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Registration number: 11993707

Naplex Digital Communications Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 June 2020 to 30 November 2021

 

Naplex Digital Communications Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Naplex Digital Communications Limited

Company Information

Directors

Mrs Maxine Ann Shields

Mr Scott Paul Shields

Registered office

Yew Trees
Clyst St George
Exeter
Devon
EX3 0RE

Accountants

Tax And Financial Solutions Limited
Unit 3, The Space Place
Alphin Brook Road
Exeter
Devon
EX2 8RG

 

Naplex Digital Communications Limited

(Registration number: 11993707)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

73,710

2,516

Current assets

 

Debtors

5

208,336

44,528

Cash at bank and in hand

 

510,354

222,967

 

718,690

267,495

Creditors: Amounts falling due within one year

6

(209,787)

(110,782)

Net current assets

 

508,903

156,713

Total assets less current liabilities

 

582,613

159,229

Creditors: Amounts falling due after more than one year

6

(40,665)

(90,116)

Provisions for liabilities

(14,005)

-

Net assets

 

527,943

69,113

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

527,941

69,111

Shareholders' funds

 

527,943

69,113

For the financial period ending 30 November 2021 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 of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 15 August 2022 and signed on its behalf by:
 

.........................................

Mr Scott Paul Shields
Director

 

Naplex Digital Communications Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2020 to 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Yew Trees
Clyst St George
Exeter
Devon
EX3 0RE
United Kingdom

These financial statements were authorised for issue by the Board on 15 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Naplex Digital Communications Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2020 to 30 November 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Straight Line

Motor Vehicles

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Naplex Digital Communications Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2020 to 30 November 2021

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 34 (2020 - 16).

 

Naplex Digital Communications Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2020 to 30 November 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2020

3,354

-

3,354

Additions

10,179

80,467

90,646

At 30 November 2021

13,533

80,467

94,000

Depreciation

At 1 June 2020

838

-

838

Charge for the period

3,359

16,093

19,452

At 30 November 2021

4,197

16,093

20,290

Carrying amount

At 30 November 2021

9,336

64,374

73,710

At 31 May 2020

2,516

-

2,516

5

Debtors

2021
£

2020
£

Prepayments

22,791

42,269

Other debtors

185,545

2,259

208,336

44,528

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

7

10,000

-

Trade creditors

 

22,558

49,020

Taxation and social security

 

171,313

60,609

Accruals and deferred income

 

1,172

525

Other creditors

 

4,744

628

 

209,787

110,782

Creditors: amounts falling due after more than one year

 

Naplex Digital Communications Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2020 to 30 November 2021

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

7

40,665

90,116

7

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

35,000

50,000

Other borrowings

5,665

40,116

40,665

90,116

2021
£

2020
£

Current loans and borrowings

Bank borrowings

10,000

-

8

Related party transactions

Transactions with directors

2021

At 1 June 2020
£

Advances to directors
£

Repayments by director
£

At 30 November 2021
£

Mr Scott Paul Shields

Directors Loan

22,117

(56,663)

40,211

5,665