N21 Limited
Registered number: 04615294
Unaudited Financial Statements
For The Year Ended
30 June 2022
N21 Limited
Unaudited Financial Statements
For The Year Ended
30 June 2022
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—8 |
N21 Limited
Balance Sheet
As at
30 June 2022
Balance Sheet
Registered number:
04615294
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2022 | 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| 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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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 786,057 | 510,968 | |||
N21 Limited
Balance Sheet (continued)
As at
30 June 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 8 form part of these financial statements.
N21 Limited
Notes to the Financial Statements
For The Year Ended
30 June 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes. Turnover includes revenue earned from the provision of services and is recogonised at the point of invoice. If the provision of services spans the financial year end, it is measured by reviewing the actual services performed against the total services to be provided and is only recognised if it can be estimated reliably.
1.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are made up of Website and Software costs.
Website costs are amortised to the profit and loss account over its estimated economic life of 3 years and 5 years.
Software costs are amortised to the profit and loss account over its estimated economic life of 3 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Equipment, fixtures and fittings |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets.
Assets acquired under hire purchase contracts are depreciated over their useful lives.
Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company.
Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Financial Instruments
Debtors and creditors which are due within one year are recorded at transaction price, less any impairment.
1.7.
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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
N21 Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
1.8.
Taxation
The taxation expense represents the sum of the tax currently payable and deferred tax. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account 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 liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
1.9.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.10.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
1.11.
Consolidation
During the year the company was the parent company in a small sized group, and has therefore taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare consolidated accounts.
N21 Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
1.12.
Investments
Investments in subsidiaries are measured at cost less any accumulated impairment losses.
2.
Average Number of Employees
| 2022 | 2021 | ||
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| Average number of employees, including directors, during the year |
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3.
Intangible Assets
| Website costs | Software | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at
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| Additions |
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| As at
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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N21 Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
4.
Tangible Assets
| Equipment, fixtures and fittings | |
|---|---|
| £ | |
| Cost | |
| As at
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| Additions |
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| Disposals |
( |
| As at
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| Depreciation | |
| As at
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| Provided during the period |
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| Disposals |
( |
| As at
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| Net Book Value | |
| As at
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| As at
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5.
Investments
| Other | |
|---|---|
| £ | |
| Cost | |
| As at
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29,442 |
| Disposals | (29,442) |
| As at
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- |
| Provision | |
| As at
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- |
| As at
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- |
| Net Book Value | |
| As at
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- |
| As at
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29,442 |
N21 Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
6.
Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Amounts owed by group undertakings | 521,309 | 274,886 | |
| Other debtors | 91,444 | 41,377 | |
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7.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors | 529,165 | 117,665 | |
| Taxation and social security | 440,577 | 296,661 | |
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8.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
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N21 Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
9.
Related Party Transactions
N21 Group Limited
Parent
N21 Group Limited holds 100% of the shareholding in N21 Limited.
The amount due from the related party at the end of the year was £21,642 (2021: £1,000).
N21 Australia Pty Ltd
Intercompany
Durng the year the ownership of N21 Australia Pty Ltd was transferred from N21 Limited to N21 Group Limited via dividend in specie.
The amount due from the related party at the end of the year was £335,191 (2021: £234,307).
N21 USA Ltd
Intercompany
The amount due from the related party at the end of the year was £164,476 (2021: £39,579).
10.
General Information
N21 Limited
is a private company, limited by shares, incorporated in England & Wales. The company number is
04615294
and the registered office is 166 Brinkburn Street, Newcastle Upon Tyne, Tyne And Wear, England, NE6 2AR.