nozzle.ai Limited - Accounts to registrar (filleted) - small 18.2
nozzle.ai Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2020 |
| for |
| nozzle.ai Limited |
| nozzle.ai Limited (Registered number: 08868718) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| nozzle.ai Limited |
| Company Information |
| for the Year Ended 31 December 2020 |
| Directors: |
| Registered office: |
| Registered number: |
| Accountants: |
| 15 St Georges Road |
| Cheltenham |
| Gloucestershire |
| GL50 3DT |
| nozzle.ai Limited (Registered number: 08868718) |
| Balance Sheet |
| 31 December 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| nozzle.ai Limited (Registered number: 08868718) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2020 |
| 1. | STATUTORY INFORMATION |
| nozzle.ai Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding and support from external investments will be adequate to meet the company's needs for a period of at least 12 months from the date of approval of these financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue from a contract to provide services is recognised in the period in which the services are provided. |
| Tangible fixed assets |
| Computer equipment | - |
| Tangible assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Taxation |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense 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 it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| nozzle.ai Limited (Registered number: 08868718) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. |
| Convertible debt |
| On the initial issue of convertible debt, the company allocates the proceeds between the liability and equity components. To make the allocation, the company determines the amount of the liability component as the fair value of a similar liability that does not have a conversion feature. The residual amount is allocated as the equity component. Any transaction costs are allocated between the debt and equity components on the basis of their relative fair values. The liability component of the instrument is subsequently measured on an amortised cost basis. Any initial allocations are not revised in subsequent periods. |
| Shares |
| Shares issued by the company are classified as liabilities or equity depending on whether the company has an unconditional right to avoid paying cash (or another financial asset). If an obligation to pay cash or another financial asset exists, then either part or whole of the financial instrument is recognised as a liability. |
| Where the company determines there is no liability component, the shares are recognised in equity at fair value of the consideration received, net of transaction costs. Otherwise the shares are classified as a liability. Where the instrument contains both equity and financial liability components, these are separated and accounted for individually by determining the amount of the liability component as the fair value of a similar instrument that does not have an associated equity component. The residual amount is allocated as the equity component. The transaction costs are allocated between the liability and equity components on the basis of their relative fair values. Any initial allocations are not revised in subsequent periods. |
| Where cash is received in advance of shares being issued, and the company cannot be required to repay the cash, then the advance is recorded within equity. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| nozzle.ai Limited (Registered number: 08868718) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| Cost |
| At 1 January 2020 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2020 |
| Depreciation |
| At 1 January 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2020 |
| Net book value |
| At 31 December 2020 |
| At 31 December 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |