Net-Worx (2001) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04278636 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

NET-WORX (2001) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J L Cartwright

D Nuttall

A Pierson

SECRETARY:

J L Cartwright

REGISTERED OFFICE:

The Engine House

Wharfebank Business Centre

Ilkley Road

Otley

West Yorkshire

LS21 3JP

REGISTERED NUMBER:

04278636 (England and Wales)

ACCOUNTANTS:

Brosnans

Chartered Accountants

Suite 1, Aireside House

Royd Ings Avenue

Keighley

West Yorkshire

BD21 4BZ

BANKERS:

HSBC Bank Plc

2-4 St Ann's Square

Manchester

M2 7HD

FIXED ASSETS

Tangible assets

4

59,560

35,028

CURRENT ASSETS

Debtors

5

969,038

1,553,471

Cash at bank

2,360,164

3,111,893

3,329,202

4,665,364

CREDITORS

Amounts falling due within one year

6

(1,420,569

)

(1,372,320

)

NET CURRENT ASSETS

1,908,633

3,293,044

TOTAL ASSETS LESS CURRENT LIABILITIES

1,968,193

3,328,072

CREDITORS

Amounts falling due after more than one year

7

(8,312

)

(11,636

)

PROVISIONS FOR LIABILITIES

(8,988

)

(6,398

)

NET ASSETS

1,950,893

3,310,038

CAPITAL AND RESERVES

Called up share capital

9

57

57

Capital redemption reserve

43

43

Retained earnings

1,950,793

3,309,938

SHAREHOLDERS' FUNDS

1,950,893

3,310,038

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 April 2022 and were signed on its behalf by:

A Pierson - Director

1.	STATUTORY INFORMATION

Net-Worx (2001) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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

TURNOVER

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is recognised when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

TANGIBLE FIXED ASSETS

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment

33% Straight Line

Fixtures & fittings

15% Reducing balance

Computer & other equipment

50% Straight line

Motor vehicles

25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

EQUITY INSTRUMENTS

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

TAXATION

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

CURRENT TAX

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

DEFERRED TAX

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

RETIREMENT BENEFITS

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recongised in the period in which the employee's services are received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 55 (2020 - 56 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2020

121,979

Additions

43,931

Disposals

(23,316

)

At 30 September 2021

142,594

DEPRECIATION

At 1 October 2020

86,951

Charge for year

19,399

Eliminated on disposal

(23,316

)

At 30 September 2021

83,034

NET BOOK VALUE

At 30 September 2021

59,560

At 30 September 2020

35,028

5.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

666,149

824,849

Other debtors

302,889

577,422

969,038

1,402,271

Amounts falling due after more than one year:

Other debtors

-

151,200

Aggregate amounts

969,038

1,553,471

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

189,728

149,422

Taxation and social security

660,687

663,501

Other creditors

570,154

559,397

1,420,569

1,372,320

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other creditors

8,312

11,636

8.	LEASING AGREEMENTS

Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases as follows:

2021

2020

£

£

43,157

130,487

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

57

Ordinary

1

57

57

10.	DIRECTORS' TRANSACTIONS

The following advances and credits to directors subsisted during the years ended 30 September 2021 and 30 September 2020:

2021

2020

£

£

J L Cartwright

Balance outstanding at start of year

78,947

78,947

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

78,947

78,947

D Nuttall

Balance outstanding at start of year

100,000

100,000

Amounts repaid

(100,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

100,000

A Pierson

Balance outstanding at start of year

78,947

78,947

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

78,947

78,947