Netaccess Software Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03629905

Netaccess Software Limited

Filleted Unaudited Financial Statements

For the year ending

31 December 2024

Netaccess Software Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Netaccess Software Limited

Officers and Professional Advisers

THE BOARD OF DIRECTORS	P N Richards
	J K Hamilton

REGISTERED OFFICE	Priory Business Park
	Stannard Way
	Bedford
	MK44 3WG

ACCOUNTANTS	Streets
	Chartered accountants
	Potton House
	Wyboston Lakes
	Great North Road
	Wyboston
	Bedford
	MK44 3BZ

BANKERS	HSBC Bank Plc
	Po Box 1888
	19 Midsummer Place
	Milton Keynes
	Buckinghamshire
	MK9 3GB

Netaccess Software Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	67,826	85,029
Investments	6	133,288	145,288
		---------	---------
		201,114	230,317

Current assets

Stocks		292,573	495,524
Debtors	7	1,649,778	1,509,521
Cash at bank and in hand		297,903	360,097
		------------	------------
		2,240,254	2,365,142

Creditors: amounts falling due within one year	8	1,024,953	1,260,604
		------------	------------
Net current assets		1,215,301	1,104,538
		------------	------------
Total assets less current liabilities		1,416,415	1,334,855

Creditors: amounts falling due after more than one year	9	100,347	193,105
		------------	------------
Net assets		1,316,068	1,141,750
		------------	------------

Capital and reserves

Called up share capital	633,767	633,767
Share premium account	690,675	690,675
Profit and loss account	( 8,374)	( 182,692)
	------------	------------
Shareholders funds	1,316,068	1,141,750
	------------	------------

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 statement of income and retained earnings has not been delivered.

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.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Netaccess Software Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

P N Richards

Director

Company registration number: 03629905

Netaccess Software Limited

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 and Wales. The address of the registered office is Priory Business Park, Stannard Way, Bedford, MK44 3WG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Freehold property	-	Over useful life of asset
Short leasehold property	-	Over lease term
Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2023: 10 ).

5. Tangible assets

	Short leasehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	4,350	48,625	121,106	–	174,081
Additions	3,816	–	–	10,140	13,956
Disposals	( 4,350)	( 48,625)	( 18,455)	–	( 71,430)
	-------	--------	---------	--------	---------
At 31 December 2024	3,816	–	102,651	10,140	116,607
	-------	--------	---------	--------	---------
Depreciation
At 1 January 2024	4,350	44,923	39,779	–	89,052
Charge for the year	763	–	19,050	2,535	22,348
Disposals	( 4,350)	( 44,923)	( 13,346)	–	( 62,619)
	-------	--------	---------	--------	---------
At 31 December 2024	763	–	45,483	2,535	48,781
	-------	--------	---------	--------	---------
Carrying amount
At 31 December 2024	3,053	–	57,168	7,605	67,826
	-------	--------	---------	--------	---------
At 31 December 2023	–	3,702	81,327	–	85,029
	-------	--------	---------	--------	---------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024	145,288
Disposals	( 12,000)
	---------
At 31 December 2024	133,288
	---------
Impairment
At 1 January 2024 and 31 December 2024	–
	---------

Carrying amount
At 31 December 2024	133,288
	---------
At 31 December 2023	145,288
	---------

The company owns 100% of the issued share capital of Netaccess I-AX Limited a company incorporated in England and Wales.

The company owned 100% of the issued share capital of Netaccess KFT a company incorporated in Hungary. During the year the company was dissolved.

7. Debtors

	2024	2023
	£	£
Trade debtors	721,293	619,162
Amounts owed by group undertakings and undertakings in which the company has a participating interest	254,729	264,930
Other debtors	673,756	625,429
	------------	------------
	1,649,778	1,509,521
	------------	------------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	48,167	48,167
Trade creditors	191,773	425,525
Social security and other taxes	11,627	10,412
Other creditors	773,386	776,500
	------------	------------
	1,024,953	1,260,604
	------------	------------

Other creditors include liabilities under hire purchase and finance lease agreements totalling £44,273 (2023 £8,860). These liabilities are secured on the assets concerned.

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	100,347	148,514
Other creditors	–	44,591
	---------	---------
	100,347	193,105
	---------	---------

Other creditors include liabilities under hire purchase and finance lease agreements totalling £Nil (2023 £44,591). These liabilities are secured on the assets concerned.

10. Deferred tax

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	5,683	8,492
Unused tax losses	( 5,683)	( 8,492)
	-------	-------
	–	–
	-------	-------

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	105,707	6,000
Later than 1 year and not later than 5 years	365,363	–
	---------	-------
	471,070	6,000
	---------	-------

12. Related party transactions

A balance of £254,729 (2023 £259,939) was owed to Netaccess I-AX Limited at the year end. No interest was charged and no amounts were written off during the year. Included within other debtors are loans to Netaccess VBISS Gmbh amounting to £67,262 (2023 £67,262) and Netaccess Security LLC amounting to £417,609 (2023 £417,609) which a director of Netaccess Software Limited is also a director of. No interest was charged and no amounts were written off. A loan was written off during the year to Netaccess Kft for £4,991 (2023 £Nil), a subsidiary, which was liquidated in Hungary.