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Registration number: 05433243

Nethouseprices Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Nethouseprices Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Nethouseprices Limited

Company Information

Directors

OneDome Ltd

Mr B Ismayil

Registered office

107 Reaver House
12 East Street
Epsom
Surrey
KT17 1HX

 

Nethouseprices Limited

(Registration number: 05433243)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

2,833

16,268

Tangible assets

5

267

72

 

3,100

16,340

Current assets

 

Debtors

6

161,965

156,329

Cash at bank and in hand

 

54,095

22,713

 

216,060

179,042

Creditors: Amounts falling due within one year

7

(61,672)

(44,839)

Net current assets

 

154,388

134,203

Total assets less current liabilities

 

157,488

150,543

Creditors: Amounts falling due after more than one year

7

(36,063)

(38,081)

Net assets

 

121,425

112,462

Capital and reserves

 

Called up share capital

999

999

Profit and loss account

120,426

111,463

Shareholders' funds

 

121,425

112,462

For the financial year ending 31 December 2022 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 year 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 October 2023 and signed on its behalf by:
 

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

Mr B Ismayil
Director

 

Nethouseprices Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
107 Reaver House
12 East Street
Epsom
Surrey
KT17 1HX
United Kingdom

These financial statements were authorised for issue by the Board on 5 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Group accounts not prepared

The Company is part of a small group. The Company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts.

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.

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.

 

Nethouseprices Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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

Furniture, fittings and equipment

33% Straight line

Amortisation

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

Asset class

Amortisation method and rate

Website

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

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.

 

Nethouseprices Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2021 - 5).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2022

716,490

716,490

At 31 December 2022

716,490

716,490

Amortisation

At 1 January 2022

700,222

700,222

Amortisation charge

13,435

13,435

At 31 December 2022

713,657

713,657

Carrying amount

At 31 December 2022

2,833

2,833

At 31 December 2021

16,268

16,268

 

Nethouseprices Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

10,780

10,780

Additions

295

295

At 31 December 2022

11,075

11,075

Depreciation

At 1 January 2022

10,708

10,708

Charge for the year

100

100

At 31 December 2022

10,808

10,808

Carrying amount

At 31 December 2022

267

267

At 31 December 2021

72

72

6

Debtors

Note

2022
£

2021
£

Trade debtors

 

10,399

11,291

Amounts owed by group undertakings

10

130,135

143,813

Prepayments

 

21,431

1,225

 

161,965

156,329

 

Nethouseprices Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

2,836

9,567

Trade creditors

 

3,586

1,810

Taxation and social security

 

30,104

11,377

Accruals and deferred income

 

24,614

22,085

Other creditors

 

532

-

 

61,672

44,839

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

36,063

38,081

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

36,063

38,081

2022
£

2021
£

Current loans and borrowings

Bank borrowings

2,836

9,567

Bank borrowings
Bank borrowings of £38,899.11 (£2,836.20 due within 1 year, £36,062.91 due after 1 year) at 31st December 2022 represents an unsecured "bounce-back" loan, with an interest rate of 2.5% per annum. The loan is repayable over 120 months, due to be repaid in full by September 2031.

 

Nethouseprices Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary A of £1 each

666

666

666

666

Ordinary B of £1 each

333

333

333

333

 

999

999

999

999

10

Related party transactions

The company has taken advantage of the exemption in Section 33.1 A of FRS102 Related Party Transaction from disclosing the details of transactions with other companies within the group.

11

Control

The controlling party is Mr B Ismayil.

The ultimate controlling party is Mr B Ismayil.