Registered number
12057806
NW Safety Netting Ltd
Filleted Accounts
30 June 2023
NW Safety Netting Ltd
Registered number: 12057806
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 572,880 321,383
Current assets
Stocks 26,256 45,298
Debtors 4 258,410 189,973
Cash at bank and in hand 26,933 -
311,599 235,271
Creditors: amounts falling due within one year 5 (316,209) (175,781)
Net current assets (4,610) 59,490
Total assets less current liabilities 568,270 380,873
Creditors: amounts falling due after more than one year 6 (199,019) (82,085)
Net assets 369,251 298,788
Capital and reserves
Called up share capital 1 1
Profit and loss account 369,250 298,787
Shareholder's funds 369,251 298,788
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Lee Roberts
Director
Approved by the board on 17 April 2024
NW Safety Netting Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Scaffolding 5% straight line
Plant and Machinery Over 5 years
Office equipment Over 5 years
Motor vehicles Over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 289,132 2,138 114,267 405,537
Additions 202,646 - 267,015 469,661
Disposals (82,500) - - (82,500)
At 30 June 2023 409,278 2,138 381,282 792,698
Depreciation
At 1 July 2022 46,281 856 37,017 84,154
Charge for the year 61,215 428 90,521 152,164
On disposals (16,500) - - (16,500)
At 30 June 2023 90,996 1,284 127,538 219,818
Net book value
At 30 June 2023 318,282 854 253,744 572,880
At 30 June 2022 242,851 1,282 77,250 321,383
4 Debtors 2023 2022
£ £
Trade debtors 169,858 109,772
Other debtors 88,552 80,201
258,410 189,973
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 106,288 38,988
Obligations under finance lease and hire purchase contracts 131,925 29,645
Trade creditors 36,009 53,838
Taxation and social security costs - 5,290
Other creditors 41,987 48,020
316,209 175,781
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 199,019 82,085
7 Other information
NW Safety Netting Ltd is a private company limited by shares and incorporated in England. Its registered office is:
C11 Tweedale Industrial Estate
Madeley
Telford
Shropshire
TF7 4JR
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