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COMPANY REGISTRATION NUMBER: NI641029
Nethery Business Development Ltd
Filleted Unaudited Financial Statements
30 September 2023
Nethery Business Development Ltd
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
9,726
12,802
Investments
6
603,000
603,000
---------
---------
612,726
615,802
Current assets
Debtors
7
33,613
11
Cash at bank and in hand
194,900
79,670
---------
--------
228,513
79,681
Creditors: amounts falling due within one year
8
8,425
20,415
---------
--------
Net current assets
220,088
59,266
---------
---------
Total assets less current liabilities
832,814
675,068
Provisions
Taxation including deferred tax
1,848
2,432
---------
---------
Net assets
830,966
672,636
---------
---------
Capital and reserves
Called up share capital
320
320
Share premium account
599,690
599,690
Profit and loss account
230,956
72,626
---------
---------
Shareholders funds
830,966
672,636
---------
---------
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 September 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Nethery Business Development Ltd
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 19 January 2024 , and are signed on behalf of the board by:
Mr John Nethery
Mrs Sandra Nethery
Director
Director
Company registration number: NI641029
Nethery Business Development Ltd
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 108 Castlederg Road, Drumquin, Co Tyrone, BT78 4PX. The principal activity of the company during the year was advisory services to businesses working in the steel industry.
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 and in accordance with FRS 102.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the Statement of Financial Position date. Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
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 and Machinery
-
20% reducing balance
Office Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery
Office Furniture
Total
£
£
£
Cost
At 1 October 2022
25,348
700
26,048
Additions
166
166
--------
----
--------
At 30 September 2023
25,514
700
26,214
--------
----
--------
Depreciation
At 1 October 2022
12,546
700
13,246
Charge for the year
3,242
3,242
--------
----
--------
At 30 September 2023
15,788
700
16,488
--------
----
--------
Carrying amount
At 30 September 2023
9,726
9,726
--------
----
--------
At 30 September 2022
12,802
12,802
--------
----
--------
6. Investments
Shares in participating interests
£
Cost
At 1 October 2022 and 30 September 2023
603,000
---------
Impairment
At 1 October 2022 and 30 September 2023
---------
Carrying amount
At 30 September 2023
603,000
---------
At 30 September 2022
603,000
---------
7. Debtors
2023
2022
£
£
Trade debtors
23,613
Other debtors
10,000
11
--------
----
33,613
11
--------
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,613
1,613
Social security and other taxes
1,217
Other creditors
6,812
17,585
-------
--------
8,425
20,415
-------
--------
9. Directors' advances, credits and guarantees
During the year the directors withdrew from the company £10,770. As at 30 September 2023 the balance owed to the directors was £6,812. (2022: £17,582).