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COMPANY REGISTRATION NUMBER: 07220401
Netpas Design Ltd
Filleted Unaudited Financial Statements
30 April 2024
Netpas Design Ltd
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Netpas Design Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
4
239
298
Current assets
Debtors
5
365
5,730
Cash at bank and in hand
4,847
1,351
-------
-------
5,212
7,081
Creditors: amounts falling due within one year
6
66,607
60,365
--------
--------
Net current liabilities
61,395
53,284
--------
--------
Total assets less current liabilities
( 61,156)
( 52,986)
Creditors: amounts falling due after more than one year
7
12,231
22,435
--------
--------
Net liabilities
( 73,387)
( 75,421)
--------
--------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
( 73,388)
( 75,422)
--------
--------
Shareholders deficit
( 73,387)
( 75,421)
--------
--------
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 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Netpas Design Ltd
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 29 January 2025 , and are signed on behalf of the board by:
Mr. J. Pereira
Director
Company registration number: 07220401
Netpas Design Ltd
Notes to the Financial Statements
Year ended 30 April 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 Printing House, 66 Lower Road, Harrow HA2 0DH.
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 going concern basis has been used. Of the company's liabilities £51,813 is owed to the director and it has been agreed that repayment will not be demanded whilst such action would adversely affect the company's operations. The director expects the major creditors, because of the nature of their relationship with the company, to continue with their support for at least twelve months from the date of approval of the financial statements. This basis has been applied on the continuing support of the creditors. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of the assets to their recoverable amount and to provide for any further liabilities that might arise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Office furniture
-
20% reducing balance
Equipment
-
20% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
1,385
2,902
4,287
-------
-------
-------
Depreciation
At 1 May 2023
1,309
2,680
3,989
Charge for the year
15
44
59
-------
-------
-------
At 30 April 2024
1,324
2,724
4,048
-------
-------
-------
Carrying amount
At 30 April 2024
61
178
239
-------
-------
-------
At 30 April 2023
76
222
298
-------
-------
-------
5. Debtors
2024
2023
£
£
Trade debtors
5,730
Other debtors
365
----
-------
365
5,730
----
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,204
9,952
Trade creditors
1,590
1,148
Accruals and deferred income
3,000
3,000
Social security and other taxes
334
Director loan accounts
51,813
45,931
--------
--------
66,607
60,365
--------
--------
The bank loans and overdrafts amount relate to a Bounce Back loan which is secured by a government guarantee.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,231
22,435
--------
--------
The bank loans and overdrafts amount relate to a Bounce Back loan which is secured by a government guarantee.
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----