Netaccess I-AX Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04224874

Netaccess I-AX Limited

Filleted Unaudited Financial Statements

For the year ending

31 December 2024

Netaccess I-AX 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	3

Netaccess I-AX Limited

Officers and Professional Advisers

DIRECTOR	P N Richards

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 I-AX Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Current assets

Stocks		10,000	10,000
Debtors	6	100	100
Cash at bank and in hand		1,120	713
		--------	--------
		11,220	10,813

Creditors: amounts falling due within one year	7	257,579	262,979
		---------	---------
Net current liabilities		246,359	252,166
		---------	---------
Total assets less current liabilities		( 246,359)	( 252,166)
		---------	---------
Net liabilities		( 246,359)	( 252,166)
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 246,459)	( 252,266)
	---------	---------
Shareholders deficit	( 246,359)	( 252,166)
	---------	---------

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

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: 04224874

Netaccess I-AX 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.

Going concern

The financial statements have been prepared on the going concern basis which assumes the continued support of the directors and group support.

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.

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.

Intangible assets

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

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	Over the useful economic life

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

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:

	Fixtures and fittings	-	20% reducing balance

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.

4. Intangible assets

	Development costs
	£
Cost
At 1 January 2024 and 31 December 2024	417,244
	---------
Amortisation
At 1 January 2024 and 31 December 2024	417,244
	---------
Carrying amount
At 31 December 2024	–
	---------
At 31 December 2023	–
	---------

5. Tangible assets

	Fixtures and fittings
	£
Cost
At 1 January 2024 and 31 December 2024	661
	----
Depreciation
At 1 January 2024 and 31 December 2024	661
	----
Carrying amount
At 31 December 2024	–
	----
At 31 December 2023	–
	----

6. Debtors

	2024	2023
	£	£
Other debtors	100	100
	----	----

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	254,729	259,939
Social security and other taxes	1,500	1,940
Other creditors	1,350	1,100
	---------	---------
	257,579	262,979
	---------	---------

8. Related party transactions

A balance of £254,729 (2023 £259,939) was owed by Netaccess I-AX Limited to the parent company, Netaccess Software Limited, at the year end. No interest was charged and no amounts were written off during the year. The registered office for Netaccess Software Limited is Priory Business Park, Stannard Way, Bedford, England MK44 3WG.