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REGISTERED NUMBER: 02726872 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

NETWORK CONNECT LIMITED

NETWORK CONNECT LIMITED (REGISTERED NUMBER: 02726872)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


NETWORK CONNECT LIMITED

COMPANY INFORMATION
for the Year Ended 30 June 2023







DIRECTORS: M Maden
R A Heys





SECRETARY: Mrs C Maden





REGISTERED OFFICE: Egret Mill
162 Old Street
Ashton-under-Lyne
Lancashire
OL6 7ST





REGISTERED NUMBER: 02726872 (England and Wales)





ACCOUNTANTS: Moss & Williamson Limited
Booth Street Chambers
Booth Street
Ashton-under-Lyne
Lancashire
OL6 7LQ

NETWORK CONNECT LIMITED (REGISTERED NUMBER: 02726872)

ABRIDGED BALANCE SHEET
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 12,000
Tangible assets 5 659,568 665,412
Investments 6 1,043,629 1,000,000
1,703,197 1,677,412

CURRENT ASSETS
Debtors 7 867,483 548,199
Cash at bank 520,200 325,723
1,387,683 873,922
CREDITORS
Amounts falling due within one year 758,425 510,725
NET CURRENT ASSETS 629,258 363,197
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,332,455

2,040,609

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 2,327,455 2,035,609
2,332,455 2,040,609

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

NETWORK CONNECT LIMITED (REGISTERED NUMBER: 02726872)

ABRIDGED BALANCE SHEET - continued
30 June 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2024 and were signed on its behalf by:





M Maden - Director


NETWORK CONNECT LIMITED (REGISTERED NUMBER: 02726872)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Network Connect 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 20% on reducing balance and 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

NETWORK CONNECT LIMITED (REGISTERED NUMBER: 02726872)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2022
and 30 June 2023 210,000
AMORTISATION
At 1 July 2022 198,000
Amortisation for year 12,000
At 30 June 2023 210,000
NET BOOK VALUE

At 30 June 2023 -
At 30 June 2022 12,000

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2022 806,717
Additions 2,958
At 30 June 2023 809,675
DEPRECIATION
At 1 July 2022 141,305
Charge for year 8,802
At 30 June 2023 150,107
NET BOOK VALUE
At 30 June 2023 659,568
At 30 June 2022 665,412

NETWORK CONNECT LIMITED (REGISTERED NUMBER: 02726872)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST OR VALUATION
At 1 July 2022 1,000,000
Revaluations 43,629
At 30 June 2023 1,043,629
NET BOOK VALUE
At 30 June 2023 1,043,629
At 30 June 2022 1,000,000

Cost or valuation at 30 June 2023 is represented by:
Totals
£   
Valuation in 2023 1,043,629

7. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other debtors 225,000 215,000

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
M Maden
Balance outstanding at start of year - -
Amounts advanced 127,728 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 127,728 -

Interest is charged at the official rate of interest on this loan. The loan was repaid in January 2024.