15 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 18,100 16,289 453 16,742 1,358 1,811 xbrli:pure xbrli:shares iso4217:GBP 02878317 2023-01-01 2023-12-31 02878317 2023-12-31 02878317 2022-12-31 02878317 2022-01-01 2022-12-31 02878317 2022-12-31 02878317 2021-12-31 02878317 core:FurnitureFittings 2023-01-01 2023-12-31 02878317 core:MotorVehicles 2023-01-01 2023-12-31 02878317 bus:Director1 2023-01-01 2023-12-31 02878317 core:WithinOneYear 2023-12-31 02878317 core:WithinOneYear 2022-12-31 02878317 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 02878317 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 02878317 core:FurnitureFittings 2022-12-31 02878317 core:FurnitureFittings 2023-12-31 02878317 core:AfterOneYear 2023-12-31 02878317 core:AfterOneYear 2022-12-31 02878317 core:ShareCapital 2023-12-31 02878317 core:ShareCapital 2022-12-31 02878317 core:RetainedEarningsAccumulatedLosses 2023-12-31 02878317 core:RetainedEarningsAccumulatedLosses 2022-12-31 02878317 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 02878317 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 02878317 core:FurnitureFittings 2022-12-31 02878317 bus:SmallEntities 2023-01-01 2023-12-31 02878317 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02878317 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02878317 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02878317 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 02878317
NETWORK UTILITIES (SYSTEMS) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
NETWORK UTILITIES (SYSTEMS) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
NETWORK UTILITIES (SYSTEMS) LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
1,358
1,811
Tangible assets
6
75,082
99,004
--------
----------
76,440
100,815
Current assets
Debtors
7
1,384,295
2,050,538
Cash at bank and in hand
364,162
30,695
------------
------------
1,748,457
2,081,233
Creditors: amounts falling due within one year
8
1,013,897
1,332,372
------------
------------
Net current assets
734,560
748,861
----------
----------
Total assets less current liabilities
811,000
849,676
Creditors: amounts falling due after more than one year
9
79,255
129,255
----------
----------
Net assets
731,745
720,421
----------
----------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
730,745
719,421
----------
----------
Shareholders funds
731,745
720,421
----------
----------
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 statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
NETWORK UTILITIES (SYSTEMS) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
Mrs D Thomas
Director
Company registration number: 02878317
NETWORK UTILITIES (SYSTEMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Numeric House, 98 Station Road, Sidcup, DA15 7BY, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each reporting date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Where revenue for services derives from a long term contract, only the portion of the contracted revenue relating to services delivered in the reporting year are recognised in the reporting year, with the remaining contracted revenue being deferred until it can be recognised in future years.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
25% reducing balance restricted to 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 assets of the company after deducting all of its liabilities.
Defined contribution plans
The Company operates a defined contribution scheme. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided in accordance with the rules of the scheme. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 12 ).
5. Intangible assets
Development costs
£
Cost
At 1 January 2023 and 31 December 2023
18,100
--------
Amortisation
At 1 January 2023
16,289
Charge for the year
453
--------
At 31 December 2023
16,742
--------
Carrying amount
At 31 December 2023
1,358
--------
At 31 December 2022
1,811
--------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2023
216,569
363,998
580,567
Additions
2,246
2,246
Disposals
( 1,292)
( 1,292)
----------
----------
----------
At 31 December 2023
216,569
364,952
581,521
----------
----------
----------
Depreciation
At 1 January 2023
211,160
270,403
481,563
Charge for the year
1,351
24,090
25,441
Disposals
( 565)
( 565)
----------
----------
----------
At 31 December 2023
212,511
293,928
506,439
----------
----------
----------
Carrying amount
At 31 December 2023
4,058
71,024
75,082
----------
----------
----------
At 31 December 2022
5,409
93,595
99,004
----------
----------
----------
7. Debtors
2023
2022
£
£
Trade debtors
271,999
708,961
Amounts owed by group undertakings and undertakings in which the company has a participating interest
853,181
893,437
Deferred tax asset
2,551
12,028
Corporation tax repayable
29,693
34,698
Other debtors
226,871
401,414
------------
------------
1,384,295
2,050,538
------------
------------
The Amounts owed by group undertakings and undertakings in which the company has a participating interest disclosed above fall due after more than 12 months.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
50,001
49,968
Trade creditors
209,703
304,225
Amounts owed to group undertakings
25,437
25,437
Accruals and deferred income
592,209
882,006
Social security and other taxes
135,919
69,179
Director loan accounts
628
1,557
------------
------------
1,013,897
1,332,372
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
79,255
129,255
--------
----------
10. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 41,884 (2022: £ 45,827 ).