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Registered number: 10673247
New World Netcom Ltd
Unaudited Financial Statements
For The Year Ended 30 March 2024
Kennedys Accounting Limited
160 Eureka Park
Kennington
Ashford
Kent
TN25 4AZ
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 10673247
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 186 371
186 371
CURRENT ASSETS
Stocks 5 1,550 1,550
Debtors 6 8,495 9,022
Cash at bank and in hand 26,869 29,911
36,914 40,483
Creditors: Amounts Falling Due Within One Year 7 (24,634 ) (27,212 )
NET CURRENT ASSETS (LIABILITIES) 12,280 13,271
TOTAL ASSETS LESS CURRENT LIABILITIES 12,466 13,642
Creditors: Amounts Falling Due After More Than One Year 8 (11,102 ) (12,542 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (35 ) (71 )
NET ASSETS 1,329 1,029
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 1,229 929
SHAREHOLDERS' FUNDS 1,329 1,029
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For the year ending 30 March 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 directors acknowledge their 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 Income Statement.
On behalf of the board
Mr Gary Linin
Director
17/09/2024
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
New World Netcom Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10673247 . The registered office is 160 Eureka Park, Kennington, Ashford, Kent, TN25 4AZ.
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 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.
2.3. 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:
Computer Equipment 33% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
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4. Tangible Assets
Computer Equipment
£
Cost
As at 31 March 2023 5,521
As at 30 March 2024 5,521
Depreciation
As at 31 March 2023 5,150
Provided during the period 185
As at 30 March 2024 5,335
Net Book Value
As at 30 March 2024 186
As at 31 March 2023 371
5. Stocks
2024 2023
£ £
Materials 1,550 1,550
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 781 1,285
Intercompany Debtor 1,668 1,399
Directors' loan accounts 6,046 6,338
8,495 9,022
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 6,958 7,331
Bank loans and overdrafts 1,440 1,750
Corporation tax 244 2,060
VAT 1,131 1,210
Directors' loan accounts 14,861 14,861
24,634 27,212
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 11,102 12,542
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 31 March 2023 Amounts advanced Amounts repaid Amounts written off As at 30 March 2024
£ £ £ £ £
Mr Gary Linin 6,338 20 (312 ) - 6,046
The above loan is unsecured, interest free and repayable on demand.
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