Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312professional services & network design2023-01-01false2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12374673 2023-01-01 2023-12-31 12374673 2022-01-01 2022-12-31 12374673 2023-12-31 12374673 2022-12-31 12374673 c:Director1 2023-01-01 2023-12-31 12374673 d:FurnitureFittings 2023-01-01 2023-12-31 12374673 d:FurnitureFittings 2023-12-31 12374673 d:FurnitureFittings 2022-12-31 12374673 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12374673 d:OfficeEquipment 2023-01-01 2023-12-31 12374673 d:OfficeEquipment 2023-12-31 12374673 d:OfficeEquipment 2022-12-31 12374673 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12374673 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12374673 d:CurrentFinancialInstruments 2023-12-31 12374673 d:CurrentFinancialInstruments 2022-12-31 12374673 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12374673 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12374673 d:ShareCapital 2023-12-31 12374673 d:ShareCapital 2022-12-31 12374673 d:RetainedEarningsAccumulatedLosses 2023-12-31 12374673 d:RetainedEarningsAccumulatedLosses 2022-12-31 12374673 c:FRS102 2023-01-01 2023-12-31 12374673 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12374673 c:FullAccounts 2023-01-01 2023-12-31 12374673 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12374673 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-01 2023-12-31 12374673 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 12374673 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-31 12374673 6 2023-01-01 2023-12-31 12374673 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 12374673









NETPMD LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NETPMD LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NETPMD LTD
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NetPMD Ltd for the year ended 31 December 2023 which comprise  the Balance Sheet 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 (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of NetPMD Ltd, as a body, in accordance with the terms of our engagement letter dated 6 September 2021Our work has been undertaken solely to prepare for your approval the financial statements of NetPMD Ltd and state those matters that we have agreed to state to the Board of Directors of NetPMD Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NetPMD Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that NetPMD Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of NetPMD Ltd. You consider that NetPMD Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of NetPMD 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 financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
23 September 2024
Page 1

 
NETPMD LTD
REGISTERED NUMBER: 12374673

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
459
4,021

  
459
4,021

Current assets
  

Debtors: amounts falling due within one year
 7 
276,103
398,788

Cash at bank and in hand
  
25,674
3,047

  
301,777
401,835

Creditors: amounts falling due within one year
 8 
(273,620)
(318,504)

Net current assets
  
 
 
28,157
 
 
83,331

Total assets less current liabilities
  
28,616
87,352

Provisions for liabilities
  

Deferred tax
  
-
(764)

Net assets
  
28,616
86,588


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
28,516
86,488

  
28,616
86,588


Page 2

 
NETPMD LTD
REGISTERED NUMBER: 12374673
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




A J Chadwick
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

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

1.


General information

The company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is Hollis House, Maesbury Road, Oswestry, SY10 8NR.
The principal activity of the company is professional services and network design in Oswestry, Shropshire.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

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

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful live.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
33%
Straight line

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

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

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Taxation

The company has tax exposure in the USA due to the activity of its USA subsidiary.

Page 6

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

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
1,206
15,930
17,136



At 31 December 2023

1,206
15,930
17,136



Depreciation


At 1 January 2023
594
12,521
13,115


Charge for the year on owned assets
153
3,409
3,562



At 31 December 2023

747
15,930
16,677



Net book value



At 31 December 2023
459
-
459



At 31 December 2022
612
3,409
4,021


6.


Fixed asset investments

NetPMD Ltd is a member of a subsidiary company based in America. No capital contribution has been made into the company and therefore the directors consider there to be nil value associated with this investment at the balance sheet date. This will continue to be monitored and considered by the directors at each subsequent balance sheet date.






7.


Debtors

2023
2022
£
£


Other debtors
275,146
398,689

Called up share capital not paid
99
99

Prepayments and accrued income
858
-

276,103
398,788


Page 7

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

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
4,176

Corporation tax
-
947

Other taxation and social security
-
1,696

Other creditors
151,670
100,016

Accruals and deferred income
121,950
211,669

273,620
318,504



9.


Related party transactions

As at 31 December 2023 the Company was owed £122,617 (2022: £298,673) by companies under common control.

 
Page 8