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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.