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COMPANY REGISTRATION NUMBER: 12279073
N1N Ltd
Filleted Unaudited Financial Statements
31 October 2024
N1N Ltd
Financial Statements
Year ended 31 October 2024
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
N1N Ltd
Officers and Professional Advisers
The board of directors
A Eyal
N A Job Pinto
RMD Machado
Registered office
1 Bow Churchyard
London
EC4M 9DQ
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
N1N Ltd
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of N1N Ltd
Year ended 31 October 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 October 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
N1N Ltd
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
8,709
12,365
Investments
6
8,330
8,688
--------
--------
17,039
21,053
Current assets
Debtors
7
598,300
488,875
Cash at bank and in hand
1,513,142
696,222
------------
------------
2,111,442
1,185,097
Creditors: amounts falling due within one year
8
3,905,278
2,069,171
------------
------------
Net current liabilities
1,793,836
884,074
------------
---------
Total assets less current liabilities
( 1,776,797)
( 863,021)
------------
---------
Net liabilities
( 1,776,797)
( 863,021)
------------
---------
Capital and reserves
Called up share capital
10
3
3
Share premium account
1,310,756
1,305,972
Profit and loss account
( 3,087,556)
( 2,168,996)
------------
------------
Shareholders deficit
( 1,776,797)
( 863,021)
------------
------------
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 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
N1N Ltd
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 25 June 2025 , and are signed on behalf of the board by:
N A Job Pinto
Director
Company registration number: 12279073
N1N Ltd
Notes to the Financial Statements
Year ended 31 October 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 1 Bow Churchyard, London, EC4M 9DQ.
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 .
Share based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates.
Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met.
Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification.
Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately.
Going concern
In our opinion, on the basis of information and enquiries that are pertinent to the company's circumstances and which we believe to be adequate, it is appropriate to continue to treat the company as a going concern. In particular we believe that adequate cash resources will be available to cover the company's requirements for working capital for at least twelve months from the date of signing the financial statements.
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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
Equipment
£
Cost
At 1 November 2023
21,077
Additions
2,573
--------
At 31 October 2024
23,650
--------
Depreciation
At 1 November 2023
8,712
Charge for the year
6,229
--------
At 31 October 2024
14,941
--------
Carrying amount
At 31 October 2024
8,709
--------
At 31 October 2023
12,365
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 November 2023
8,688
Other movements
( 358)
-------
At 31 October 2024
8,330
-------
Impairment
At 1 November 2023 and 31 October 2024
-------
Carrying amount
At 31 October 2024
8,330
-------
At 31 October 2023
8,688
-------
The above amount represents a 100% investment in N1N Unipessoal Lda, a company incorporated in Portugal and N1N Inc., a company incorporated in The United States of America.
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
563,703
448,561
Other debtors
34,597
40,314
---------
---------
598,300
488,875
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
900
7,215
Social security and other taxes
11,365
9,381
Other creditors
3,893,013
2,052,575
------------
------------
3,905,278
2,069,171
------------
------------
Included within other creditors is £3,810,525 (2023 : £2,000,478) of convertible debt .
9. Share-based payments
The company runs an EMI/Non-EMI share option scheme. During the year, 250,000 options were granted, 18,750 options lapsed and 6,250 options were exercised, leaving 6,570,000 options at the year end date. The number of participants in the scheme is 26.
The share option expense for the year based upon the number of options vested at the balance sheet date is £0.24.
10. Called up share capital
During the year, the company issued 159,480 Ordinary shares of £0.0000001 each for a total consideration of £4,784.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
137,500
137,500
Later than 1 year and not later than 5 years
311,541
449,041
---------
---------
449,041
586,541
---------
---------