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COMPANY REGISTRATION NUMBER: 02865087
Network Computing Limited
Filleted Unaudited Financial Statements
31 March 2024
Network Computing Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Network Computing Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
387,849
31,695
Current assets
Debtors
6
712,034
392,648
Cash at bank and in hand
562,044
729,711
------------
------------
1,274,078
1,122,359
Creditors: amounts falling due within one year
7
676,566
403,816
------------
------------
Net current assets
597,512
718,543
---------
---------
Total assets less current liabilities
985,361
750,238
Creditors: amounts falling due after more than one year
8
20,000
30,000
Provisions
Taxation including deferred tax
25,087
7,924
---------
---------
Net assets
940,274
712,314
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
940,174
712,214
---------
---------
Shareholders funds
940,274
712,314
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Network Computing Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr M S Bains
Director
Company registration number: 02865087
Network Computing Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4 Bourne Enterprise Centre Wrotham Road, Borough Green, Sevenoaks, Kent, TN15 8DF, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
20% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 11 ).
5. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
46,246
23,083
69,329
Additions
428,260
22,587
8,736
459,583
Disposals
( 9,000)
( 9,000)
---------
--------
--------
---------
At 31 March 2024
428,260
59,833
31,819
519,912
---------
--------
--------
---------
Depreciation
At 1 April 2023
28,920
8,714
37,634
Charge for the year
85,652
9,978
6,598
102,228
Disposals
( 7,799)
( 7,799)
---------
--------
--------
---------
At 31 March 2024
85,652
31,099
15,312
132,063
---------
--------
--------
---------
Carrying amount
At 31 March 2024
342,608
28,734
16,507
387,849
---------
--------
--------
---------
At 31 March 2023
17,326
14,369
31,695
---------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
260,712
107,038
Amounts owed by group undertakings and undertakings in which the company has a participating interest
94,555
Other debtors
356,767
285,610
---------
---------
712,034
392,648
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
232,815
112,539
Amounts owed to group undertakings and undertakings in which the company has a participating interest
67,595
Corporation tax
187,248
95,911
Social security and other taxes
103,598
84,123
Other creditors
142,905
33,648
---------
---------
676,566
403,816
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,000
30,000
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
37,350
17,500
Later than 1 year and not later than 5 years
136,950
---------
--------
174,300
17,500
---------
--------
10. Directors' advances, credits and guarantees
At the year end, the Directors owed the company £262,120 (2023: £283,035). During the year advances of £38,657 (2023: £152,079) were made to the directors and repayments of £64,638 (2023: £69,365) were made by the directors. Interest was charged of £6,065.
11. Related party transactions
At the year end, £94,555 was owed from a group company. Last year £67,595 was due to a group company.
12. Controlling party
The immediate and ultimate parent company was EMB Elite Limited , a company registered in England and Wales. Their registered office address is Camburgh House, 27 New Dover Road, Canterbury, Kent, United Kingdom, CT1 3DN .