|
(1) General Information
|
| The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 167-169 Great Portland Street, London, W1W 5PF. |
|
|
|
(2) Statement of compliance
|
| These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
|
|
|
|
(3) Significant Accounting Policies
|
|
Basis of Preparation
|
|
| The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
|
|
Revenue recognition
|
|
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
|
|
|
Sale of goods
|
|
| Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them. |
|
|
|
Rendering of Services
|
|
| Revenue from provision of services rendered in the reporting period is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised. |
|
|
Intangible fixed assets
|
|
| Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. |
|
|
|
Development costs
|
|
| Development costs is stated at cost less accumulated depreciation and any accumulated impairment losses. It is amortised over its estimated life of {5 years} years using the straight-line method. If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations. |
|
|
Provisions
|
|
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). |
|
|
Taxation
|
|
| Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
|
|
|
Current Tax
|
|
| The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
|
|
Employee benefits
|
|
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
|
|
|
|
(4) Critical accounting judgements and key sources of estimation uncertainty
|
|
No judgement
|
|
| No significant judgements or estimates have been made in preparation of these financial statements. |
|
|
|
|
(5) Employees
|
| During the year, the average number of employees including director was 3 (2023 : 3). |
|
|
|
|
(6) Related party transactions
|
During the year the company entered into the following transactions with related parties Balance Owned by / (Owned to) :
Neutalrays AI India Pvt Ltd - balance outstanding owned to this relating party was (£ 88,875) as on 31 October 2024, (£ 0 as on 31 October 2023).
Neutalrays Labs Ltd - balance outstanding owned by this relating party was £ 30998 as on 31 October 2024, (£ 0 as on 31 October 2023).
Riskwell Limited - balance outstanding owned by this relating party was £ 17,031 as on 31 October 2024, (£ 17,031 as on 31 October 2023).
Mitosis Technologies Pvt Ltd - balance outstanding owned by this relating party was £ 28,100 as on 31 October 2024, (£ 0 as on 31 October 2023).
ATM Ventures Ltd - balance outstanding owned by this relating party was £ 23,700 as on 31 October 2024, (£ 23700 as on 31 October 2023).
Scott Communication LTD - balance outstanding owned by this relating party was £ 0 as on 31 October 2024, (£ 8,000 as on 31 October 2023). |
|
|
|
(7) Directors advances, credit and guarantees
|
|
Overdrawn
|
|
Senthil Prakash LOGANATHAN owed £ 148148.00 at the period end. £10,483 was repaid on 25 April 2025 .
| |
|
|
|
|
(8) Fixed assets
|
| Intangible
£ | | Cost | | | As at 01 November 2023 | 2,105 | | Additions | 2,782 | | As at 31 October 2024 | 4,887 | | Depreciation/Amortisation | | | As at 31 October 2024 | - | | Net book value | | | As at 31 October 2024 | 4,887 | | As at 31 October 2023 | 2,105 |
|
|