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Registration number: 13742624

Niteshyft Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Niteshyft Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Niteshyft Limited

Company Information

Directors

Mr NJ Rose

Mr S Webster

Mr CA Butler

Registered office

Winslow House
Church Lane
Ascot
Berkshire
SL5 7DD

Registered number

13742624

Accountants

Ripe LLP
Chartered Accountants9A Burroughs Gardens
London
NW4 4AU

 

Niteshyft Limited

(Registration number: 13742624)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

54,113

87,501

Current assets

 

Debtors

5

58,351

107,711

Cash at bank and in hand

 

87,065

6,250

 

145,416

113,961

Creditors: Amounts falling due within one year

6

(268,715)

(37,374)

Net current (liabilities)/assets

 

(123,299)

76,587

Total assets less current liabilities

 

(69,186)

164,088

Creditors: Amounts falling due after more than one year

6

(62,515)

-

Net (liabilities)/assets

 

(131,701)

164,088

Capital and reserves

 

Called up share capital

7

3,711

3,562

Share premium reserve

898,543

798,691

Retained earnings

(1,033,955)

(638,165)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

.........................................
Mr CA Butler
Director

 

Niteshyft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Winslow House
Church Lane
Ascot
Berkshire
SL5 7DD

2

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:

Asset class

Amortisation method and rate

Intellectual Property Rights

5 years on cost

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.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

 

Niteshyft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Intangible assets

Internally generated software development costs
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 December 2023

-

150,001

150,001

Additions acquired separately

4,200

-

4,200

At 30 November 2024

4,200

150,001

154,201

Amortisation

At 1 December 2023

-

62,500

62,500

Amortisation charge

88

37,500

37,588

At 30 November 2024

88

100,000

100,088

Carrying amount

At 30 November 2024

4,112

50,001

54,113

At 30 November 2023

-

87,501

87,501

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

9

-

108

Other debtors

 

58,351

107,603

   

58,351

107,711

 

Niteshyft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Trade creditors

 

-

36,736

Amounts owed to group undertakings

9

267,520

38

Other creditors

 

1,195

600

 

268,715

37,374

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

62,515

-

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £0.01 each

223,857

2,239

208,998

2,090

Preference share capital of £0.01 each

147,236

1,472

147,236

1,472

371,093

3,711

356,234

3,562


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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

62,515

-

9

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.