Netconnex Limited
Registered number: 03416805
Balance Sheet
at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 45,339 53,155
Current assets
Debtors 4 3,842 12,794
Cash at bank and in hand 384,385 385,890
388,227 398,684
Creditors: amounts falling due within one year 5 (130,792) (143,919)
Net current assets 257,435 254,765
Total assets less current liabilities 302,774 307,920
Creditors: amounts falling due after more than one year 6 (36,475) (48,624)
Provisions for liabilities (11,000) (13,000)
Net assets 255,299 246,296
Capital and reserves
Called up share capital 300 300
Profit and loss account 254,999 245,996
Shareholder's funds 255,299 246,296
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
T S A Lahtinen
Director
Approved by the board on 6 May 2025
Netconnex Limited
Notes to the Financial Statements
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis and are presented in Sterling (£).
Turnover
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 rendering of services and is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives, using the straight-line method.
Motor vehicle 20% per year
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.
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.
Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference and is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 September 2023 - 65,380 65,380
Additions 3,550 - 3,550
At 31 August 2024 3,550 65,380 68,930
Depreciation
At 1 September 2023 - 12,225 12,225
Charge for the year 887 10,479 11,366
At 31 August 2024 887 22,704 23,591
Net book value
At 31 August 2024 2,663 42,676 45,339
At 31 August 2023 - 53,155 53,155
4 Debtors 2024 2023
£ £
Trade debtors 1,756 10,777
Prepayments and accrued income 2,086 2,017
3,842 12,794
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,400 6,400
Obligations under finance lease and hire purchase contracts 5,749 5,478
Trade creditors 933 3,059
Taxation and social security costs 43,861 60,314
Other creditors 8,098 500
Accruals and deferred income 65,751 68,168
130,792 143,919
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,000 14,400
Obligations under finance lease and hire purchase contracts 28,475 34,224
36,475 48,624
7 Other information
Netconnex Limited is a private company limited by shares and incorporated in England. Its registered office is:
60 Windsor Avenue
London
SW19 2RR
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