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REGISTERED NUMBER: 05006536 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

MICRONET INFOTECH LIMITED

MICRONET INFOTECH LIMITED (Registered number: 05006536)

Contents of the Financial Statements
for the Year Ended 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MICRONET INFOTECH LIMITED

Company Information
for the Year Ended 30 JUNE 2024







DIRECTOR: M Mehta





SECRETARY: Mrs M Mehta





REGISTERED OFFICE: 32 The Metro Centre
Dwight Road
Watford
Hertfordshire
WD18 9SB





REGISTERED NUMBER: 05006536 (England and Wales)





ACCOUNTANTS: Frasers Young Limited
Chartered Certified Accountants
Alpha House
296 Kenton Road
Harrow
HA3 8DD

MICRONET INFOTECH LIMITED (Registered number: 05006536)

Balance Sheet
30 JUNE 2024

30.6.24 30.6.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 34,462 9,109

CURRENT ASSETS
Stocks 68,275 87,120
Debtors 5 1,453,981 1,279,565
Cash at bank and in hand 866,415 844,295
2,388,671 2,210,980
CREDITORS
Amounts falling due within one year 6 (550,366 ) (570,428 )
NET CURRENT ASSETS 1,838,305 1,640,552
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,872,767

1,649,661

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 1,872,757 1,649,651
SHAREHOLDERS' FUNDS 1,872,767 1,649,661

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 27 March 2025 and were signed by:




M Mehta - Director


MICRONET INFOTECH LIMITED (Registered number: 05006536)

Notes to the Financial Statements
for the Year Ended 30 JUNE 2024


1. STATUTORY INFORMATION

MICRONET INFOTECH 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from hardware sales is recognised when the goods are dispatched. Revenue for software sales are recognised when the software is first made available to the customer. Revenue for the consultancy and support services is recognised over the period in which the service is provided. Amounts received in advance are carried forward as deferred income.

Tangible fixed assets
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.
Fixtures and fittings - Straight line over 4 years
Motor vehicles - Straight line over 3 years
Computer equipment - Straight line over 3 years

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

MICRONET INFOTECH LIMITED (Registered number: 05006536)

Notes to the Financial Statements - continued
for the Year Ended 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

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 30 (2023 - 29 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 13,137 27,069 52,732 92,938
Additions - 33,581 4,680 38,261
Disposals - (27,069 ) - (27,069 )
At 30 June 2024 13,137 33,581 57,412 104,130
DEPRECIATION
At 1 July 2023 13,018 24,813 45,998 83,829
Charge for year 119 7,462 3,071 10,652
Eliminated on disposal - (24,813 ) - (24,813 )
At 30 June 2024 13,137 7,462 49,069 69,668
NET BOOK VALUE
At 30 June 2024 - 26,119 8,343 34,462
At 30 June 2023 119 2,256 6,734 9,109

MICRONET INFOTECH LIMITED (Registered number: 05006536)

Notes to the Financial Statements - continued
for the Year Ended 30 JUNE 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£   
COST
Additions 33,581
At 30 June 2024 33,581
DEPRECIATION
Charge for year 7,462
At 30 June 2024 7,462
NET BOOK VALUE
At 30 June 2024 26,119

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 838,631 675,722
Other debtors 615,350 603,843
1,453,981 1,279,565

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 326,976 323,132
Taxation and social security 172,677 133,500
Other creditors 50,713 113,796
550,366 570,428

7. RELATED PARTY DISCLOSURES

The company paid rent of £48,000 (£48,000 2023) to the partnership in which the shareholders are partners.

8. ULTIMATE CONTROLLING PARTY

The controlling party is the Director.