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REGISTERED NUMBER: 08604760 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Netwatch Global Limited

Netwatch Global Limited (Registered number: 08604760)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Netwatch Global Limited

Company Information
for the Year Ended 31 July 2023







DIRECTOR: T C Young





SECRETARY: E Barton-Young





REGISTERED OFFICE: Floor 19
Alpha Tower
Suffolk Street Queensway
BIRMINGHAM
B1 1TT





REGISTERED NUMBER: 08604760 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT

Netwatch Global Limited (Registered number: 08604760)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 30,077 37,057

CURRENT ASSETS
Debtors 5 495,813 342,773
Cash at bank 673,722 -
1,169,535 342,773
CREDITORS
Amounts falling due within one year 6 382,068 209,271
NET CURRENT ASSETS 787,467 133,502
TOTAL ASSETS LESS CURRENT
LIABILITIES

817,544

170,559

CAPITAL AND RESERVES
Called up share capital 8 127 117
Share premium 648,393 -
Capital redemption reserve 19 19
Other reserves 13,579 -
Retained earnings 155,426 170,423
SHAREHOLDERS' FUNDS 817,544 170,559

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

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

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 October 2023 and were signed by:





T C Young - Director


Netwatch Global Limited (Registered number: 08604760)

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

1. STATUTORY INFORMATION

Netwatch Global 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.

2. ACCOUNTING POLICIES

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

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

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 - Straight line over 3 years

Fixed assets are held at cost less accumulated depreciation.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Netwatch Global Limited (Registered number: 08604760)

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

2. ACCOUNTING POLICIES - continued

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.

Assets held under finance leases are recognised at the lower of their fair value at inception of the
lease and the present value of the minimum lease payments. These assets are depreciated on a
straight-line basis over the shorter of the useful life of the asset and the lease term. The
corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Share options
Employees of the company receive remuneration in the form of share-based payments from the parent company, whereby employees render services as consideration for equity instruments.

The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using the Binomial model.

That cost would be recognised as wages costs, together with a corresponding increase in equity, over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the parent company's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.

Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the parent company's best estimate of the number of equity instruments that will ultimately vest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2022 - 34 ) .

Netwatch Global Limited (Registered number: 08604760)

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

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 August 2022 161,568
Additions 19,714
At 31 July 2023 181,282
DEPRECIATION
At 1 August 2022 124,511
Charge for year 26,694
At 31 July 2023 151,205
NET BOOK VALUE
At 31 July 2023 30,077
At 31 July 2022 37,057

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 431,250 223,693
Other debtors - 65,216
Prepayments and accrued income 64,563 53,864
495,813 342,773

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 26,858
Trade creditors 60,159 39,362
Taxation and social security 140,601 63,239
Other creditors 119,750 60,877
Accruals and deferred income 61,558 18,935
382,068 209,271

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 81,731 81,731
Between one and five years 13,766 8,777
95,497 90,508

Netwatch Global Limited (Registered number: 08604760)

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

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
105,092 A Ordinary 0.001 p 105 95
21,565 B Ordinary 0.001 p 22 22
127 117

The following shares were issued during the year:

10,092 A Ordinary shares of 0.001p for cash of £ 724,707

9. RELATED PARTY EXEMPTION

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' from small companies, not to disclose related party transactions that are transacted at market rates.

10. SHARE OPTIONS

Share options have been issued to a number of employees of the business during the period. Up to 50% of the options may be exercised if the company or its shareholders participate in a fundraising event that leads to a 3rd party person or organisation obtaining more than 10% of the existing issued share capital of the company. An Option may be exercised in full on the earliest of the following :
a) The day preceding the tenth anniversary of the date of grant
b) The company being party to a takeover
c) The company being party to a Demerger, Reconstruction or winding up
d) At such earlier date as is authorised by shareholders owning more than 51% of the issued share capital of the company.

The charge for the year was £13,579.


Movements during the year
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year:

2023 2023 2022 2022
Number: WAEP Number: WAEP
£ £
Balance at 1 August 2022 8.773 1.08 - -
Granted during the period 1,253 1.08 8,773 1.08
Forfeited during the period - - - -
Exercise during the period - - - -
Expired during the period - - - -
Outstanding at 31 July 2023 10,026 1.08 8,773 1.08
Exercisable at 31 July 2023 - - - -