Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31true2022-08-01falseComputer facilities management activities, Other information technology service activities3434trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04850060 2022-08-01 2023-07-31 04850060 2021-08-01 2022-07-31 04850060 2023-07-31 04850060 2022-07-31 04850060 c:Director1 2022-08-01 2023-07-31 04850060 d:Buildings 2022-08-01 2023-07-31 04850060 d:Buildings 2023-07-31 04850060 d:Buildings 2022-07-31 04850060 d:Buildings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04850060 d:Buildings d:LongLeaseholdAssets 2022-08-01 2023-07-31 04850060 d:PlantMachinery 2022-08-01 2023-07-31 04850060 d:FurnitureFittings 2022-08-01 2023-07-31 04850060 d:FurnitureFittings 2023-07-31 04850060 d:FurnitureFittings 2022-07-31 04850060 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04850060 d:OfficeEquipment 2022-08-01 2023-07-31 04850060 d:OfficeEquipment 2023-07-31 04850060 d:OfficeEquipment 2022-07-31 04850060 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04850060 d:ComputerEquipment 2022-08-01 2023-07-31 04850060 d:ComputerEquipment 2023-07-31 04850060 d:ComputerEquipment 2022-07-31 04850060 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04850060 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04850060 d:CurrentFinancialInstruments 2023-07-31 04850060 d:CurrentFinancialInstruments 2022-07-31 04850060 d:Non-currentFinancialInstruments 2023-07-31 04850060 d:Non-currentFinancialInstruments 2022-07-31 04850060 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 04850060 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 04850060 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 04850060 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 04850060 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 04850060 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 04850060 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 04850060 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 04850060 d:UKTax 2022-08-01 2023-07-31 04850060 d:UKTax 2021-08-01 2022-07-31 04850060 d:ShareCapital 2023-07-31 04850060 d:ShareCapital 2022-07-31 04850060 d:RetainedEarningsAccumulatedLosses 2023-07-31 04850060 d:RetainedEarningsAccumulatedLosses 2022-07-31 04850060 c:OrdinaryShareClass1 2022-08-01 2023-07-31 04850060 c:OrdinaryShareClass1 2023-07-31 04850060 c:OrdinaryShareClass1 2022-07-31 04850060 c:FRS102 2022-08-01 2023-07-31 04850060 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 04850060 c:FullAccounts 2022-08-01 2023-07-31 04850060 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 04850060 2 2022-08-01 2023-07-31 04850060 e:PoundSterling 2022-08-01 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04850060










NETTEAM TX LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
NETTEAM TX LIMITED
REGISTERED NUMBER: 04850060

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
223,970
221,496

Current assets
  

Stocks
 6 
10,000
10,000

Debtors: amounts falling due within one year
 7 
1,268,499
1,101,138

Cash at bank and in hand
 8 
743,986
588,582

  
2,022,485
1,699,720

Creditors: amounts falling due within one year
 9 
(1,770,081)
(1,325,382)

Net current assets
  
 
 
252,404
 
 
374,338

Total assets less current liabilities
  
476,374
595,834

Creditors: amounts falling due after more than one year
 10 
(130,965)
(178,567)

Net assets
  
345,409
417,267


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
345,309
417,167

  
345,409
417,267


Page 1

 
NETTEAM TX LIMITED
REGISTERED NUMBER: 04850060

BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr Christian Ryan Barnett
Director

Date: 29 July 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
NETTEAM TX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

NetTeam TX limited is a private company, limited by share capital and incorporated in England and Wales. 
The company's registered office and principal place of business is 12 Kingfisher Court, Hambridge Road, Newbury, Berskshire, RG14 5SJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
NETTEAM TX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold Property
-
nil
Plant & machinery
-
33%
Fixtures & fittings
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
NETTEAM TX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 34 (2022 - 34).

Page 5

 
NETTEAM TX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
30,047
54,398

Adjustments in respect of previous periods
-
(3,781)

R&D tax credits claimed
-
(80,672)

Total current tax
30,047
(30,055)

Taxation on profit/(loss) on ordinary activities
 
30,047
 
(30,055)

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  19% (2022 - 19%).



5.


Tangible fixed assets





Leasehold property
Fixtures & fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 August 2022
212,380
6,745
4,441
23,215
246,781


Additions
-
2,345
-
6,625
8,970



At 31 July 2023

212,380
9,090
4,441
29,840
255,751



Depreciation


At 1 August 2022
-
4,976
3,775
16,534
25,285


Charge for the year on owned assets
-
863
558
5,075
6,496



At 31 July 2023

-
5,839
4,333
21,609
31,781



Net book value



At 31 July 2023
212,380
3,251
108
8,231
223,970



At 31 July 2022
212,380
1,769
666
6,681
221,496

Page 6

 
NETTEAM TX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
10,000
10,000



7.


Debtors

2023
2022
£
£

Trade debtors
1,101,238
919,898

Other debtors
5,249
20,793

Prepayments and accrued income
162,012
160,447

1,268,499
1,101,138



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
743,986
588,582



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
52,704
50,714

Trade creditors
613,325
582,615

Corporation tax
30,048
-

Other taxation and social security
195,930
137,721

Other creditors
98,927
76,683

Accruals and deferred income
779,147
477,649

1,770,081
1,325,382



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
130,965
178,567


Page 7

 
NETTEAM TX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
52,704
50,714

Amounts falling due 1-2 years

Bank loans
75,405
71,428

Amounts falling due 2-5 years

Bank loans
55,560
107,140


183,669
229,282


A bank loan of £93,669 is secured on the long term leasehold property of the Company.


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £44,308 (2022 - £38,426). Contribution totalling £6,009 (2022: £5,196) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

At the balance sheet date the company owned £71,973 (2022: £66,406) to its two directors who are also shareholders. These are included in other creditors. The loans are interest free and repayable on demand.


Page 8