Company registration number:
06902687
Nettec Environmental Services Ltd
Unaudited filleted abridged financial statements
31 December 2024
Nettec Environmental Services Ltd
Contents
Directors and other information
Abridged statement of financial position
Notes to the financial statements
Nettec Environmental Services Ltd
Directors and other information
|
|
|
|
Director |
P Boyle |
|
|
|
|
|
|
|
Company number |
06902687 |
|
|
|
|
|
|
|
Registered office |
73 Muswell Rd |
|
|
London |
|
|
N10 2BS |
|
|
|
|
|
|
|
Business address |
80a Magheramore Rd |
|
|
Dungiven |
|
|
Co Londonderry |
|
|
BT47 4SP |
|
|
|
|
|
|
|
Accountant |
Colman Blair and Co |
|
|
73 Muswell Rd |
|
|
London |
|
|
N102BS |
|
|
|
Nettec Environmental Services Ltd
Abridged statement of financial position
31 December 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
|
Tangible assets |
|
7 |
521,605 |
|
|
|
512,517 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
521,605 |
|
|
|
512,517 |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Stocks |
|
8 |
55,000 |
|
|
|
12,000 |
|
|
|
Debtors |
|
|
110,377 |
|
|
|
192,031 |
|
|
|
Investments |
|
9 |
502 |
|
|
|
502 |
|
|
|
Cash at bank and in hand |
|
|
168,522 |
|
|
|
339,744 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
334,401 |
|
|
|
544,277 |
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
within one year |
|
10 |
(
235,439) |
|
|
|
(
388,205) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
Net current assets |
|
|
|
|
98,962 |
|
|
|
156,072 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Total assets less current liabilities |
|
|
|
|
620,567 |
|
|
|
668,589 |
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
after more than one year |
|
11 |
|
|
(
19,509) |
|
|
|
(
82,427) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Net assets |
|
|
|
|
601,058 |
|
|
|
586,162 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
|
Called up share capital |
|
12 |
|
|
1 |
|
|
|
1 |
|
Profit and loss account |
|
|
|
|
601,057 |
|
|
|
586,161 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Shareholder funds |
|
|
|
|
601,058 |
|
|
|
586,162 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 December 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 member has 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 abridged statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
14 June 2025
, and are signed on behalf of the board by:
P Boyle
Director
Company registration number:
06902687
Nettec Environmental Services Ltd
Notes to the financial statements
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 73 Muswell Rd, London, N10 2BS.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
|
|
|
|
|
|
Plant and machinery |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2023:
6
).
5.
Interest payable and similar expenses
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Other loans made to the company: |
|
|
|
|
|
|
Finance leases and hire purchase contracts |
|
8,181 |
8,674 |
|
|
Bank loan |
|
531 |
779 |
|
|
|
|
_______ |
_______ |
|
|
|
|
8,712 |
9,453 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
6.
Tax on profit
Major components of tax expense
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
UK current tax expense |
|
1,780 |
45,084 |
|
Adjustments in respect of previous periods |
|
1,772 |
- |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
3,552 |
45,084 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2023: lower than) the
standard rate of corporation tax in the UK
of
19.00
% (2023: 23.19%).
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Profit before taxation |
|
18,448 |
214,796 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Profit multiplied by rate of tax |
|
3,505 |
49,811 |
|
Adjustments in respect of prior periods |
|
1,772 |
- |
|
Effect of capital allowances and depreciation |
|
(
1,725) |
(
4,727) |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
3,552 |
45,084 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Tangible assets
|
|
|
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2024 |
986,592 |
|
|
|
|
|
|
|
Additions |
61,815 |
|
|
|
|
|
|
|
Disposals |
(
5,950) |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 31 December 2024 |
1,042,457 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2024 |
474,075 |
|
|
|
|
|
|
|
Charge for the year |
49,382 |
|
|
|
|
|
|
|
Disposals |
(
2,605) |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 31 December 2024 |
520,852 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2024 |
521,605 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 31 December 2023 |
512,517 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.
Stocks
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Stock of materials and plant spares |
|
55,000 |
12,000 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Investments
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Due from associated company |
|
502 |
502 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
16,060 |
26,870 |
|
Trade creditors |
|
13,103 |
9,735 |
|
Corporation tax |
|
48,446 |
45,000 |
|
Social security and other taxes |
|
12,390 |
117,721 |
|
Other creditors |
|
145,440 |
188,879 |
|
|
|
_______ |
_______ |
|
|
|
235,439 |
388,205 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Due on hire purchase, payable in >1year |
|
19,509 |
82,427 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Called up share capital
Authorised share capital
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares shares of £
1.00 each |
|
1,000 |
|
1,000 |
|
1,000 |
|
1,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares shares of £
1.00 each |
|
1 |
|
1 |
|
1 |
|
1 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
13.
Events after the end of the reporting period
The company acquired land in February 2025 costing £362,000 including stamp duty and fees.
14.
Controlling party
The company is owned by the director who holds 100% of the issued share capital.
15.
Charges on assets
Northern Bank Ltd has a fixed and floating charge over the company's assets.