NETBOX DIGITAL LTD 31/12/2018 iXBRL

NETBOX DIGITAL LTD 31/12/2018 iXBRL

NETBOX DIGITAL LTD - Company Information

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NETBOX DIGITAL LTD
Unaudited filleted financial statements
31 December 2018
Company registration number 05966946
NETBOX DIGITAL LTD
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
NETBOX DIGITAL LTD
Directors and other information
Directors P. Crewe
G. Brown
Company number 05966946
Registered office 107 Rochester Airport Industrial Estate
Laker Road
Rochester
Kent
ME1 3QX
Business address 107 Rochester Airport Industrial Estate
Laker Road
Rochester
Kent
ME1 3QX
Accountants J.A.D. Associates Limited
4 Bloors Lane
Rainham
Gillingham
Kent
NETBOX DIGITAL LTD
Statement of financial position
31 December 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 80,216 115,046
_______ _______
80,216 115,046
Current assets
Stocks 164,271 165,434
Debtors 6 1,101,680 1,259,995
Cash at bank and in hand 455,064 327,933
_______ _______
1,721,015 1,753,362
Creditors: amounts falling due
within one year 7 ( 1,212,031) ( 1,342,742)
_______ _______
Net current assets 508,984 410,620
_______ _______
Total assets less current liabilities 589,200 525,666
Creditors: amounts falling due
after more than one year 8 - ( 2,091)
Provisions for liabilities ( 11,164) ( 14,813)
_______ _______
Net assets 578,036 508,762
_______ _______
Capital and reserves
Called up share capital 1,100 1,100
Profit and loss account 576,936 507,662
_______ _______
Shareholders funds 578,036 508,762
_______ _______
For the year ending 31 December 2018 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.
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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 May 2019 , and are signed on behalf of the board by:
P. Crewe
Director
Company registration number: 05966946
NETBOX DIGITAL LTD
Notes to the financial statements
Year ended 31 December 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 107 Rochester Airport Industrial Estate, Laker Road, Rochester, Kent, ME1 3QX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property - 10 % straight line
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
Computer equipment - 20%-33% reducing balance or straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2017: 32 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 1 January 2018 7,364 426,724 9,625 23,377 180,664 647,754
Additions - 18,342 133 - 1,988 20,463
Disposals - - - - ( 384) ( 384)
_______ _______ _______ _______ _______ _______
At 31 December 2018 7,364 445,066 9,758 23,377 182,268 667,833
_______ _______ _______ _______ _______ _______
Depreciation
At 1 January 2018 2,939 382,735 4,286 15,231 127,517 532,708
Charge for the year 792 34,910 1,951 2,037 15,251 54,941
Disposals - - - - ( 32) ( 32)
_______ _______ _______ _______ _______ _______
At 31 December 2018 3,731 417,645 6,237 17,268 142,736 587,617
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 December 2018 3,633 27,421 3,521 6,109 39,532 80,216
_______ _______ _______ _______ _______ _______
At 31 December 2017 4,425 43,989 5,339 8,146 53,147 115,046
_______ _______ _______ _______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors 645,253 715,098
Amounts owed by group undertakings and undertakings in which the company has a participating interest 49,719 389
Other debtors 406,708 544,508
_______ _______
1,101,680 1,259,995
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 151,503 61,258
Corporation tax 108,799 100,241
Social security and other taxes 60,493 101,475
Other creditors 891,236 1,079,768
_______ _______
1,212,031 1,342,742
_______ _______
8. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors - 2,091
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 39,064 130,813
Later than 1 year and not later than 5 years 43,519 277,813
Later than 5 years 53,540 35,693
_______ _______
136,123 444,319
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
P. Crewe 344,477 305,194 ( 345,320) 304,351
G. Brown - 4,395 - 4,395
_______ _______ _______ _______
344,477 309,589 ( 345,320) 308,746
_______ _______ _______ _______
2017
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
P. Crewe 313,587 344,477 ( 313,587) 344,477
G. Brown ( 3,390) ( 9,720) 13,110 -
_______ _______ _______ _______
310,197 334,757 ( 300,477) 344,477
_______ _______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2018 2017 2018 2017
£ £ £ £
Loan to Netbox Recruitment Limited 49,371 ( 99,278) 49,719 348
Sales to Netbox Recruitment Limited 19,322 19,703 1,800 18
Recharged costs to Netbox Recruitment Limited 21,689 24,788 5,644 4,000
Loan to Netbox Digital Managed IT Services Ltd ( 41) 41 - 41
_______ _______ _______ _______
Netbox Recruitment Limited is also controlled by P Crewe and Netbox Digital Managed IT Services Ltd is wholly owned by Netbox Digital Limited. Sales were carried out at market rate and recharged costs were invoiced at cost. The loans are interest free, unsecured and has no fixed repayment schedule.
12. Controlling party
The company is under the control of P Crewe , director and majoirty shareholder.