Company Registration No. 10469887 (England and Wales)
99HOME LTD
Unaudited accounts
for the year ended 29 November 2022
99HOME LTD
Unaudited accounts
Contents
99HOME LTD
Company Information
for the year ended 29 November 2022
Directors
Vijayant Vashistha
Sachinkumar Gupta
Richard Luckman
Company Number
10469887 (England and Wales)
Registered Office
38A Court Parade
East Lane
Wembley
HA0 3HS
United Kingdom
Accountants
Taxacc Solutions Ltd
117A St. John's Hill
Sevenoaks
Kent
TN13 3PE
99HOME LTD
Statement of financial position
as at 29 November 2022
Intangible assets
69,098
44,830
Cash at bank and in hand
122,927
153,523
Creditors: amounts falling due within one year
(130,315)
(102,413)
Net current assets
4,867
108,900
Total assets less current liabilities
74,847
154,821
Creditors: amounts falling due after more than one year
(28,458)
(34,499)
Called up share capital
103
103
Share premium
247,578
247,578
Profit and loss account
(201,292)
(127,359)
Shareholders' funds
46,389
120,322
For the year ending 29 November 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by
Vijayant Vashistha
Director
Company Registration No. 10469887
99HOME LTD
Notes to the Accounts
for the year ended 29 November 2022
99HOME LTD is a private company, limited by shares, registered in England and Wales, registration number 10469887. The registered office is 38A Court Parade, East Lane, Wembley, HA0 3HS, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
99HOME LTD
Notes to the Accounts
for the year ended 29 November 2022
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows:
Software: 10 years
Amortisation is included in administrative expenses in the profit and loss account.
Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life has changed, the residual value, useful life or amortisation rate is amended prospectively to reflect the new circumstances.
The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.
Costs associated with maintaining computer software are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognised as intangible assets when the following criteria are met:
• It is technically feasible to complete the software so that it will be available for use.
• Management intends to complete the software and use or sell it.
• There is an ability to use or sell the software.
• It can be demonstrated how the software will generate probable future economic benefits.
• Adequate technical, financial and other resources to complete the development and to use or sell the software are available.
• The expenditure attributable to the software during its development can be reliably measured.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Computer equipment
33.33% SLM
99HOME LTD
Notes to the Accounts
for the year ended 29 November 2022
The company meets its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty over (a) the level of demand for the company’s products. (b) the availability of bank finance for the foreseeable future.
The current and future financial position of the Company, its cash flows and liquidity position has been reviewed by the directors. These have been prepared with a very prudent view of the likely gradual recovery in each of the Company's operating locations and have been stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Company to continue to trade during this period.
The company’s forecasts and projections, taking into account a severe but plausible change in trading performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore, continues to adopt the going concern basis in preparing its financial statements.
Foreign currency transactions are translated into functional currency using the spot exchange rates at the dates of the transactions.
At each period-end foreign currency, monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction, and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except where deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings are presented in the profit and loss account within ‘finance (expense) / income’. All other foreign exchange gains and losses are presented in the profit and loss account within ‘other operating (losses) / gains’.
99HOME LTD
Notes to the Accounts
for the year ended 29 November 2022
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is also recognised in other comprehensive income or directly in equity respectively.
Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Director(s) periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Defined contribution pension plan.
The company operates a defined contribution scheme for the benefit of its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid, the Company has no further payment obligations.
The Contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research are recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate that the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 10 to 12 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
99HOME LTD
Notes to the Accounts
for the year ended 29 November 2022
4
Intangible fixed assets
Other
At 30 November 2021
44,830
At 29 November 2022
73,581
At 29 November 2022
69,098
At 29 November 2021
44,830
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 30 November 2021
213
-
1,514
1,727
At 29 November 2022
213
267
1,702
2,182
At 30 November 2021
31
-
605
636
Charge for the year
46
67
551
664
At 29 November 2022
77
67
1,156
1,300
At 29 November 2022
136
200
546
882
At 29 November 2021
182
-
909
1,091
Amounts falling due within one year
Accrued income and prepayments
12,269
36,783
99HOME LTD
Notes to the Accounts
for the year ended 29 November 2022
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
10,041
10,041
Trade creditors
16,882
10,990
Taxes and social security
2,440
1,772
Other creditors
88,702
63,812
8
Creditors: amounts falling due after more than one year
2022
2021
9
Transactions with related parties
At the year-end, the company owed £18 (2021: £5,183 Dr.) to the related parties included in other debtors.
10
Average number of employees
During the year the average number of employees was 6 (2021: 6).