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Company Registration No. 13171003 (England and Wales)
NETWORK EXCHANGE LTD Unaudited accounts for the period from 1 March 2023 to 28 February 2024
NETWORK EXCHANGE LTD Unaudited accounts Contents
Page
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NETWORK EXCHANGE LTD Company Information for the period from 1 March 2023 to 28 February 2024
Director
Nicola Wilton
Company Number
13171003 (England and Wales)
Registered Office
20-22 WENLOCK ROAD LONDON N1 7GU ENGLAND
Accountants
Taxacc Solutions Ltd 117A St. Johns Hill Sevenoaks Kent TN13 3PE
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NETWORK EXCHANGE LTD Statement of financial position as at 28 February 2024
2024 
2023 
Notes
£ 
£ 
Current assets
Debtors
4,120 
2,177 
Cash at bank and in hand
71,536 
73,487 
75,656 
75,664 
Creditors: amounts falling due within one year
(15,520)
(7,155)
Net current assets
60,136 
68,509 
Net assets
60,136 
68,509 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
60,135 
68,508 
Shareholders' funds
60,136 
68,509 
For the period ending 28 February 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 director acknowledges her 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 November 2024 and were signed on its behalf by
Nicola Wilton Director Company Registration No. 13171003
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NETWORK EXCHANGE LTD Notes to the Accounts for the period from 1 March 2023 to 28 February 2024
1
Statutory information
NETWORK EXCHANGE LTD is a private company, limited by shares, registered in England and Wales, registration number 13171003. The registered office is 20-22 WENLOCK ROAD, LONDON, N1 7GU, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Basis of preparation
These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of land and buildings and certain financial assets and liabilities measured at fair value through profit or loss.
Functional and presentation currency
The company’s functional and presentation currency is the pound sterling.
Going concern
The company meets its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty over (a) the level of demand for the company’s products. (b) the availability of bank finance for the foreseeable future. The current and future financial position of the Company, its cash flows and liquidity position has been reviewed by the directors. These have been prepared with a very prudent view of the likely gradual recovery in each of the Company's operating locations and have been stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Company to continue to trade during this period. The company’s forecasts and projections, taking into account a severe but plausible change in trading performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore, continues to adopt the going concern basis in preparing its financial statements.
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NETWORK EXCHANGE LTD Notes to the Accounts for the period from 1 March 2023 to 28 February 2024
Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is also recognised in other comprehensive income or directly in equity respectively. Current or deferred taxation assets and liabilities are not discounted. Current tax Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Director(s) periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
4
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Deferred tax asset
1,942 
Other debtors
2,178 
2,177 
4,120 
2,177 
5
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Taxes and social security
93 
- 
Other creditors
9,096 
757 
Loans from directors
5,731 
5,798 
Accruals
600 
600 
15,520 
7,155 
6
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
7
Average number of employees
During the period the average number of employees was 1 (2023: 1).
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