NeST Digital Limited
Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 13971709 (England and Wales)
Nest Digital Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
as restated
Notes
£
£
£
£
Current assets
Debtors
3
23,322
29,423
Cash at bank and in hand
5,515
-
0
28,837
29,423
Creditors: amounts falling due within one year
4
(358,794)
(213,423)
Net current liabilities
(329,957)
(184,000)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(330,057)
(184,100)
Total equity
(329,957)
(184,000)

The notes on pages 2 to 6 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
N  Jehangir
Director
Company Registration No. 13971709
NeST Digital Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 2
1
Accounting policies
Company information

NeST Digital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 Leyden Street, London, England, E1 7LE.

1.1
Reporting period

The directors have prepared the accounts for the year ended 31 March 2024. The prior period was a long period from the date of incorporation of 11 March 2022 to the period end date of 31 March 2023.

1.2
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic 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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

At the Balance Sheet date the company is in a position of net liabilities of £329,957 (2023: £184,000). Included within this balance are amounts of £314,560 (2023: £147,761) due to connected parties. true

 

The financial statements have been prepared on a going concern basis which assumes that the company will be able to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. The directors have received written assurance from the board of its immediate and ultimate parent undertakings that they will continue to provide such financial support as is necessary for this purpose and will not seek repayment of amounts owed to them during this period unless the company’s cash flow permits this.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

NeST Digital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

NeST Digital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 4
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100
100
Other debtors
20,819
29,323
Prepayments and accrued income
2,403
-
0
23,322
29,423
4
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Trade creditors
1,760
360
Amounts owed to group undertakings
314,560
147,861
Taxation and social security
20,699
48,164
Other creditors
2,095
5,638
Accruals and deferred income
19,680
11,400
358,794
213,423
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
NeST Digital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 5
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ian Matthews
Statutory Auditor:
Moore Kingston Smith LLP
7
Related party transactions

The company has taken the exemption, in accordance with FRS 102 - Section 33 "Related Party Disclosures", from disclosing related party transactions entered into between members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

8
Parent company

The parent undertaking of the largest group which includes the company and for which group financial statements are prepared is SFO Technologies Private Limited, a company incorporated in India. The parent undertaking of the smallest group is NeST Digital Private Limited, a company incorporated in India.

 

Copies of the group financial statements for both companies are available from SFO Technologies Private Limited, Plot No. 2, Cochin Special Economic Zone, Kakkanad, Kochi, 682 037, India

 

The directors regard SFO Technologies Private Limited as the ultimate controlling party which is also the ultimate parent undertaking. NeST Digital Private Limited is the immediate parent company.

9
Prior period adjustment

It was identified that the Employers National Insurance Allowance of £5,000 was claimed during the period ended 31 March 2023 but not recognised in the financial statements as well as an amount of social security taxes due. This has been corrected and impacts the Profit and Loss Account, Balance Sheet and note 4.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2023
£
£
£
Creditors due within one year
Taxation
(55,243)
7,079
(48,164)
Other creditors
(164,359)
(900)
(165,259)
Net assets
(190,179)
6,179
(184,000)
Capital and reserves
Profit and loss reserves
(190,279)
6,179
(184,100)
NeST Digital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
9
Prior period adjustment
(Continued)
Page 6
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2023
£
£
£
Administrative expenses
(190,279)
6,179
(184,100)
Loss for the financial period
(190,279)
6,179
(184,100)
Reconciliation of changes in equity
11 March
31 March
2022
2023
£
£
Adjustments to prior year
Employers national insurance contributions allowance
-
5,000
Omitted social security taxes
-
1,179
Total adjustments
-
6,179
Equity as previously reported
-
(190,179)
Equity as adjusted
-
(184,000)
Analysis of the effect upon equity
Profit and loss reserves
-
6,179
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Employers national insurance contributions allowance
5,000
Omitted social security taxes
1,179
Total adjustments
6,179
Loss as previously reported
(190,279)
Loss as adjusted
(184,100)
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