Firm: |
Craufurd Hale Audit Services Limited |
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Date of audit report: |
18 February 2025 |
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5 |
Interest payable |
2023 |
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2022 |
£ |
£ |
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Amount payable to group companies |
18,759 |
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19,096 |
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6 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
5 |
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3 |
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7 |
Investments |
2023 |
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2022 |
£ |
£ |
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Investments |
29,698 |
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28,670 |
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Investments in subsidiary undertakings |
£ |
£ |
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Cost at 1 January 2023 |
28,670 |
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35,597 |
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Additions |
710 |
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- |
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Impairments/reversal |
318 |
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(6,927) |
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29,698 |
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28,670 |
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8 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
109,353 |
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154,977 |
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Amounts owed by group undertakings |
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624,633 |
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714,320 |
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Other debtors |
64,637 |
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20,712 |
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798,623 |
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890,009 |
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9 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
78,335 |
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145,856 |
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Amounts owed to group undertakings |
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408,950 |
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455,675 |
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Taxation and social security costs |
20,385 |
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17,686 |
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Other creditors |
81,091 |
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39,159 |
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588,761 |
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658,376 |
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Included in the creditors above is a loan of £385,184 (2022-£449,392) from the parent company, |
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wholly repayable within one year. |
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10 |
Called up share capital |
2023 |
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2022 |
£ |
£ |
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Allotted, called up and fully paid |
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1 ordinary share of £1 each |
1 |
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1 |
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11 |
Other financial commitments |
2023 |
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2022 |
£ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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Within one year |
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3,256 |
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6,511 |
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Within two to five years |
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- |
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3,256 |
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3,256 |
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9,767 |
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12 |
Controlling party |
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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: |
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666 Plainsboro Road |
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Suite 1285 |
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Plainsboro |
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NJ 08536 |
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USA |
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13 |
Other information |
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Nityo Infotech Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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309 Davidson House |
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Forbury Square |
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Reading |
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Berkshire |
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RG1 3EU |