Networkmods Limited
Registered number: 05548319
Balance Sheet
at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,139 2,430
Current assets
Stocks - 7,193
Debtors 4 119,699 134,704
Cash at bank and in hand 119,223 126,618
238,922 268,515
Creditors: amounts falling due within one year 5 (86,645) (115,399)
Net current assets 152,277 153,116
Net assets 154,416 155,546
Capital and reserves
Called up share capital 112 112
Profit and loss account 154,304 155,434
Shareholders' funds 154,416 155,546
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Richard Graham McCall Gibb
Director
Approved by the board on 15 October 2024
Networkmods Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis and are presented in Sterling (£).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services, which is recognised by reference to the stage of completion of the contract, and grant income, which is recognised as funds are expended as no profit or loss is expected to arise.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives, using the straight-line method.
Plant and machinery 25% per year
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Creditors
Short term trade 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.
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.
Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference and is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Employee benefits
Short-term employee benefits and contributions to defined contribution pension plans are recognised as an expense in the period in which they are incurred.
The company operates stakeholder defined contribution pension schemes for the benefit of the employees and directors. The assets of the pension schemes are administered by an independent pensions provider.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 September 2023 30,232
Additions 1,265
Scrapped (26,056)
At 31 August 2024 5,441
Depreciation
At 1 September 2023 27,802
Charge for the year 1,556
On scrappage (26,056)
At 31 August 2024 3,302
Net book value
At 31 August 2024 2,139
At 31 August 2023 2,430
4 Debtors 2024 2023
£ £
Trade debtors 102,864 115,027
Other debtors 1,884 1,884
Prepayments and accrued income 14,951 17,793
119,699 134,704
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 42,847 33,314
Owed to connected companies 4,250 10,416
Other creditors 964 2,218
Other taxes and social security 26,797 62,172
Accruals and deferred income 11,787 7,279
86,645 115,399
6 Controlling party
R G M Gibb
7 Other information
Networkmods Limited is a private company limited by shares and incorporated in England. Its registered office is:
St. John’s Innovation Centre
Cowley Road
Cambridge
CB4 0WS
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