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Company Registration No. 03073046 (England and Wales)
Networks Inc Limited Unaudited accounts for the year ended 31 January 2024
Networks Inc Limited Unaudited accounts Contents
Page
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Networks Inc Limited Company Information for the year ended 31 January 2024
Director
A D Church
Company Number
03073046 (England and Wales)
Registered Office
1A Beech Avenue Sanderstead Surrey CR2 0NN
Accountants
King & Taylor 123 Cross Lane East Gravesend Kent DA12 5HA
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Networks Inc Limited Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
96,500 
60,808 
Current assets
Debtors
24,494 
47,821 
Cash at bank and in hand
35,708 
14,772 
60,202 
62,593 
Creditors: amounts falling due within one year
(82,726)
(50,844)
Net current (liabilities)/assets
(22,524)
11,749 
Total assets less current liabilities
73,976 
72,557 
Creditors: amounts falling due after more than one year
(73,748)
(72,943)
Net assets/(liabilities)
228 
(386)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
128 
(486)
Shareholders' funds
228 
(386)
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 September 2024 and were signed on its behalf by
A D Church Director Company Registration No. 03073046
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Networks Inc Limited Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
Networks Inc Limited is a private company, limited by shares, registered in England and Wales, registration number 03073046. The registered office is 1A Beech Avenue, Sanderstead, Surrey, CR2 0NN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance basis
Motor vehicles
25% reducing balance basis
Fixtures & fittings
20% straight line basis
Computer equipment
20% straight line 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. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Networks Inc Limited Notes to the Accounts for the year ended 31 January 2024
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 February 2023
156,568 
84,165 
23,281 
- 
264,014 
Additions
- 
54,930 
- 
1,340 
56,270 
At 31 January 2024
156,568 
139,095 
23,281 
1,340 
320,284 
Depreciation
At 1 February 2023
151,827 
33,666 
17,713 
- 
203,206 
Charge for the year
948 
14,914 
4,656 
60 
20,578 
At 31 January 2024
152,775 
48,580 
22,369 
60 
223,784 
Net book value
At 31 January 2024
3,793 
90,515 
912 
1,280 
96,500 
At 31 January 2023
4,741 
50,499 
5,568 
- 
60,808 
2024 
2023 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
81,750 
50,499 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
- 
13,860 
Accrued income and prepayments
12,100 
- 
Other debtors
12,394 
33,961 
24,494 
47,821 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
3,642 
10,000 
VAT
18,269 
20,477 
Obligations under finance leases and hire purchase contracts
48,089 
5,072 
Taxes and social security
8,684 
8,943 
Other creditors
3,429 
3,352 
Accruals
613 
3,000 
82,726 
50,844 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
33,700 
30,105 
Obligations under finance leases and hire purchase contracts
40,048 
42,838 
73,748 
72,943 
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Networks Inc Limited Notes to the Accounts for the year ended 31 January 2024
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
A D Church
Director
33,961 
51,526 
73,093 
12,394 
33,961 
51,526 
73,093 
12,394 
9
Average number of employees
During the year the average number of employees was 3 (2023: 2).
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