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REGISTERED NUMBER: 13942039 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

NETSPI UK LIMITED

NETSPI UK LIMITED (REGISTERED NUMBER: 13942039)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


NETSPI UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A T Shilts
J J Golonka





REGISTERED OFFICE: 2 New Bailey
6 Stanley Street
Salford
Greater Manchester
M3 5GS





REGISTERED NUMBER: 13942039 (England and Wales)





AUDITORS: Barber & Company (Statutory Auditors)
A trading name of PCM Accounting Limited
2 Jardine House
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX

NETSPI UK LIMITED (REGISTERED NUMBER: 13942039)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 106,049 42,762

CURRENT ASSETS
Debtors 5 505,353 211,973
Cash at bank and in hand 334,709 49,228
840,062 261,201
CREDITORS
Amounts falling due within one year 6 330,739 153,276
NET CURRENT ASSETS 509,323 107,925
TOTAL ASSETS LESS CURRENT
LIABILITIES

615,372

150,687

PROVISIONS FOR LIABILITIES 7 24,943 8,125
NET ASSETS 590,429 142,562

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 9 590,428 142,561
SHAREHOLDERS' FUNDS 590,429 142,562

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by:




J J Golonka - Director



A T Shilts - Director


NETSPI UK LIMITED (REGISTERED NUMBER: 13942039)

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

1. STATUTORY INFORMATION

Netspi UK 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

During the year under review, the company has made a profit before taxation amounting to £586,130 (2022: £173,007) and at the balance sheet date, the company had net current assets amounting to £509,323 (2022: £107,925) and net assets amounting to £590,429 (2022: £142,562).

The company provides services within the United Kingdom in support of contracts held with the company's parent company based in the United State of America, however, the board are seeking to explore trading opportunities directly from the United Kingdom.

The company meets its day to day management and working capital requirements with the support of its parent company, NetSPI LLC. The board of NetSPI LLC have confirmed that it is their intention to continue to support NetSPI UK Limited for the foreseeable future, both financially and otherwise for a period of at least twelve months from the date of this report.

The board of NetSPI UK Limited have taken this into account in there decision to prepare these Financial Statements on a Going Concern Basis.

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

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 - Straight line over 3 years

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 statement of financial position date.


NETSPI UK LIMITED (REGISTERED NUMBER: 13942039)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

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

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 36 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023 46,154
Additions 92,223
At 31 December 2023 138,377
DEPRECIATION
At 1 January 2023 3,392
Charge for year 28,936
At 31 December 2023 32,328
NET BOOK VALUE
At 31 December 2023 106,049
At 31 December 2022 42,762

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings 438,296 84,221
Other debtors 2,662 -
Social security and other tax 20,106 62,581
Prepayments and accrued income 44,289 65,171
505,353 211,973

NETSPI UK LIMITED (REGISTERED NUMBER: 13942039)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 44,310 56,789
Corporation tax 59,704 22,321
Accruals and deferred income 226,725 74,166
330,739 153,276

7. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 24,943 8,125

Deferred
tax
£   
Balance at 1 January 2023 8,125
Provided during year 16,818
Balance at 31 December 2023 24,943

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1 Ordinary £1 1 1

9. RESERVES
Retained
earnings
£   

At 1 January 2023 142,561
Profit for the year 447,867
At 31 December 2023 590,428

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Christopher Horsley (Senior Statutory Auditor)
for and on behalf of Barber & Company (Statutory Auditors)

11. ULTIMATE CONTROLLING PARTY

The controlling party is NetSPI LLC.