Company No:
Contents
| DIRECTORS | M R Neville |
| L J Neville |
| REGISTERED OFFICE | Stonecross |
| Trumpington High Street | |
| Cambridge | |
| CB2 9SU | |
| United Kingdom |
| COMPANY NUMBER | 12433870 (England and Wales) |
| ACCOUNTANT | S&W Partners LLP |
| Stonecross | |
| Trumpington High Street | |
| Cambridge | |
| CB2 9SU |
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investments | 3 |
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| 0 | 270,800 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 268,997 | 1,368 | |||
| Creditors: amounts falling due within one year | 5 | (
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(
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| Net current assets/(liabilities) | 263,715 | (1,977) | ||
| Total assets less current liabilities | 263,715 | 268,823 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Share premium account |
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| Profit and loss account | (
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Nevworks Limited (registered number:
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M R Neville
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Nevworks Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Stonecross, Trumpington High Street, Cambridge, CB2 9SU, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Nevworks Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.
The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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Investments in subsidiaries
| 2025 | |
| £ | |
| Cost | |
| At 01 February 2024 |
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| Disposals | (
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| At 31 January 2025 |
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| Provisions for impairment | |
| At 01 February 2024 |
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| Disposals | (
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| At 31 January 2025 |
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| Carrying value at 31 January 2025 |
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| Carrying value at 31 January 2024 |
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| 2025 | 2024 | ||
| £ | £ | ||
| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed to directors |
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| Accruals |
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| Other creditors |
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During the year the subsidiary sold its business to a company where the shareholder and one of the directors of Nevworks Limited owns a 25% interest. The subsidiary transferred the rights and obligations of its sale of business to Nevworks Limited who have subsequently taken on the responsibilities of the subsidiary in relation to the contract. This includes the right to receive consideration of £250,000 providing the contract is fulfilled, along with the debtors and remaining bank balance. The £250,000 has been recognised in these accounts as a debtor. The debtors and bank balance totalled £371,134 which was transferred to the company via an inter-company loan following the directors’ decision to dissolve the subsidiary. The inter-company loan was subsequently waived which lead to a credit of £371,134 being recognised in this year’s accounts. The remaining value of the company’s investment in the subsidiary undertaking of £270,800 has been recognised as a loss of disposal in this year’s accounts.
As part of the sale of the subsidiary’s business, the subsidiary was owed £100,000. This debt was subsequently transferred to Nevworks Limited and was included within the above £371,134. During the year this debt was deemed to be irrecoverable and has consequently been waived and shown as a cost in this year’s accounts.