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COMPANY REGISTRATION NUMBER: 10577696
Nevercode Ltd
Filleted Unaudited Financial Statements
31 December 2024
Nevercode Ltd
Financial Statements
Year ended 31 December 2024
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Nevercode Ltd
Officers and Professional Advisers
Director
M Remmelgas
Registered office
Lytchett House
Wareham Road
Poole
Dorset
BH16 6FA
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Nevercode Ltd
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Nevercode Ltd
Year ended 31 December 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 December 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
Nevercode Ltd
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
174,395
Investments
6
27,240
27,240
--------
---------
27,240
201,635
Current assets
Debtors
7
264,166
246,562
Cash at bank and in hand
229,581
236,076
---------
---------
493,747
482,638
Creditors: amounts falling due within one year
8
994,209
893,909
---------
---------
Net current liabilities
500,462
411,271
---------
---------
Total assets less current liabilities
( 473,222)
( 209,636)
---------
---------
Net liabilities
( 473,222)
( 209,636)
---------
---------
Capital and reserves
Called up share capital
53,617
53,617
Share premium account
1,421,405
1,421,405
Capital redemption reserve
6,934
6,934
Profit and loss account
( 1,955,178)
( 1,691,592)
------------
------------
Shareholders deficit
( 473,222)
( 209,636)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Nevercode Ltd
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 12 May 2025 , and are signed on behalf of the board by:
M Remmelgas
Director
Company registration number: 10577696
Nevercode Ltd
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lytchett House, Wareham Road, Poole, Dorset, BH16 6FA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date .
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses .
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Other
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: Nil).
5. Intangible assets
Other
£
Cost
At 1 January 2024 and 31 December 2024
1,085,567
------------
Amortisation
At 1 January 2024
911,172
Charge for the year
174,395
------------
At 31 December 2024
1,085,567
------------
Carrying amount
At 31 December 2024
------------
At 31 December 2023
174,395
------------
Intellectual Property in relation to Research and Development undertaken by, and transferred from, the subsidiary, Nevercode OU, on 10 August 2019 .
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
27,240
--------
Impairment
At 1 January 2024 and 31 December 2024
--------
Carrying amount
At 31 December 2024
27,240
--------
At 31 December 2023
27,240
--------
The investment in the subsidiary is accounted for using merger accounting provided in FRS102 section 19.27. In addition the residual discounting of the subsidiary loan is included in the value of the subsidiary. The name of the entity is Nevercode OU, which is registered in Estonia.
7. Debtors
2024
2023
£
£
Trade debtors
242,562
238,707
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,212
Other debtors
19,392
7,855
---------
---------
264,166
246,562
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,091
2,302
Amounts owed to group undertakings and undertakings in which the company has a participating interest
605,837
640,033
Social security and other taxes
7,541
6,425
Other creditors
360,740
245,149
---------
---------
994,209
893,909
---------
---------