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REGISTERED NUMBER: 05365463 (England and Wales)















Financial Statements

for the Year Ended 31 March 2023

for

Network Surety Limited

Network Surety Limited (Registered number: 05365463)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Network Surety Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: K Gahan
P Gahan





SECRETARY: K Gahan





REGISTERED OFFICE: The Hall
Woking Road
Guildford
Surrey
GU1 1QD





REGISTERED NUMBER: 05365463 (England and Wales)





ACCOUNTANTS: Barnbrook Sinclair
Chartered Accountants
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Network Surety Limited (Registered number: 05365463)

Statement of Financial Position
31 March 2023

31/3/23 31/3/22
Notes £    £   
FIXED ASSETS
Tangible assets 5 6,443 7,450

CURRENT ASSETS
Debtors 6 865,214 736,121
Investments 7 25,825 25,215
Cash at bank 1,049,222 816,514
1,940,261 1,577,850
CREDITORS
Amounts falling due within one year 8 (1,563,702 ) (996,209 )
NET CURRENT ASSETS 376,559 581,641
TOTAL ASSETS LESS CURRENT
LIABILITIES

383,002

589,091

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 382,902 588,991
SHAREHOLDERS' FUNDS 383,002 589,091

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:





P Gahan - Director


Network Surety Limited (Registered number: 05365463)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Network Surety Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

Fixed asset investments
Listed Investments are initially measured at cost and subsequently measured at fair value based on the mid-market price quoted on the relevant stock exchange. Changes in fair value are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Network Surety Limited (Registered number: 05365463)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Current asset investments
Current asset investments are initially measured at cost and subsequently measured at fair value where a reliable valuation can be agreed without undue cost or effort. Impairment losses are recognised in profit or loss for the excess of the carrying value of the asset over the present value of the future cash flows discounted using the original effective interest rate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
Cost
At 1 April 2022 13,117
Additions 1,140
At 31 March 2023 14,257
Depreciation
At 1 April 2022 5,667
Charge for year 2,147
At 31 March 2023 7,814
Net book value
At 31 March 2023 6,443
At 31 March 2022 7,450

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 850,163 716,146
Other debtors 15,051 19,975
865,214 736,121

7. CURRENT ASSET INVESTMENTS
31/3/23 31/3/22
£    £   
Other investments 25,825 25,215

Network Surety Limited (Registered number: 05365463)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade creditors 1,288,694 625,819
Taxation and social security 146,659 199,883
Other creditors 128,349 170,507
1,563,702 996,209