0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 124,115 12,791 136,906 136,906 124,115 200 200 200 xbrli:pure xbrli:shares iso4217:GBP 12521080 2022-08-01 2023-07-31 12521080 2023-07-31 12521080 2022-07-31 12521080 2021-08-01 2022-07-31 12521080 2022-07-31 12521080 2021-07-31 12521080 bus:Director1 2022-08-01 2023-07-31 12521080 core:LandBuildings 2022-08-01 2023-07-31 12521080 core:WithinOneYear 2023-07-31 12521080 core:WithinOneYear 2022-07-31 12521080 core:ShareCapital 2023-07-31 12521080 core:ShareCapital 2022-07-31 12521080 core:RetainedEarningsAccumulatedLosses 2023-07-31 12521080 core:RetainedEarningsAccumulatedLosses 2022-07-31 12521080 core:CostValuation core:Non-currentFinancialInstruments 2023-07-31 12521080 core:Non-currentFinancialInstruments 2023-07-31 12521080 core:Non-currentFinancialInstruments 2022-07-31 12521080 core:LandBuildings 2023-07-31 12521080 core:LandBuildings 2022-07-31 12521080 core:LandBuildings 2022-07-31 12521080 bus:SmallEntities 2022-08-01 2023-07-31 12521080 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 12521080 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 12521080 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 12521080 bus:FullAccounts 2022-08-01 2023-07-31
COMPANY REGISTRATION NUMBER: 12521080
Nett Solutions Limited
Filleted Unaudited Financial Statements
31 July 2023
Nett Solutions Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
136,906
124,115
Investments
5
200
200
---------
---------
137,106
124,315
Current assets
Debtors
6
35,201
Cash at bank and in hand
64,528
25,279
--------
--------
99,729
25,279
Creditors: amounts falling due within one year
7
3,652
660
--------
--------
Net current assets
96,077
24,619
---------
---------
Total assets less current liabilities
233,183
148,934
---------
---------
Net assets
233,183
148,934
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
232,983
148,734
---------
---------
Shareholders funds
233,183
148,934
---------
---------
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 31 July 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 .
Nett Solutions Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 25 January 2024 , and are signed on behalf of the board by:
P D Brack
Director
Company registration number: 12521080
Nett Solutions Limited
Notes to the Financial Statements
Year ended 31 July 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 Lane Ends House Mount Pleasant, Sacriston, County Durham, DH7 6AS, United Kingdom.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Income 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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
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.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities 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 joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Land and buildings
£
Cost
At 1 August 2022
124,115
Additions
12,791
---------
At 31 July 2023
136,906
---------
Depreciation
At 1 August 2022 and 31 July 2023
---------
Carrying amount
At 31 July 2023
136,906
---------
At 31 July 2022
124,115
---------
5. Investments
Shares in group undertakings
£
Cost
At 1 August 2022 and 31 July 2023
200
----
Impairment
At 1 August 2022 and 31 July 2023
----
Carrying amount
At 31 July 2023
200
----
At 31 July 2022
200
----
The company owns 100% of the issued share capital of the companies listed below,
Aggregate capital and reserves
Electronet Automation Limited £219,666 (2022: £267,649)
Profit and (loss) for the year
Electronet Automation Limited £119,264 (2022: £55,420)
Under the provision of section 248 of the Companies Act 1985 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
6. Debtors
2023
2022
£
£
Other debtors
35,201
--------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
2,902
Other creditors
750
660
-------
----
3,652
660
-------
----
8. Directors' advances, credits and guarantees
Included in creditors is a directors loan balance of Nil (2022: £10). Included in debtors is a directors loan balance of £30,991 (2022: Nil).