Registration number:
Nit Noi Limited
for the Year Ended 30 September 2024
Nit Noi Limited
Contents
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Company Information |
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Directors' Report |
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Statement of comprehensive income |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Nit Noi Limited
Company Information
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Directors |
T H Berglund A J Sperrin |
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Company secretary |
A J Sperrin |
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Registered office |
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Accountants |
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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:
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
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Nit Noi Limited
Statement of comprehensive income
for the Year Ended 30 September 2024
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Note |
2024 |
2023 |
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Revenue |
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Cost of sales |
- |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating (loss)/profit |
(16,261) |
48,665 |
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(Loss)/gain on financial assets at fair value through profit and loss |
( |
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Income from listed investments |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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(291,123) |
116,687 |
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(Loss)/profit on ordinary activities before taxation |
( |
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Taxation |
|
( |
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(Loss)/profit for the financial year |
( |
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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
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Note |
2024 |
2023 |
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Non-current assets |
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Investments |
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Current assets |
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Receivables |
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Cash at bank |
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Payables: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Equity |
|||
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Called up share capital |
678 |
678 |
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Other reserves |
457,079 |
732,361 |
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Retained earnings |
666,210 |
618,611 |
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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:
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• |
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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. |
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
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Director
Nit Noi Limited
Statement of Changes in Equity
for the Year Ended 30 September 2024
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Share capital |
Other reserves |
Retained earnings |
Total |
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At 1 October 2023 |
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Loss for the year |
- |
- |
( |
( |
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Total comprehensive income |
- |
- |
( |
( |
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Transfers |
- |
(275,282) |
275,282 |
- |
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At 30 September 2024 |
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Share capital |
Other reserves |
Retained earnings |
Total |
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At 1 October 2022 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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Transfers |
- |
33,034 |
(33,034) |
- |
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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
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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.
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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)
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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)
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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
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Taxation |
Tax charged/(credited) in the income statement
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2024 |
2023 |
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Current taxation |
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UK corporation tax |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
( |
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Tax (receipt)/expense in the income statement |
( |
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Nit Noi Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)
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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
The differences are reconciled below:
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2024 |
2023 |
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(Loss)/profit before tax |
( |
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Corporation tax at standard rate |
( |
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Decrease from effect of different UK tax rates on some earnings |
( |
( |
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Total tax (credit)/charge |
( |
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Deferred tax
Deferred tax assets and liabilities
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2024 |
Liability |
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Financial assets at fair value through the income statement |
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2023 |
Liability |
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Financial assets at fair value through the income statement |
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Other financial assets |
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Listed |
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Valuation |
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At 1 October 2023 |
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Revaluation |
( |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Nit Noi Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)
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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).
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Receivables |
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2024 |
2023 |
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Trade receivables |
- |
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Other receivables |
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Prepayments and accrued income |
- |
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Cash and cash equivalent |
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2024 |
2023 |
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Cash at bank |
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Payables |
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2024 |
2023 |
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Due within one year |
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Trade payables |
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Other payables |
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Accruals |
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Income tax liability |
32,794 |
34,923 |
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Nit Noi Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)
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Provisions for liabilities |
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Deferred tax |
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At 1 October 2023 |
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Decrease in existing provisions |
( |
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At 30 September 2024 |
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The deferred tax liability above represents the deferred tax liability on the gain on listed investments recognised within equity.
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Share capital and reserves |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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678 |
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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.
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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.
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Events after the financial period |
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