12 31/08/2023 2023-08-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-09-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 06914577 2022-09-01 2023-08-31 06914577 2023-08-31 06914577 2022-08-31 06914577 2021-09-01 2022-08-31 06914577 2022-08-31 06914577 core:LandBuildings core:ShortLeaseholdAssets 2022-09-01 2023-08-31 06914577 core:PlantMachinery 2022-09-01 2023-08-31 06914577 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 06914577 core:MotorVehicles 2022-09-01 2023-08-31 06914577 bus:Director1 2022-09-01 2023-08-31 06914577 core:LandBuildings core:ShortLeaseholdAssets 2022-08-31 06914577 core:PlantMachinery 2022-08-31 06914577 core:FurnitureFittingsToolsEquipment 2022-08-31 06914577 core:MotorVehicles 2022-08-31 06914577 core:LandBuildings core:ShortLeaseholdAssets 2023-08-31 06914577 core:PlantMachinery 2023-08-31 06914577 core:FurnitureFittingsToolsEquipment 2023-08-31 06914577 core:MotorVehicles 2023-08-31 06914577 core:WithinOneYear 2023-08-31 06914577 core:WithinOneYear 2022-08-31 06914577 core:AfterOneYear 2023-08-31 06914577 core:AfterOneYear 2022-08-31 06914577 core:ShareCapital 2023-08-31 06914577 core:ShareCapital 2022-08-31 06914577 core:RetainedEarningsAccumulatedLosses 2023-08-31 06914577 core:RetainedEarningsAccumulatedLosses 2022-08-31 06914577 core:PlantMachinery 2022-08-31 06914577 core:FurnitureFittingsToolsEquipment 2022-08-31 06914577 core:MotorVehicles 2022-08-31 06914577 bus:Director1 2022-08-31 06914577 bus:Director1 2023-08-31 06914577 bus:Director1 2021-08-31 06914577 bus:Director1 2022-08-31 06914577 bus:Director1 2021-09-01 2022-08-31 06914577 bus:SmallEntities 2022-09-01 2023-08-31 06914577 bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 06914577 bus:FullAccounts 2022-09-01 2023-08-31 06914577 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 06914577 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 06914577 1 2022-09-01 2023-08-31
Company registration number: 06914577
Network Trading UK Limited
Unaudited filleted financial statements
31 August 2023
Network Trading UK Limited
Contents
Statement of financial position
Notes to the financial statements
Network Trading UK Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 30,936 39,420
_______ _______
30,936 39,420
Current assets
Stocks 116,640 147,867
Debtors 6 1,014,417 708,799
Cash at bank and in hand 443,743 377,180
_______ _______
1,574,800 1,233,846
Creditors: amounts falling due
within one year 7 ( 374,011) ( 119,316)
_______ _______
Net current assets 1,200,789 1,114,530
_______ _______
Total assets less current liabilities 1,231,725 1,153,950
Creditors: amounts falling due
after more than one year 8 ( 37,916) ( 52,637)
_______ _______
Net assets 1,193,809 1,101,313
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,193,808 1,101,312
_______ _______
Shareholders funds 1,193,809 1,101,313
_______ _______
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 April 2024 , and are signed on behalf of the board by:
Mr J Brightman
Director
Company registration number: 06914577
Network Trading UK Limited
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Office FF10 Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 33.33 % straight line
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 12 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 September 2022 5,471 7,670 20,492 58,531 92,164
Additions - - 3,348 - 3,348
_______ _______ _______ _______ _______
At 31 August 2023 5,471 7,670 23,840 58,531 95,512
_______ _______ _______ _______ _______
Depreciation
At 1 September 2022 5,471 6,766 16,320 24,187 52,744
Charge for the year - 418 1,927 9,487 11,832
_______ _______ _______ _______ _______
At 31 August 2023 5,471 7,184 18,247 33,674 64,576
_______ _______ _______ _______ _______
Carrying amount
At 31 August 2023 - 486 5,593 24,857 30,936
_______ _______ _______ _______ _______
At 31 August 2022 - 904 4,172 34,344 39,420
_______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 68,576 52,423
Other debtors 945,841 656,376
_______ _______
1,014,417 708,799
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,648 10,648
Trade creditors 52,832 53,051
Corporation tax 265,758 24,383
Social security and other taxes 36,831 24,102
Other creditors 7,942 7,132
_______ _______
374,011 119,316
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 18,310 28,056
Other creditors 19,606 24,581
_______ _______
37,916 52,637
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr J Brightman 597,654 114,416 ( 50,000) 662,070
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr J Brightman 557,239 90,415 ( 50,000) 597,654
_______ _______ _______ _______
10. Controlling party
The company was under the control of the director throughout the year.