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REGISTERED NUMBER: 04809350 (England and Wales)















Servnet Limited

Unaudited Financial Statements for the Year Ended 31st March 2024






Servnet Limited (Registered number: 04809350)






Contents of the Financial Statements
for the year ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Servnet Limited

Company Information
for the year ended 31st March 2024







DIRECTOR: N S Morgan



REGISTERED OFFICE: 8, Blandfield Road
London
SW12 8BG



REGISTERED NUMBER: 04809350 (England and Wales)



ACCOUNTANTS: The Decimal Place
8 Blandfield Road
London
SW12 8BG



BANKERS: HSBC
5, Wimbledon Hill Road
London
SW19 7NF

Servnet Limited (Registered number: 04809350)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 20,769 41,535
20,769 41,535

CURRENT ASSETS
Debtors 6 523,826 570,365
Cash at bank 4,038,271 3,721,534
4,562,097 4,291,899
CREDITORS
Amounts falling due within one
year

7

513,511

614,851
NET CURRENT ASSETS 4,048,586 3,677,048
TOTAL ASSETS LESS
CURRENT LIABILITIES

4,069,355

3,718,583

PROVISIONS FOR LIABILITIES 8 5,192 7,892
NET ASSETS 4,064,163 3,710,691

Servnet Limited (Registered number: 04809350)

Balance Sheet - continued
31st March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 50 50
Retained earnings 10 4,064,113 3,710,641
SHAREHOLDERS' FUNDS 4,064,163 3,710,691

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the director and authorised for issue on 19th June 2024 and were signed by:





N S Morgan - Director


Servnet Limited (Registered number: 04809350)

Notes to the Financial Statements
for the year ended 31st March 2024

1. STATUTORY INFORMATION

Servnet Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Servnet Limited (Registered number: 04809350)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

Servnet Limited (Registered number: 04809350)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st April 2023
and 31st March 2024 4,459
AMORTISATION
At 1st April 2023
and 31st March 2024 4,459
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1st April 2023
and 31st March 2024 5,157 62,300 28,613 96,070
DEPRECIATION
At 1st April 2023 5,156 20,767 28,612 54,535
Charge for year - 20,766 - 20,766
At 31st March 2024 5,156 41,533 28,612 75,301
NET BOOK VALUE
At 31st March 2024 1 20,767 1 20,769
At 31st March 2023 1 41,533 1 41,535

Servnet Limited (Registered number: 04809350)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
2024 2023
£    £   
Trade debtors 471,812 533,027
Other debtors 20,000 20,750
VAT 32,014 16,588
523,826 570,365

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
2024 2023
£    £   
Trade creditors 301,065 426,763
Tax 166,094 150,828
Social security and other taxes 5,767 7,411
Other creditors 27,888 23,161
Directors' current accounts 9,937 3,928
Accruals and deferred income 2,760 2,760
513,511 614,851

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 5,192 7,892

Deferred
tax
£   
Balance at 1st April 2023 7,892
Credit to Income Statement during year (2,700 )
re : accelerated capital
allowances claims
Balance at 31st March 2024 5,192

Servnet Limited (Registered number: 04809350)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary Shares £1 50 50

10. RESERVES
Retained
earnings
£   

At 1st April 2023 3,710,641
Profit for the year 477,472
Dividends (124,000 )
At 31st March 2024 4,064,113

11. ULTIMATE CONTROLLING PARTY

The Company is 100% owned and controlled by Mr and Mrs Morgan.