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Registered Number: 08144185
England and Wales

 

 

 

N2N SYSTEMS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 August 2022

End date: 31 July 2023
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 31 July 2023.
Principal activities
Principal activity of the company during the financial year was of Information technology consultancy activities
Director
The director who served the company throughout the year was as follows:
Noel Hernandez
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Noel Hernandez
Director

Date approved: 14 August 2023
1
 
 
Notes
 
31/07/2023
£
  31/07/2022
£
Fixed assets      
Intangible fixed assets 3 12,000   
Tangible fixed assets 4 4,624    2,088 
16,624    2,088 
Current assets      
Debtors: amounts falling due within one year 5 17,314    7,234 
Cash at bank and in hand 36,103    27,533 
53,417    34,767 
Creditors: amount falling due within one year 6 (47,153)   (23,507)
Net current assets 6,264    11,260 
 
Total assets less current liabilities 22,888    13,348 
Net assets 22,888    13,348 
 

Capital and reserves
     
Called up share capital 7 2    2 
Profit and loss account 22,886    13,346 
Shareholder's funds 22,888    13,348 
 


For the year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 14 August 2023 and were signed by:


-------------------------------
Noel Hernandez
Director
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General Information
N2N Systems Ltd is a private company, limited by shares, registered in England and Wales, registration number 08144185, registration address 90 , Ilchester Road, Dagenham, Essex, RM8 2YU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Software License
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an assets may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 4 Years Straight Line
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 2).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 August 2022  
Additions 12,000    12,000 
Disposals  
At 31 July 2023 12,000    12,000 
Amortisation
At 01 August 2022  
Charge for year  
On disposals  
At 31 July 2023  
Net book values
At 31 July 2023 12,000    12,000 
At 31 July 2022  


4.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 August 2022 2,584    2,584 
Additions 2,667    2,667 
Disposals  
At 31 July 2023 5,251    5,251 
Depreciation
At 01 August 2022 496    496 
Charge for year 131    131 
On disposals  
At 31 July 2023 627    627 
Net book values
Closing balance as at 31 July 2023 4,624    4,624 
Opening balance as at 01 August 2022 2,088    2,088 


5.

Debtors: amounts falling due within one year

31/07/2023
£
  31/07/2022
£
Trade Debtors 17,314    7,234 
17,314    7,234 

6.

Creditors: amount falling due within one year

31/07/2023
£
  31/07/2022
£
Trade Creditors 21,992    9,845 
Corporation Tax 7,273    6,712 
PAYE & Social Security 167    11 
Accrued Expenses 12,000   
Advance Paid  
Other Creditors (1)   1 
Directors' Current Accounts 3,140    2,780 
VAT 2,582    4,158 
47,153    23,507 

7.

Share Capital

Authorised
2 Class A shares of £1.00 each
Allotted, called up and fully paid
31/07/2023
£
  31/07/2022
£
2 Class A shares of £1.00 each  
 

3