Registration number:
Niteshyft Limited
for the Year Ended 30 November 2024
Niteshyft Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Niteshyft Limited
Company Information
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Directors |
Mr NJ Rose Mr S Webster Mr CA Butler |
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Registered office |
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Registered number |
13742624 |
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Accountants |
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Niteshyft Limited
(Registration number: 13742624)
Balance Sheet as at 30 November 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
3,711 |
3,562 |
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Share premium reserve |
898,543 |
798,691 |
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Retained earnings |
(1,033,955) |
(638,165) |
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Shareholders' (deficit)/funds |
(131,701) |
164,088 |
Niteshyft Limited
(Registration number: 13742624)
Balance Sheet as at 30 November 2024
For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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......................................... |
Niteshyft Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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 £.
Going concern
The accounts have been prepared on a going concern basis on the understanding that the company's creditors will continue to support the company for the foreseeable future.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Niteshyft Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
Intangible assets
Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Intellectual Property Rights |
5 years on cost |
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Software development |
4 years on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Niteshyft Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Niteshyft Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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Intangible assets |
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Internally generated software development costs |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 December 2023 |
- |
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Additions acquired separately |
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- |
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At 30 November 2024 |
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Amortisation |
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At 1 December 2023 |
- |
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Amortisation charge |
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At 30 November 2024 |
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Carrying amount |
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At 30 November 2024 |
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At 30 November 2023 |
- |
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Debtors |
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Current |
Note |
2024 |
2023 |
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Amounts owed by related parties |
- |
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Other debtors |
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Niteshyft Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Trade creditors |
- |
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Amounts owed to group undertakings |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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- |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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2,239 |
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2,090 |
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1,472 |
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1,472 |
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New shares allotted
During the year, 14,859 Ordinary shares having an aggregate nominal value of £148.59 were allotted for aggregate consideration of £100,000.
Niteshyft Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Other borrowings |
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- |
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Related party transactions |
Io-Co IP Limited
(The shareholder of the company and also Nicholas Rose and Chris Butler are common directors and shareholders)
As at year end, the company owed £267,520 (2023: £16) to Io-Co IP Limited.
Included within loans and borrowings is a note of £60,000 relating to convertible loan agreement (dated 29 January 2024) in place with Io-Co IP Limited, bearing interest at 5% per annum. Accordingly, Io-Co IP Limited have a option to convert this loan note into equity of the company at £4.55 per ordinary share before the final redemption date i.e. 29 January 2026.
Nikid Design Limited
(Nicholas Rose is a common director and shareholder)
As at year end, the company owed £- (2023: £22) to Nikid Design Limited.
State Mode Medcial Limited
(Nicholas Rose and Chris Butler are common directors and shareholders)
As at year end, State Mode Medical Limited owed £- (2023: £34) to the company.
Transactions with directors
At the year end, Nicholas Rose, the director of the company owed £- (2023: £74) to the company.