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REGISTERED NUMBER: 07803946 (England and Wales)















NETWORK EXECUTIVE CHAUFFEURS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024






NETWORK EXECUTIVE CHAUFFEURS LIMITED (REGISTERED NUMBER: 07803946)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


NETWORK EXECUTIVE CHAUFFEURS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mr P.N. Ryder
Mr C Guthrie
Mr D.J. Costin
Mr L Costin





REGISTERED OFFICE: 15-17 Church Street
Stourbridge
West Midlands
DY8 1LU





REGISTERED NUMBER: 07803946 (England and Wales)





ACCOUNTANTS: Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
NETWORK EXECUTIVE CHAUFFEURS LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Network Executive Chauffeurs Limited for the year ended 31 August 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Network Executive Chauffeurs Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Network Executive Chauffeurs Limited and state those matters that we have agreed to state to the Board of Directors of Network Executive Chauffeurs Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Network Executive Chauffeurs Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Network Executive Chauffeurs Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Network Executive Chauffeurs Limited. You consider that Network Executive Chauffeurs Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Network Executive Chauffeurs Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU


15 November 2024

NETWORK EXECUTIVE CHAUFFEURS LIMITED (REGISTERED NUMBER: 07803946)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 112,046 87,642

CURRENT ASSETS
Debtors 5 64,189 64,867
Cash at bank 206,034 133,674
270,223 198,541
CREDITORS
Amounts falling due within one year 6 185,901 129,306
NET CURRENT ASSETS 84,322 69,235
TOTAL ASSETS LESS CURRENT
LIABILITIES

196,368

156,877

CREDITORS
Amounts falling due after more than one year 7 39,987 29,035
NET ASSETS 156,381 127,842

CAPITAL AND RESERVES
Called up share capital 6 6
Retained earnings 156,375 127,836
SHAREHOLDERS' FUNDS 156,381 127,842

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 EXECUTIVE CHAUFFEURS LIMITED (REGISTERED NUMBER: 07803946)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 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 15 November 2024 and were signed on its behalf by:





Mr P.N. Ryder - Director


NETWORK EXECUTIVE CHAUFFEURS LIMITED (REGISTERED NUMBER: 07803946)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

Network Executive Chauffeurs Limited 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 recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of value added tax.

Revenue is recognised when:
- the amount of the revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles-25% on reducing balance
Computer equipment-33% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying value of the asset, and is credited or charged to the statement of comprehensive income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


NETWORK EXECUTIVE CHAUFFEURS LIMITED (REGISTERED NUMBER: 07803946)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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 measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2023 - 145,972 5,348 151,320
Additions 6,450 40,833 - 47,283
At 31 August 2024 6,450 186,805 5,348 198,603
DEPRECIATION
At 1 September 2023 - 59,804 3,874 63,678
Charge for year - 22,393 486 22,879
At 31 August 2024 - 82,197 4,360 86,557
NET BOOK VALUE
At 31 August 2024 6,450 104,608 988 112,046
At 31 August 2023 - 86,168 1,474 87,642

NETWORK EXECUTIVE CHAUFFEURS LIMITED (REGISTERED NUMBER: 07803946)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2023 32,912
Additions 40,833
At 31 August 2024 73,745
DEPRECIATION
At 1 September 2023 12,342
Charge for year 5,994
At 31 August 2024 18,336
NET BOOK VALUE
At 31 August 2024 55,409
At 31 August 2023 20,570

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 45,547 41,126
Other debtors 18,642 23,741
64,189 64,867

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 12,102 11,258
Hire purchase contracts 17,840 8,142
Trade creditors 20,468 27,610
Taxation and social security 62,445 38,291
Other creditors 73,046 44,005
185,901 129,306

NETWORK EXECUTIVE CHAUFFEURS LIMITED (REGISTERED NUMBER: 07803946)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 7,500 17,500
Hire purchase contracts 32,487 11,535
39,987 29,035