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| Balance Sheet | 1—2 |
| Statement of Changes in Equity | 3 |
| Notes to the Financial Statements | 4—7 |
| 2024 | 2023 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| Investments | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Prepaid equity forward reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (99,179) | (100,877) | |||
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Director
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Director
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| Share Capital | Prepaid equity forward reserve | Profit and Loss Account | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| As at 1 August 2022 |
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(101,263) |
| Profit for the year and total comprehensive income | - | - |
|
386 |
| As at 31 July 2023 and 1 August 2023 |
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(100,877) |
| Loss for the year and total comprehensive income | - | - |
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(23,888) |
| New prepaid equity forward agreements entered into | - | 25,586 | - | 25,586 |
| As at 31 July 2024 |
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(99,179) |
| Plant & Machinery |
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| Computer Equipment |
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| Plant & Machinery | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 August 2023 |
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| Additions |
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| As at 31 July 2024 |
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| Depreciation | |||
| As at 1 August 2023 |
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| Provided during the period |
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| As at 31 July 2024 |
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| Net Book Value | |||
| As at 31 July 2024 |
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| As at 1 August 2023 |
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| Subsidiaries | |
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| £ | |
| Cost | |
| As at 1 August 2023 |
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| As at 31 July 2024 |
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| Provision | |
| As at 1 August 2023 |
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| As at 31 July 2024 |
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| Net Book Value | |
| As at 31 July 2024 |
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| As at 1 August 2023 |
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| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors | - |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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| Directors' loan accounts |
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| Amounts owed by subsidiaries |
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| Due after more than one year | |||
| Deferred tax current asset |
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| 2024 | 2023 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT | - |
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| Net wages | 1,175 | 775 | |
| Accruals and deferred income |
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| 2024 | 2023 | ||
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| £ | £ | ||
| Bank loans |
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| Other loans |
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| Amounts owed to related parties |
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| As at 1 August 2023 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 July 2024 | |
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| £ | £ | £ | £ | £ | |
| Mr Vinoth Bellie |
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| Mrs Shubna Kumar |
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SSAS Trust
In previous years the company set up a SSAS trust for the benefit of a company director. The SSAS trust continues to provide an interest bearing loans to the company, secured on the company's equity. During the year additional loans of £104,477 were taken by the company from the SSAS trust (prior year £113,771) and interest of £2,776 was accrued (prior year £973). The balance outstanding at the end of the period was £221,997 (prior year £114,744).
Rednics Computing Solutions Trading LLC
Wholly owned subsidiary
The company also provided working capital to a wholly owned subsidiary based in Dubai to develop a sales and marketing operation focussed on growing it's sales in the Middle East. Amounts advanced during the year totalled £68,118.59 (prior year £nil). These are included in debtors above. Loans are non interest bearing and repayable on demand.
Inibet India Private Limited
Wholly owned subsidiary
During the year, the company received subcontracted development services from Inibet India PVT Ltd to further advance the company's propriety software. This expenditure totalled £49,590 (prior year £46,372). Amounts totalling £85,899 (prior year £74,651) remained unpaid at the balance sheet date from this and previous years invoices. Unpaid amounts are included in trade creditors as no offset had been arranged between these invoices and the intercompany receivable below.
Inibet India Private Limited
Wholly owned subsidiary
The company continues to hold an intercompany receivable of £62,313 (prior year £62,313) arising from the issue by the company of prepaid equity forward agreement who's proceeds were used to fund working capital in the subsidiary. These amounts are non interest bearing and repayable on demand. The company intends to partially offset the receivable against unpaid invoices owed to Inibet India PVT Ltd. These unpaid invoices are included in trade creditors as described above.