NETCOMPOSITE LTD

Company Registration Number:
06817824 (England and Wales)

Unaudited abridged accounts for the year ended 28 February 2024

Period of accounts

Start date: 01 March 2023

End date: 28 February 2024

NETCOMPOSITE LTD

Contents of the Financial Statements

for the Period Ended 28 February 2024

Company Information - 3
Report of the Directors - 4
Balance sheet - 5
Additional notes - 7
Balance sheet notes - 10

NETCOMPOSITE LTD

Company Information

for the Period Ended 28 February 2024




Director: Angela Louise Davies
Andrey Veselovskiy
Secretary: Angela Louise Davies
Registered office: Excalibur House
Priory Drive
Langstone
Newport
GB-WLS
NP18 2HJ
Company Registration Number: 06817824 (England and Wales)

NETCOMPOSITE LTD

Directors' Report Period Ended 28 February 2024

The directors present their report with the financial statements of the company for the period ended 28 February 2024

Additional information

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit in accordance with section 476 of the Act. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.

Directors

The directors shown below have held office during the whole of the period from 01 March 2023 to 28 February 2024
Angela Louise Davies
Andrey Veselovskiy

Secretary
Angela Louise Davies

This report was approved by the board of directors on 30 January 2025
And Signed On Behalf Of The Board By:

Name: Angela Louise Davies
Status: Director

NETCOMPOSITE LTD

Balance sheet

As at 28 February 2024


Notes

2024
£

2023
£
Fixed assets
Tangible assets: 4 6,107 8,143
Total fixed assets: 6,107 8,143
Current assets
Debtors: 4,593 4,918
Cash at bank and in hand: 115 711
Total current assets: 4,708 5,629
Creditors: amounts falling due within one year: ( 99,130 ) ( 88,992 )
Net current assets (liabilities): ( 94,422 ) ( 83,363 )
Total assets less current liabilities: ( 88,315 ) ( 75,220 )
Creditors: amounts falling due after more than one year: ( 30,895 ) ( 30,906 )
Provision for liabilities: ( 1,160 ) ( 1,547 )
Total net assets (liabilities): ( 120,370 ) ( 107,673 )

The notes form part of these financial statements

NETCOMPOSITE LTD

Balance sheet continued

As at 28 February 2024


Notes

2024
£

2023
£
Capital and reserves
Called up share capital: 100 100
Profit and loss account: ( 120,470 ) ( 107,773 )
Shareholders funds: ( 120,370 ) ( 107,673 )

For the year ending 28 February 2024 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 30 January 2025
And Signed On Behalf Of The Board By:

Name: Angela Louise Davies
Status: Director

The notes form part of these financial statements

NETCOMPOSITE LTD

Notes to the Financial Statements

for the Period Ended 28 February 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

    Fixtures, fittings, tools and equipment 25% reducing balance

    Other accounting policies

    Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Debtors Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Creditors Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

NETCOMPOSITE LTD

Notes to the Financial Statements

for the Period Ended 28 February 2024

  • 2. Employees


    2024

    2023
    Average number of employees during the period 0 0

NETCOMPOSITE LTD

Notes to the Financial Statements

for the Period Ended 28 February 2024

  • 3. Off balance sheet disclosure

    No

NETCOMPOSITE LTD

Notes to the Financial Statements

for the Period Ended 28 February 2024

4. Tangible Assets

Total
Cost £
At 01 March 2023 85,829
Additions -
Disposals -
Revaluations -
Transfers -
At 28 February 2024 85,829
Depreciation
At 01 March 2023 77,686
Charge for year 2,036
On disposals -
Other adjustments -
At 28 February 2024 79,722
Net book value
At 28 February 2024 6,107
At 28 February 2023 8,143

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Fixtures, fittings, tools and equipment 25% reducing balance