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Registered number: 10562664
NetBrain Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
A K E Tax & Accountancy Ltd
Chartered Certified Accountants
Hoddesdon Enterprise Centre
Pindar Road
Hoddesdon
Hertfordshire
EN11 0FJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10562664
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,238 4,238
Tangible Assets 5 5,915 5,679
10,153 9,917
CURRENT ASSETS
Debtors 6 58,972 84,722
Cash at bank and in hand 4,331 18
63,303 84,740
Creditors: Amounts Falling Due Within One Year 7 (40,493 ) (37,046 )
NET CURRENT ASSETS (LIABILITIES) 22,810 47,694
TOTAL ASSETS LESS CURRENT LIABILITIES 32,963 57,611
Creditors: Amounts Falling Due After More Than One Year 8 (31,327 ) (36,327 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,479 ) (1,306 )
NET ASSETS 157 19,978
CAPITAL AND RESERVES
Called up share capital 9 130 130
Profit and Loss Account 27 19,848
SHAREHOLDERS' FUNDS 157 19,978
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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 member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
B Wojtecki
Director
28 October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
NetBrain Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10562664 . The registered office is Hoddesdon Enterprise Centre, Pindar Road, Hoddesdon, Hertfordshire, EN11 0FJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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. Turnover from the rendering of services is recognised in the period the service is provided.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Amortisation only starts once the products are commercialised.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & Machinery 25% straight line
Fixtures & Fittings 20% reducing balance
2.5. Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2.6. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.7. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2023: 1)
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4. Intangible Assets
Development Costs
£
Cost
As at 1 February 2023 4,238
As at 31 January 2024 4,238
Net Book Value
As at 31 January 2024 4,238
As at 1 February 2023 4,238
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 February 2023 12,554 8,021 20,575
Additions - 1,876 1,876
As at 31 January 2024 12,554 9,897 22,451
Depreciation
As at 1 February 2023 12,033 2,863 14,896
Provided during the period 233 1,407 1,640
As at 31 January 2024 12,266 4,270 16,536
Net Book Value
As at 31 January 2024 288 5,627 5,915
As at 1 February 2023 521 5,158 5,679
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 31,854
Other debtors 58,972 52,868
58,972 84,722
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 5,000 5,000
Other creditors 379 -
Taxation and social security 35,114 32,046
40,493 37,046
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 31,327 36,327
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 130 130
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mr Bartosz Wojtecki 34,288 17,565 (37,298 ) - 14,555
11. Related Party Transactions
B Wojtecki
The above is a director of the company. During the year the related party incurred expenses on behalf of the company and drew monies against his account.
At the balance sheet date, he owed £14,555 (2023: £34,288) to the company.
No interest has been charged on this loan during the period.
N Wojtecka
The above is a participator of the company.
During the year, the participator incurred expenses on behalf of the company and drew monies against her account.
At the balance sheet date, she owed £35,634 (2023: £10,175) to the company.
No interest has been charged on this loan.
12. Ultimate Controlling Party
The ultimate controlling party are B Wojtecki & N Wojtecki by virtue of their equal shareholding.
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