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2018-12-31 09270784 1 2018-04-01 2018-12-31 09270784 frs-countries:EnglandWales 2018-04-01 2018-12-31
Registered number: 09270784
Nix&Kix Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2019
Venn Accounts

Unaudited Financial Statements
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Accountants' Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nix&Kix Ltd for the year end 31 December 2019 which contains the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the directors of Nix&Kix Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Nix&Kix Ltd and state those matters that we have agreed to state to the directors of Nix&Kix Ltd in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Nix&Kix Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nix&Kix Ltd. You consider that Nix&Kix Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Nix&Kix Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
15/07/2020
Venn Accounts
Uncommon Offices
126 New Kings Road
Fulham
London
SW6 4LZ
Page 1
Balance Sheet
Registered number: 09270784
31 December 2019 31 December 2018
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 18,818 8,745
18,818 8,745
CURRENT ASSETS
Stocks 3 249,272 205,415
Debtors 4 145,482 193,346
Cash at bank and in hand 126,354 654,350
521,108 1,053,111
Creditors: Amounts Falling Due Within One Year 5 (226,879 ) (208,005 )
NET CURRENT ASSETS (LIABILITIES) 294,229 845,106
TOTAL ASSETS LESS CURRENT LIABILITIES 313,047 853,851
Creditors: Amounts Falling Due After More Than One Year 6 (1,005 ) (3,393 )
NET ASSETS 312,042 850,458
CAPITAL AND RESERVES
Called up share capital 8 442 434
Share premium account 1,866,033 1,755,874
Profit and Loss Account (1,554,433 ) (905,850 )
SHAREHOLDERS' FUNDS 312,042 850,458
Page 2
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • 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.
  • 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
Mrs Kerstin Robinson
Director
15/07/2020

The notes on pages 4 to 6 form part of these financial statements.
Page 3
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 discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

1.3. 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 or lease term (whichever is less). Based on the following rates:
Motor Vehicles 33.33% Straight line
Fixtures & Fittings 25% Straight line
Computer Equipment 33.33% Straight line
1.4. Leasing and Hire Purchase Contracts
Leases in which the company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases.
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6. Foreign Currencies
Monetary 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.
1.7. Research and development
Expenditure on research and development is written off in the year in which it is incurred.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 12 (2018: 10)
12 10
Page 4
3. Stocks
31 December 2019 31 December 2018
£ £
Stock - finished goods and materials 249,272 205,415
249,272 205,415
4. Debtors
31 December 2019 31 December 2018
£ £
Due within one year
Trade debtors 135,041 88,852
Prepayments and accrued income 1,500 93,612
Sundry debtors 8,941 -
Corporation tax recoverable assets - 10,876
Called up share capital not paid - 6
145,482 193,346
5. Creditors: Amounts Falling Due Within One Year
31 December 2019 31 December 2018
£ £
Net obligations under finance lease and hire purchase contracts 3,558 4,088
Trade creditors 91,891 191,776
Other taxes and social security 6,578 7,737
VAT 43,171 4,143
Other creditors 77,657 261
Accruals and deferred income 4,024 -
226,879 208,005
Page 5
6. Creditors: Amounts Falling Due After More Than One Year
31 December 2019 31 December 2018
£ £
Net obligations under finance lease and hire purchase contracts 1,005 3,393
1,005 3,393
7. Obligations Under Finance Leases and Hire Purchase
31 December 2019 31 December 2018
£ £
The maturity of these amounts is as follows:
Amounts Payable:
Within one year 3,558 4,088
Between one and five years 1,005 3,393
4,563 7,481
4,563 7,481
8. Share Capital
31 December 2019 31 December 2018
Called Up Share Capital not Paid - 6
Called Up Share Capital has been paid up 442 428
Amount of Allotted, Called Up Share Capital 442 434
564 Ordinary shares (£0.01 nominal value) have vested during the period relating to prior share based payment agreements in place. A total of £8,380 was recognised in the profit and loss for the period. There are no remaining shares to be vested in respect of this agreement.

Options over 667 shares were granted during the accounting period at an average exercise price of £48. Rights to exercise options will vest in accordance with the net sales achieved by the company on a quarterly basis, this will be over 6 quarters The number of shares per employee are to be granted equally over the 6 quarters and the settlement is for equity.

9. General Information
Nix&Kix Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09270784. The registered office is 86-90 Paul Street, London, EC2A 4NE.
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