Caseware UK (AP4) 2022.0.179 2022.0.179 2022-03-312022-03-312021-04-01falsehe principal activity of the company is that of providing computer and software consultancy.45falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04280176 2021-03-31 04280176 2021-04-01 2022-03-31 04280176 2020-03-30 2021-03-29 04280176 2022-03-31 04280176 2021-03-29 04280176 c:Director2 2021-04-01 2022-03-31 04280176 d:Buildings 2021-04-01 2022-03-31 04280176 d:Buildings 2022-03-31 04280176 d:Buildings 2021-03-29 04280176 d:Buildings d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 04280176 d:PlantMachinery 2021-04-01 2022-03-31 04280176 d:PlantMachinery 2022-03-31 04280176 d:PlantMachinery 2021-03-29 04280176 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 04280176 d:FurnitureFittings 2021-04-01 2022-03-31 04280176 d:ComputerEquipment 2021-04-01 2022-03-31 04280176 d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 04280176 d:CurrentFinancialInstruments 2022-03-31 04280176 d:CurrentFinancialInstruments 2021-03-29 04280176 d:Non-currentFinancialInstruments 2022-03-31 04280176 d:Non-currentFinancialInstruments 2021-03-29 04280176 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04280176 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-29 04280176 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 04280176 d:Non-currentFinancialInstruments d:AfterOneYear 2021-03-29 04280176 d:ShareCapital 2022-03-31 04280176 d:ShareCapital 2021-03-29 04280176 d:CapitalRedemptionReserve 2022-03-31 04280176 d:CapitalRedemptionReserve 2021-03-29 04280176 d:RetainedEarningsAccumulatedLosses 2022-03-31 04280176 d:RetainedEarningsAccumulatedLosses 2021-03-29 04280176 c:OrdinaryShareClass1 2021-04-01 2022-03-31 04280176 c:OrdinaryShareClass1 2022-03-31 04280176 c:OrdinaryShareClass1 2021-03-29 04280176 c:FRS102 2021-04-01 2022-03-31 04280176 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 04280176 c:FullAccounts 2021-04-01 2022-03-31 04280176 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 04280176 2 2021-04-01 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04280176









NETEC GLOBAL CONSULTING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2022

 
NETEC GLOBAL CONSULTING LIMITED
REGISTERED NUMBER: 04280176

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
217,180
221,921

  
217,180
221,921

Current assets
  

Debtors: amounts falling due within one year
 5 
330,188
418,825

Cash at bank and in hand
  
58,619
18,545

  
388,807
437,370

Creditors: amounts falling due within one year
 6 
(204,640)
(248,694)

Net current assets
  
 
 
184,167
 
 
188,676

Total assets less current liabilities
  
401,347
410,597

Creditors: amounts falling due after more than one year
 7 
(34,513)
(42,500)

Provisions for liabilities
  

Deferred tax
  
(1,024)
(1,216)

  
 
 
(1,024)
 
 
(1,216)

Net assets
  
365,810
366,881


Capital and reserves
  

Called up share capital 
 8 
50
50

Capital redemption reserve
  
50
50

Profit and loss account
  
365,710
366,781

  
365,810
366,881


Page 1

 
NETEC GLOBAL CONSULTING LIMITED
REGISTERED NUMBER: 04280176
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




I Doctors
Director

Date: 2 November 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
NETEC GLOBAL CONSULTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

The Company is a private company limited by shares and is incorporated in England and Wales under
company number 04280176.
The principal activity of the company is that of providing computer and software consultancy.
The Registered Office address is 35 Ballards Lane, London N3 1XW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
NETEC GLOBAL CONSULTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for 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.

 
2.8

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Tangible fixed assets

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.

Page 4

 
NETEC GLOBAL CONSULTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Fixtures & fittings
-
15%
reducing balance
Computer equipment
-
25%
reducing balance

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.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.12

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for
Page 5

 
NETEC GLOBAL CONSULTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)


2.12
Financial instruments (continued)

objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2021 - 5).

Page 6

 
NETEC GLOBAL CONSULTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Tangible fixed assets





Freehold property
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 April 2021
248,683
49,550
298,233


Additions
-
365
365



At 31 March 2022

248,683
49,915
298,598



Depreciation


At 1 April 2021
31,784
44,528
76,312


Charge for the year on owned assets
3,973
1,133
5,106



At 31 March 2022

35,757
45,661
81,418



Net book value



At 31 March 2022
212,926
4,254
217,180



At 31 March 2021
216,899
5,022
221,921

Included in land and buildings is freehold land at a valuation of £50,000 (2021: £50,000) which is not
depreciated.


5.


Debtors

2022
2021
£
£


Trade debtors
87,940
86,099

Other debtors
242,248
332,726

330,188
418,825


Page 7

 
NETEC GLOBAL CONSULTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
7,500
7,500

Trade creditors
80,002
71,272

Corporation tax
70,854
153,549

Other taxation and social security
18,177
13,010

Other creditors
25,106
363

Accruals and deferred income
3,001
3,000

204,640
248,694



7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
34,513
42,500




The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2022
2021
£
£


Repayable by instalments
-
2,500

-
2,500

The bounce back loan of £50,000 in 2021 was repayable by instalments over five years at the fixed interest rate of 2.5% per annum..

Page 8

 
NETEC GLOBAL CONSULTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

8.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



50 (2021 - 50) Ordinary shares of £1.00 each
50
50



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. 
An amount of £365 (2021: £364) (of which the employer's portion is £156 (2021: £156) was outstanding at the year end and is included in other creditors.


10.


Related party transactions

Included in other debtors is £226,400 (2021: £251,114) owed by the directors. This balance is unsecured and repayable on demand. Interest has been charged at the official rate.

 
Page 9