Company registration number 06299770 (England and Wales)
WEB NETWORK TECHNOLOGIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
WEB NETWORK TECHNOLOGIES LIMITED
COMPANY INFORMATION
Director
M S Harrington
Company number
06299770
Registered office
29 Hailey Avenue
Loughborough
Leicestershire
LE11 4QW
Accountants
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
WEB NETWORK TECHNOLOGIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
WEB NETWORK TECHNOLOGIES LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF WEB NETWORK TECHNOLOGIES LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Web Network Technologies Limited for the period ended ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Web Network Technologies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Web Network Technologies Limited and state those matters that we have agreed to state to the board of directors of Web Network Technologies Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Web Network Technologies Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Web Network Technologies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Web Network Technologies Limited. You consider that Web Network Technologies Limited is exempt from the statutory audit requirement for the period ended.
We have not been instructed to carry out an audit or a review of the financial statements of Web Network Technologies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
22 November 2023
WEB NETWORK TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
31 March
31 May
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,863
9,399
Current assets
Debtors
4
4,725
Cash at bank and in hand
57,332
43,195
57,332
47,920
Creditors: amounts falling due within one year
5
(59,898)
(54,037)
Net current liabilities
(2,566)
(6,117)
Total assets less current liabilities
3,297
3,282
Provisions for liabilities
(1,466)
(2,101)
Net assets
1,831
1,181
Capital and reserves
Called up share capital
6
200
200
Profit and loss reserves
1,631
981
Total equity
1,831
1,181
WEB NETWORK TECHNOLOGIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period ended in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 22 November 2023
M S Harrington
Director
Company registration number 06299770 (England and Wales)
WEB NETWORK TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Web Network Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29 Hailey Avenue, Loughborough, Leicestershire, LE11 4QW.
1.1
Reporting period
These financial statements have been prepared for a 10 month period for commercial reasons. This has resulted in the comparatives not being entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
WEB NETWORK TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period ended was:
2023
2022
Number
Number
Total
1
1
WEB NETWORK TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 June 2022
22,432
Additions
1,171
Disposals
(13,235)
At 31 March 2023
10,368
Depreciation and impairment
At 1 June 2022
13,033
Depreciation charged in the period ended
1,585
Eliminated in respect of disposals
(10,113)
At 31 March 2023
4,505
Carrying amount
At 31 March 2023
5,863
At 31 May 2022
9,399
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,725
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
459
90
Taxation and social security
12,596
15,281
Other creditors
46,843
38,666
59,898
54,037
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Ordinary S shares of £100 each
1
1
100
100
101
101
200
200
WEB NETWORK TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED ENDED 31 MARCH 2023
- 7 -
7
Directors' transactions
Directors of the company
At the balance sheet date amounts owed to the directors amounted to £44,530 (2022 - £36,628).