Company Registration No. 03529075 (England and Wales)
Netdrive I.T. Limited
Unaudited accounts
for the year ended 31 July 2023
Netdrive I.T. Limited
Unaudited accounts
Contents
Netdrive I.T. Limited
Company Information
for the year ended 31 July 2023
Company Number
03529075 (England and Wales)
Registered Office
14 Westal Park
Cheltenham
GL51 3BL
Accountants
Anthony Smith Accountancy Services
2 Tylea Close
The Reddings
Cheltenham
Gloucestershire
GL51 6RB
Netdrive I.T. Limited
Statement of financial position
as at 31 July 2023
Tangible assets
601,276
801,514
Cash at bank and in hand
776
1,701
Creditors: amounts falling due within one year
(101,756)
(7,636)
Net current assets
109,514
137,659
Total assets less current liabilities
710,791
939,174
Creditors: amounts falling due after more than one year
(334,106)
(521,631)
Provisions for liabilities
Deferred tax
(50,762)
(49,055)
Net assets
325,923
368,488
Called up share capital
7
7
Profit and loss account
325,916
368,481
Shareholders' funds
325,923
368,488
For the year ending 31 July 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 April 2024 and were signed on its behalf by
J Hock
Director
Company Registration No. 03529075
Netdrive I.T. Limited
Notes to the Accounts
for the year ended 31 July 2023
Netdrive I.T. Limited is a private company, limited by shares, registered in England and Wales, registration number 03529075. The registered office is 14 Westal Park, Cheltenham, GL51 3BL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. 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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Netdrive I.T. Limited
Notes to the Accounts
for the year ended 31 July 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 August 2022
800,000
14,197
814,197
Disposals
(200,000)
-
(200,000)
At 31 July 2023
600,000
14,197
614,197
At 1 August 2022
-
12,683
12,683
Charge for the year
-
238
238
At 31 July 2023
-
12,921
12,921
At 31 July 2023
600,000
1,276
601,276
At 31 July 2022
800,000
1,514
801,514
The fair value of the company's Land and buildings was revalued on 31st July 2017. An independent valuer was not involved.
The Land and buildings were revalued by the director based on relevant local transactions.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £392,323 (2022 £543,323).
5
Investments
Other investments
Valuation at 1 August 2022
1
Valuation at 31 July 2023
1
Amounts falling due within one year
Amounts due from group undertakings etc.
210,494
143,594
7
Creditors: amounts falling due within one year
2023
2022
Loans from directors
101,486
7,366
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
334,106
521,631
Netdrive I.T. Limited
Notes to the Accounts
for the year ended 31 July 2023
9
Transactions with related parties
Included in debtors is an amount of £210,494 (2022 £143,994) owed by Hock Enterprises Ltd, a company in which J Hock is the sole director and shareholder.
The loan does not attract any interest and is repayable on demand.
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).