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Logo On Report
Registered Number: 12329332
England and Wales

 

 

 

GROUP NETWORKS CENTRE LTD


Abridged Accounts
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of GROUP NETWORKS CENTRE LTD for the year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GROUP NETWORKS CENTRE LTD for the year ended 30 November 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of GROUP NETWORKS CENTRE LTD , as a body, in accordance with the terms of our engagement letter dated 20 August 2024. Our work has been undertaken solely to prepare for your approval the accounts of GROUP NETWORKS CENTRE LTD and state those matters that we have agreed to state to the Board of Directors of GROUP NETWORKS CENTRE LTD , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GROUP NETWORKS CENTRE LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that GROUP NETWORKS CENTRE LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GROUP NETWORKS CENTRE LTD . You consider that GROUP NETWORKS CENTRE LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of GROUP NETWORKS CENTRE LTD . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
30 November 2023



....................................................
Boffix & Co Accountancy Limited
St Alban Tower
Wood Street
London
EC2V 7AF
20 August 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 14,307    18,263 
14,307    18,263 
Current assets      
Debtors 2,731    10,524 
Cash at bank and in hand 105    4,813 
2,836    15,337 
Creditors: amount falling due within one year (16,600)   (19,552)
Net current assets (13,764)   (4,215)
 
Total assets less current liabilities 543    14,048 
Net assets 543    14,048 
 

Capital and reserves
     
Called up share capital 4 100    100 
Profit and loss account 443    13,948 
Shareholders' funds 543    14,048 
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 20 August 2024 and were signed on its behalf by:


-------------------------------
Oladeji Iwalehin-Ikuesan
Director
2
General Information
GROUP NETWORKS CENTRE LTD is a private company, limited by shares, registered in England and Wales, registration number 12329332, registration address ROOM 5, 59 ST. JOHNS ROAD WESTCLIFF SOUTHEND -ON-SEA, SS0 7JY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 20% Reducing Balance
Computer Equipment 33% Reducing Balance
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Computer Equipment   Total
  £   £   £
At 01 December 2022 19,909    3,486    23,395 
Additions    
Disposals    
At 30 November 2023 19,909    3,486    23,395 
Depreciation
At 01 December 2022 3,982    1,150    5,132 
Charge for year 3,185    771    3,956 
On disposals    
At 30 November 2023 7,167    1,921    9,088 
Net book values
Closing balance as at 30 November 2023 12,742    1,565    14,307 
Opening balance as at 01 December 2022 15,927    2,336    18,263 


4.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

3