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Network for Information and Digital Access Limited
Filleted accounts
29 February 2024
Company registration number: 06113996
Network for Information and Digital Access Limited
Directors and other information
Director C Priestley
Secretary G Rowbotham
Company number 06113996
Registered office The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Network for Information and Digital Access Limited
Balance sheet
29th February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 192 59
_______ _______
192 59
Current assets
Debtors 6 - 59
Cash at bank and in hand 1,364 3,263
_______ _______
1,364 3,322
Creditors: amounts falling due
within one year 7 ( 3,663) ( 5,881)
_______ _______
Net current liabilities ( 2,299) ( 2,559)
_______ _______
Net liabilities ( 2,107) ( 2,500)
_______ _______
Capital and reserves
Called up share capital 8 1 1
Profit and loss account ( 2,108) ( 2,501)
_______ _______
Shareholders deficit ( 2,107) ( 2,500)
_______ _______
For the year ending 29 February 2024 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 Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 August 2024 , and are signed on behalf of the board by:
C Priestley
Director
Company registration number: 06113996
Network for Information and Digital Access Limited
Notes to the financial statements
Year ended 29th February 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. There was no significant change in the company's principal activity during the year which continued to be the provision of services to developing countries. However, on 29th February 2024 the company ceased to trade.
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. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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. Deferred tax is not recognised in respect of any timing differences at the reporting date as all are insignificant. Unrelieved tax losses and other deferred tax assets are not recognised as it is uncertain when they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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 of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment - Straight line basis over 3 and 5 years
Office equipment - Straight line basis over 5 years
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.
Grants
Grants are recognised using the accrual model.
Under the accrual model, grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities. The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets that are measured at cost and amortised and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
Equipment Total
£ £
Cost
At 1st March 2023 1,957 1,957
Additions 250 250
_______ _______
At 29th February 2024 2,207 2,207
_______ _______
Depreciation
At 1st March 2023 1,899 1,899
Charge for the year 116 116
_______ _______
At 29th February 2024 2,015 2,015
_______ _______
Carrying amount
At 29th February 2024 192 192
_______ _______
At 28th February 2023 58 58
_______ _______
6. Debtors
2024 2023
£ £
Other debtors - 59
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Other creditors 3,663 5,881
_______ _______
8. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
9. Controlling party
The company is under the control of C Priestley who owns 100% of the issued share capital.