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COMPANY REGISTRATION NUMBER: 03215394
Netmarque Limited
Filleted Unaudited Financial Statements
30 June 2023
Netmarque Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
16,216
13,921
Current assets
Debtors
6
524,102
739,488
Cash at bank and in hand
2,009,659
892,839
------------
------------
2,533,761
1,632,327
Creditors: amounts falling due within one year
7
586,965
482,040
------------
------------
Net current assets
1,946,796
1,150,287
------------
------------
Total assets less current liabilities
1,963,012
1,164,208
Provisions
Taxation including deferred tax
511
511
------------
------------
Net assets
1,962,501
1,163,697
------------
------------
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss account
1,957,501
1,158,697
------------
------------
Shareholders funds
1,962,501
1,163,697
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Netmarque Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 27 July 2023 , and are signed on behalf of the board by:
Mrs J Thorburn
Director
Company registration number: 03215394
Netmarque Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Netherwood Road, London, W14 0BL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant
-
25% reducing balance
F & F
-
25% reducing balance
Equipment
-
25% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 49 (2022: 47 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 July 2022
26,654
58,025
59,543
144,222
Additions
8,929
8,929
--------
--------
--------
---------
At 30 June 2023
26,654
58,025
68,472
153,151
--------
--------
--------
---------
Depreciation
At 1 July 2022
26,583
50,548
53,170
130,301
Charge for the year
18
1,869
4,747
6,634
--------
--------
--------
---------
At 30 June 2023
26,601
52,417
57,917
136,935
--------
--------
--------
---------
Carrying amount
At 30 June 2023
53
5,608
10,555
16,216
--------
--------
--------
---------
At 30 June 2022
71
7,477
6,373
13,921
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
519,102
695,866
Amounts owed by group undertakings and undertakings in which the company has a participating interest
38,622
Other debtors
5,000
5,000
---------
---------
524,102
739,488
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
39,460
46,624
Corporation tax
148,198
107,761
Social security and other taxes
166,091
131,399
Other creditors
233,216
196,256
---------
---------
586,965
482,040
---------
---------
8. Related party transactions
The company was under the control of Mrs J Thorburn throughout the current and previous year. The company owed the director £407, (2021:£407)