Acorah Software Products - Accounts Production 14.5.601 false true 31 October 2022 1 November 2021 false 1 November 2022 31 October 2023 31 October 2023 08753699 Mrs Luci Matthews Mr Martin Matthews iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08753699 2022-10-31 08753699 2023-10-31 08753699 2022-11-01 2023-10-31 08753699 frs-core:CurrentFinancialInstruments 2023-10-31 08753699 frs-core:FurnitureFittings 2023-10-31 08753699 frs-core:FurnitureFittings 2022-11-01 2023-10-31 08753699 frs-core:FurnitureFittings 2022-10-31 08753699 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-10-31 08753699 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 08753699 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-10-31 08753699 frs-core:MotorVehicles 2023-10-31 08753699 frs-core:MotorVehicles 2022-11-01 2023-10-31 08753699 frs-core:MotorVehicles 2022-10-31 08753699 frs-core:PlantMachinery 2023-10-31 08753699 frs-core:PlantMachinery 2022-11-01 2023-10-31 08753699 frs-core:PlantMachinery 2022-10-31 08753699 frs-core:ShareCapital 2023-10-31 08753699 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 08753699 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 08753699 frs-bus:FilletedAccounts 2022-11-01 2023-10-31 08753699 frs-bus:SmallEntities 2022-11-01 2023-10-31 08753699 frs-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 08753699 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 08753699 frs-core:UnlistedNon-exchangeTraded 2023-10-31 08753699 frs-core:UnlistedNon-exchangeTraded 2022-10-31 08753699 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-10-31 08753699 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-10-31 08753699 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-10-31 08753699 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-10-31 08753699 frs-bus:Director1 2022-11-01 2023-10-31 08753699 frs-bus:Director2 2022-11-01 2023-10-31 08753699 frs-core:CurrentFinancialInstruments 1 2023-10-31 08753699 frs-core:CurrentFinancialInstruments 2 2023-10-31 08753699 frs-countries:EnglandWales 2022-11-01 2023-10-31 08753699 2021-10-31 08753699 2022-10-31 08753699 2021-11-01 2022-10-31 08753699 frs-core:CurrentFinancialInstruments 2022-10-31 08753699 frs-core:ShareCapital 2022-10-31 08753699 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31 08753699 frs-core:CurrentFinancialInstruments 1 2022-10-31 08753699 frs-core:CurrentFinancialInstruments 2 2022-10-31
Registered number: 08753699
Netwrx Ltd
Financial Statements
For The Year Ended 31 October 2023
Abacus Smarter Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08753699
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 373,970 186,599
Investments 5 400,000 400,000
773,970 586,599
CURRENT ASSETS
Stocks 6 1,750 1,750
Debtors 7 2,050,217 647,011
Cash at bank and in hand 580,021 490,594
2,631,988 1,139,355
Creditors: Amounts Falling Due Within One Year 8 (1,347,099 ) (462,547 )
NET CURRENT ASSETS (LIABILITIES) 1,284,889 676,808
TOTAL ASSETS LESS CURRENT LIABILITIES 2,058,859 1,263,407
PROVISIONS FOR LIABILITIES
Deferred Taxation (70,546 ) (34,813 )
NET ASSETS 1,988,313 1,228,594
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 1,988,312 1,228,593
SHAREHOLDERS' FUNDS 1,988,313 1,228,594
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Luci Matthews
Director
Mr Martin Matthews
Director
11/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Netwrx Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08753699 . The registered office is The Old Cow Barn, Fearby Cross, Fearby, Ripon, North Yorkshire, HG4 4NE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 November 2022 14,883 60,925 162,360 22,854 261,022
Additions - 11,124 232,825 1,742 245,691
As at 31 October 2023 14,883 72,049 395,185 24,596 506,713
Depreciation
As at 1 November 2022 7,604 32,805 16,547 17,467 74,423
Provided during the period 1,488 7,785 47,446 1,601 58,320
As at 31 October 2023 9,092 40,590 63,993 19,068 132,743
Net Book Value
As at 31 October 2023 5,791 31,459 331,192 5,528 373,970
As at 1 November 2022 7,279 28,120 145,813 5,387 186,599
5. Investments
Unlisted
£
Cost
As at 1 November 2022 400,000
As at 31 October 2023 400,000
Provision
As at 1 November 2022 -
As at 31 October 2023 -
Net Book Value
As at 31 October 2023 400,000
As at 1 November 2022 400,000
6. Stocks
2023 2022
£ £
Stock 1,750 1,750
Page 4
Page 5
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 2,047,226 645,058
Prepayments and accrued income 2,941 1,953
Staff loans 50 -
2,050,217 647,011
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,054,898 329,318
Corporation tax 216,476 99,655
Other taxes and social security 1,191 365
VAT 68,058 8,455
Credit card 170 1,142
Deferred income 4,449 22,591
Accruals 1,635 855
Directors' loan accounts 222 166
1,347,099 462,547
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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