0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 03996621 2023-06-01 2024-05-31 03996621 2024-05-31 03996621 2023-05-31 03996621 2022-06-01 2023-05-31 03996621 2023-05-31 03996621 2022-05-31 03996621 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 03996621 bus:Director1 2023-06-01 2024-05-31 03996621 core:WithinOneYear 2024-05-31 03996621 core:WithinOneYear 2023-05-31 03996621 core:ShareCapital 2024-05-31 03996621 core:ShareCapital 2023-05-31 03996621 core:RetainedEarningsAccumulatedLosses 2024-05-31 03996621 core:RetainedEarningsAccumulatedLosses 2023-05-31 03996621 bus:Director1 2023-05-31 03996621 bus:Director1 2024-05-31 03996621 bus:Director1 2022-05-31 03996621 bus:Director1 2023-05-31 03996621 bus:Director1 2022-06-01 2023-05-31 03996621 bus:SmallEntities 2023-06-01 2024-05-31 03996621 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 03996621 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 03996621 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03996621 bus:FullAccounts 2023-06-01 2024-05-31 03996621 bus:OrdinaryShareClass1 2024-05-31 03996621 bus:OrdinaryShareClass1 2023-05-31
COMPANY REGISTRATION NUMBER: 03996621
Network 66 Limited
Filleted Unaudited Financial Statements
31 May 2024
Network 66 Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Current assets
Stocks
1,765
1,767
Debtors
4
24,539
41,009
Cash at bank and in hand
72,411
38,733
--------
--------
98,715
81,509
Creditors: amounts falling due within one year
5
40,382
37,854
--------
--------
Net current assets
58,333
43,655
--------
--------
Total assets less current liabilities
58,333
43,655
--------
--------
Net assets
58,333
43,655
--------
--------
Capital and reserves
Called up share capital
6
100
100
Profit and loss account
58,233
43,555
--------
--------
Shareholders funds
58,333
43,655
--------
--------
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 May 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 .
These financial statements were approved by the board of directors and authorised for issue on 13 February 2025 , and are signed on behalf of the board by:
Mr D J Scott-Malden
Director
Company registration number: 03996621
Network 66 Limited
Notes to the Financial Statements
Year ended 31 May 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 3 The Briars, Warton, Tamworth, B79 0JY.
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. 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
The turnover shown in the profit and loss account represents rental income and management fees during the year.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4. Debtors
2024
2023
£
£
Trade debtors
24,539
41,009
--------
--------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
91
84
Corporation tax
3,675
3,565
Other creditors
36,616
34,205
--------
--------
40,382
37,854
--------
--------
6. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
7. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D J Scott-Malden
( 33,137)
( 2,332)
( 35,469)
--------
-------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D J Scott-Malden
( 29,727)
( 3,410)
( 33,137)
--------
-------
--------