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Registered number: 05601327
New Net Technologies Ltd
Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—8
Page 1
Statement of Financial Position
Registered number: 05601327
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 283,547 685,068
283,547 685,068
CURRENT ASSETS
Debtors 6 5,459,071 3,398,953
Cash at bank and in hand 68,761 162,526
5,527,832 3,561,479
Creditors: Amounts Falling Due Within One Year 7 (1,430,511 ) (941,270 )
NET CURRENT ASSETS (LIABILITIES) 4,097,321 2,620,209
TOTAL ASSETS LESS CURRENT LIABILITIES 4,380,868 3,305,277
Creditors: Amounts Falling Due After More Than One Year 8 (67,706 ) (238,701 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 - (172,576 )
NET ASSETS 4,313,162 2,894,000
CAPITAL AND RESERVES
Called up share capital 10 170 170
Share premium account 169,916 169,916
Capital redemption reserve 14 14
Income Statement 4,143,062 2,723,900
SHAREHOLDERS' FUNDS 4,313,162 2,894,000
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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 Income Statement.
On behalf of the board
J Yavil
Director
31/10/2024
The notes on pages 3 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
New Net Technologies Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05601327 . The registered office is 5 New Street Square, London, EC4A 3TW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Research and Development
Research expenditure is written off in the period in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: 
...CONTINUED
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2.4. Research and Development - continued
  • It is technically feasible to complete the intangible asset so that it will be available for use or sale;
  • There is the intention to complete the intangible asset and use or sell it;
  • There is the ability to use or sell the intangible asset;
  • The use or sale of the intangible asset will generate probable future economic benefits;
  • There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
  • The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% straight line
Fixtures & Fittings 33% straight line
2.6. Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost. Where investments in nonconvertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss.
All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment.
Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 25 (2023: 17)
25 17
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4. Intangible Assets
Development Costs
£
Cost
As at 1 February 2023 2,389,077
As at 31 January 2024 2,389,077
Amortisation
As at 1 February 2023 1,704,009
Provided during the period 401,521
As at 31 January 2024 2,105,530
Net Book Value
As at 31 January 2024 283,547
As at 1 February 2023 685,068
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 February 2023 24,066 1,885 25,951
As at 31 January 2024 24,066 1,885 25,951
Depreciation
As at 1 February 2023 24,066 1,885 25,951
As at 31 January 2024 24,066 1,885 25,951
Net Book Value
As at 31 January 2024 - - -
As at 1 February 2023 - - -
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 177,984 624,725
Amounts owed by group undertakings 5,173,754 2,753,804
Other debtors 42,888 20,424
5,394,626 3,398,953
...CONTINUED
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Due after more than one year
Trade debtors 64,445 -
5,459,071 3,398,953
All amounts owed by group undertakings are interest free, unsecured and repayable on demand.
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 13,715 -
Amounts owed to group undertakings 217,477 217,477
Other creditors 367,273 360,340
Taxation and social security 832,046 363,453
1,430,511 941,270
All amounts owed to group undertakings are interest free, unsecured and repayable on demand.
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 67,706 238,701
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences - 172,576
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 170 170
11. Pension Commitments
The company operates a defined contribution pension scheme for. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £5,683 (2023: £nil) were due to the fund. They are included in Other Creditors.
12. Related Party Transactions
The directors have considered that there have been no material related party transactions that the Company has entered into that have not been concluded under normal market conditions.
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13. Ultimate Parent Undertaking and Controlling Party
There is no ultimate controlling party.
The Company is a wholly owned subsidiary of Netwrix (UK) Limited, a company incorporated in the United Kingdom whose principal place of business is 5 New Street Square, London, EC4A 3TW.
The parent of the smallest group for which consolidated financial statements are drawn up of which New Net Technologies Limited is a member of is Netwrix Corporation whose registered address is 12 North State Route 17, Suite 104, Paramus, New Jersey, USA, 07652
14. Audit Information
The auditors report on the account of New Net Technologies Ltd for the year ended 31 January 2024 was unqualified
The auditor's report was signed by Khushil Gokani FCA (Senior Statutory Auditor) for and on behalf of SAS Audit Limited , Statutory Auditor
SAS Audit Limited
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
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