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Registration number: 04193481

Nit Noi Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Nit Noi Limited

Contents

Company Information

1

Directors' Report

2

Statement of comprehensive income

3

Statement of Financial Position

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 11

 

Nit Noi Limited

Company Information

Directors

T H Berglund

A J Sperrin

Company secretary

A J Sperrin

Registered office

Willmott House
12 Blacks Road
London
W6 9EU

Accountants

Shaw Gibbs Limited Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Nit Noi Limited

Directors' Report for the Year Ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Principal activity

The principal activity of the company is that of the provision of consultancy services.

Directors of the company

The directors who held office during the year and up to the date of approval of this report were as follows:

T H Berglund

A J Sperrin

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the Board on 18 July 2025 and signed on its behalf by:
 

.........................................
A J Sperrin
Director

 

Nit Noi Limited

Statement of comprehensive income
for the Year Ended 30 September 2024

Note

2024
£

2023
£

Revenue

 

18,500

61,479

Cost of sales

 

-

(7,000)

Gross profit

 

18,500

54,479

Administrative expenses

 

(34,761)

(5,814)

Operating (loss)/profit

 

(16,261)

48,665

(Loss)/gain on financial assets at fair value through profit and loss

 

(367,043)

44,045

Income from listed investments

 

58,727

58,727

Other interest receivable and similar income

 

25,136

24,000

Interest payable and similar expenses

 

(7,943)

(10,085)

   

(291,123)

116,687

(Loss)/profit on ordinary activities before taxation

(307,384)

165,352

Taxation

4

79,701

(36,746)

(Loss)/profit for the financial year

 

(227,683)

128,606

Continuing operations
The above results were derived wholly from continuing operations.

 

Nit Noi Limited

(Registration number: 04193481)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Non-current assets

 

Investments

5

2,143,533

2,510,576

Current assets

 

Receivables

6

400,000

473,200

Cash at bank

7

3,922

60

 

403,922

473,260

Payables: Amounts falling due within one year

8

(1,271,129)

(1,388,067)

Net current liabilities

 

(867,207)

(914,807)

Total assets less current liabilities

 

1,276,326

1,595,769

Provisions for liabilities

9

(152,359)

(244,119)

Net assets

 

1,123,967

1,351,650

Equity

 

Called up share capital

10

678

678

Other reserves

10

457,079

732,361

Retained earnings

10

666,210

618,611

Shareholders' funds

 

1,123,967

1,351,650

For the financial year ending 30 September 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements of Nit Noi Limited were approved and authorised for issue by the Board on 18 July 2025 and signed on its behalf by:
 

.........................................

A J Sperrin
Director

 

Nit Noi Limited

Statement of Changes in Equity
for the Year Ended 30 September 2024

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 October 2023

678

732,361

618,611

1,351,650

Loss for the year

-

-

(227,683)

(227,683)

Total comprehensive income

-

-

(227,683)

(227,683)

Transfers

-

(275,282)

275,282

-

At 30 September 2024

678

457,079

666,210

1,123,967

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 October 2022

678

699,327

523,039

1,223,044

Profit for the year

-

-

128,606

128,606

Total comprehensive income

-

-

128,606

128,606

Transfers

-

33,034

(33,034)

-

At 30 September 2023

678

732,361

618,611

1,351,650

 

Nit Noi Limited

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

1

General information

Nit Noi Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Judgements

There are no critical judgements made by the directors in the process of applying the company's accounting polices which have a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of value added tax.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Taxation

The tax expense for the period comprises current and deferred 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.

 

Nit Noi Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the year end.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Other financial assets

Other financial assets comprise listed securities which are publicly traded and are initially recognised at cost and subsequently measured at fair value at each balance sheet date. Gains and losses arising from changes in fair values are recognised in the income statement.

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.

Receivables

Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables 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 and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.

 

Nit Noi Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Borrowings

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 Income Statement 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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

12,060

25,735

Deferred taxation

Arising from origination and reversal of timing differences

(91,761)

11,011

Tax (receipt)/expense in the income statement

(79,701)

36,746

 

Nit Noi Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

4

Taxation (continued)

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

(Loss)/profit before tax

(307,384)

165,352

Corporation tax at standard rate

(76,846)

41,338

Decrease from effect of different UK tax rates on some earnings

(2,855)

(4,592)

Total tax (credit)/charge

(79,701)

36,746

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Financial assets at fair value through the income statement

152,359

   

2023

Liability
£

Financial assets at fair value through the income statement

244,119

   

5

Other financial assets

Listed
investments
£

Valuation

At 1 October 2023

2,510,576

Revaluation

(367,043)

At 30 September 2024

2,143,533

Carrying amount

At 30 September 2024

2,143,533

At 30 September 2023

2,510,576

 

Nit Noi Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

5

Other financial assets (continued)

The aggregate historical cost amount (reflecting any write downs to recoverable amount) that would have been included had the investments not been revalued at 30 September 2024 was £1,534,021 (2023: £1,534,021).

6

Receivables

2024
£

2023
£

Trade receivables

-

4,200

Other receivables

400,000

445,000

Prepayments and accrued income

-

24,000

400,000

473,200

7

Cash and cash equivalent

2024
£

2023
£

Cash at bank

3,922

60

8

Payables

2024
£

2023
£

Due within one year

Trade payables

960

900

Other payables

1,123,415

1,228,259

Accruals

113,960

123,985

Income tax liability

32,794

34,923

1,271,129

1,388,067

 

Nit Noi Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

9

Provisions for liabilities

Deferred tax
£

At 1 October 2023

244,119

Decrease in existing provisions

(91,760)

At 30 September 2024

152,359

The deferred tax liability above represents the deferred tax liability on the gain on listed investments recognised within equity.

10

Share capital and reserves

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

678

678

678

678

       

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

Other reserve represents the cumulative effect of revaluations of freehold land and buildings which are revalued to fair value at each reporting date. This reserve forms part of the company's non-distributable reserves.

11

Related party transactions

At 30 September 2024, the company owed T H Berglund, a director, £12,996 (2023: £2,839).
The loan is unsecured, interest free and has no fixed repayment date or repayment schedule.

At 30 September 2024, the company owed £75,000 to Picnichouse Ltd (2023: £75,000), a company in which A Sperrin is a director. The loan is unsecured and has no fixed repayment schedule or repayment date.

12

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.