Nitesite Limited - Period Ending 2016-05-31

Registration number: 07506305

Nitesite Limited
 
  Unaudited Abbreviated Accounts
 
  for the Year Ended 31 May 2016
 

Jones & Co of York Limited
  Chartered Accountants
  Prospect House
  148 Lawrence Street
  York
  YO10 3EB

Nitesite Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Nitesite Limited
(Registration number: 07506305)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					54,985			50,244
Tangible fixed assets					341,090			281,052
					396,075			331,296
Current assets
Stocks					791,885			266,325
Debtors					535,564			487,201
Cash at bank and in hand					146,268			126,276
					1,473,717			879,802
Creditors: Amounts falling due within one year					(730,975)			(439,328)
Net current assets					742,742			440,474
Total assets less current liabilities					1,138,817			771,770
Creditors: Amounts falling due after more than one year					(97,020)			(106,585)
Provisions for liabilities					(69,006)			-
Net assets					972,791			665,185
Capital and reserves
Called up share capital		4			20			20
Profit and loss account					972,771			665,165
Shareholders' funds					972,791			665,185

For the year ending 31 May 2016 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 22 February 2017 and signed on its behalf by:

.........................................
Nicholas Bortone
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Nitesite Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Patents	20 years straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Leasehold improvements	10% straight line
Plant and machinery	5% straight line
Fixtures and fittings	25% straight line
Office equipment	25% straight line

Research and development

Research and development expenditure is written off as incurred

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

Nitesite Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 June 2015		58,057			328,221			386,278
Additions		8,046			80,678			88,724
At 31 May 2016		66,103			408,899			475,002
Depreciation
At 1 June 2015		7,813			47,169			54,982
Charge for the year		3,305			20,640			23,945
At 31 May 2016		11,118			67,809			78,927
Net book value
At 31 May 2016		54,985			341,090			396,075
At 31 May 2015		50,244			281,052			331,296

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		10,752			10,835
Amounts falling due after more than one year		3,333			13,333
Total secured creditors		14,085			24,168

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		20			20			20			20

Page 3

Nitesite Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

5

Control

The company is controlled by IRNV Innovation Group Limited. On 1 June 2016 the company became an 80% subsidiary of IRNV Innovation Group Limited .

Page 4