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REGISTERED NUMBER: 06129469 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Network Integration Technologies Ltd

Network Integration Technologies Ltd (Registered number: 06129469)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


Network Integration Technologies Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr. S J. Richardson
Mr A B Mowbray
Miss E H Simey-Richardson



SECRETARY: Mrs. P.H. Richardson



REGISTERED OFFICE: Home Farm
Paradise Lane
Hazelwood
Tadcaster
LS24 9NJ



REGISTERED NUMBER: 06129469 (England and Wales)



ACCOUNTANTS: Parker Hartley & Co
Incorporated Financial Accountants
2 Waverley Street
The Groves
York
YO31 7QZ



BANKERS: Lloyds Bank plc
Pavement Branch
2 Pavement
York
YO1 9UP

Network Integration Technologies Ltd (Registered number: 06129469)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 35,716 71,430
Tangible assets 5 34,863 187,469
70,579 258,899

CURRENT ASSETS
Debtors 6 1,057,291 708,783
Cash at bank 365,582 406,054
1,422,873 1,114,837
CREDITORS
Amounts falling due within one year 7 1,244,188 740,596
NET CURRENT ASSETS 178,685 374,241
TOTAL ASSETS LESS CURRENT
LIABILITIES

249,264

633,140

CREDITORS
Amounts falling due after more than one
year

8

(11,270

)

-

PROVISIONS FOR LIABILITIES (2,731 ) (2,758 )
NET ASSETS 235,263 630,382

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 10 235,262 630,381
235,263 630,382

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Network Integration Technologies Ltd (Registered number: 06129469)

Balance Sheet - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 October 2024 and were signed on its behalf by:




Mr. S J. Richardson - Director



Miss E H Simey-Richardson - Director


Network Integration Technologies Ltd (Registered number: 06129469)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Network Integration Technologies Ltd 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.

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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on reducing balance
Plant and machinery - 25% on reducing balance
Motor vehicles - 15% on reducing balance

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 250,000
AMORTISATION
At 1 April 2023 178,570
Amortisation for year 35,714
At 31 March 2024 214,284
NET BOOK VALUE
At 31 March 2024 35,716
At 31 March 2023 71,430

Network Integration Technologies Ltd (Registered number: 06129469)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2023 227,964 85,795 - 313,759
Additions 4,952 18,386 34,050 57,388
Disposals (227,964 ) (85,796 ) (14,500 ) (328,260 )
At 31 March 2024 4,952 18,385 19,550 42,887
DEPRECIATION
At 1 April 2023 60,159 66,131 - 126,290
Charge for year 495 4,595 2,933 8,023
Eliminated on disposal (60,159 ) (66,130 ) - (126,289 )
At 31 March 2024 495 4,596 2,933 8,024
NET BOOK VALUE
At 31 March 2024 4,457 13,789 16,617 34,863
At 31 March 2023 167,805 19,664 - 187,469

6. DEBTORS
31/3/24 31/3/23
£    £   
Amounts falling due within one year:
Trade debtors 143,951 282,929
Other debtors 226 500
Directors' loan accounts 63,153 -
VAT 13,455 -
Prepayments 767,393 425,354
988,178 708,783

Amounts falling due after more than one year:
Inter Company Loan 69,113 -

Aggregate amounts 1,057,291 708,783

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans and overdrafts - 30,794
Hire purchase contracts 2,197 -
Trade creditors 423,642 390,769
Corporation Tax - 77,309
Social security and other taxes 8,027 7,292
VAT - 22,023
Other creditors 77,502 -
Directors' loan accounts - 7,887
Accrued expenses 3,904 3,731
Deferred Income 728,916 200,791
1,244,188 740,596

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/3/24 31/3/23
£    £   
Hire purchase contracts 11,270 -

Network Integration Technologies Ltd (Registered number: 06129469)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. CALLED UP SHARE CAPITAL

During the year, the share capital was aquired by Group SR Limited. Mr S J Richardson is the ultimate controlling party of Group SR Limited.

10. RESERVES
Retained
earnings
£   

At 1 April 2023 630,381
Deficit for the year (207,649 )
Dividends (187,470 )
At 31 March 2024 235,262

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31/3/24 31/3/23
£    £   
Mr. S J. Richardson
Balance outstanding at start of year (7,887 ) 98,658
Amounts advanced 71,040 57,632
Amounts repaid - (164,177 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 63,153 (7,887 )

The balance of the Directors Loan account at the year end was repaid in full within nine months of the year end date.