Net Expectations Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Net Expectations Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05667761 . The registered office is 3 Waterside Business Park, Livingstone Road, Hessle, East Yorkshire, HU13 0EG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold

2% straight line on building only

At each balance sheet date, the company directors review the carrying amounts of its tangible fixed assets to determine whether there is any indication that any assets have suffered an impairment loss. If any such indications exist, the recoverable amount the asset is estiamted in order to determine the extent of the impairment loss, if any. Where it is not possible to estiamte the recoverable amount for the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Net Expectations Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Investments in subsidiaries

Interest in subsidiaries are initially measured at cost and subsequenty measured at cost less accumulated impairment losses. The investments are assessed for impairment at each balance sheet reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

4. Tangible Assets

	Land & Property
	Freehold
	£
Cost
As at 1 April 2024	307,968

As at 31 March 2025	307,968

Depreciation
As at 1 April 2024	4,159
Provided during the period	4,160

As at 31 March 2025	8,319

Net Book Value
As at 31 March 2025	299,649

As at 1 April 2024	303,809

5. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 April 2024	100

As at 31 March 2025	100

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	100

As at 1 April 2024	100

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Amounts owed to group undertakings	78,195	34,580
Other creditors	435	69,501
Taxation and social security	3,785	4,126

	82,415	108,207

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Net Expectations Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

8. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2025
	£	£	£	£	£
Mr Adrian Gill	(34,500 )	34,500	-	-	-
Mr Terry Gill	(34,500 )	34,500	-	-	-

The above loans are unsecured, interest free and repayable on demand.

9. Related Party Transactions

During the year, total dividends of £102,000 (2024: £72,000) were paid to the directors.

The company operated and interest free and unsecured current account with a subsidiary company the facility is repayable o demand

	As at 1 April 2024 £	Amounts advanced £	Amounts repaid £	Amounts written off £	As at 31 March 2024 £
Subsidiary	(34,580)	-	(43,615)	-	(78,195)

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		299,649		303,809
Investments	5		100		100

			299,749		303,909
CURRENT ASSETS
Cash at bank and in hand		508		5,165

		508		5,165
Creditors: Amounts Falling Due Within One Year	6	(82,415 )		(108,207 )

NET CURRENT ASSETS (LIABILITIES)			(81,907 )		(103,042 )

TOTAL ASSETS LESS CURRENT LIABILITIES			217,842		200,867

NET ASSETS			217,842		200,867

CAPITAL AND RESERVES
Called up share capital	7		100		100
Profit and Loss Account			217,742		200,767

SHAREHOLDERS' FUNDS			217,842		200,867