Netcoms.co.uk (Holdings) Ltd 31/12/2018 iXBRL

NETCOMS.CO.UK (HOLDINGS) LTD - Company Information

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Company registration number: 09146819

Netcoms.co.uk (Holdings) Ltd

Unaudited filleted financial statements

31 December 2018

Netcoms.co.uk (Holdings) Ltd

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Netcoms.co.uk (Holdings) Ltd

Directors and other information


	Director	Mr S L J Grainger


	Secretary	Mrs J R Grainger


	Company number	09146819


	Registered office	Turners House
		Dunston Court
		Dunston Road
		Chesterfield
		S41 8NL


	Accountants	Langricks (Holmfirth) T/A Michael Bell & Co
		4 Greenfield Road
		Holmfirth
		West Yorkshire
		HD9 2JT




	Bankers	Barclays Bank Plc
		Leicester
		LE87 2BB

Netcoms.co.uk (Holdings) Ltd

Chartered accountants report to the director on the preparation of the

unaudited statutory financial statements of Netcoms.co.uk (Holdings) Ltd

Year ended 31 December 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Netcoms.co.uk (Holdings) Ltd for the year ended 31 December 2018 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.

This report is made solely to the director of Netcoms.co.uk (Holdings) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Netcoms.co.uk (Holdings) Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Netcoms.co.uk (Holdings) Ltd and its director as a body for our work or for this report.

It is your duty to ensure that Netcoms.co.uk (Holdings) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Netcoms.co.uk (Holdings) Ltd. You consider that Netcoms.co.uk (Holdings) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Netcoms.co.uk (Holdings) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Langricks (Holmfirth) T/A Michael Bell & Co

Chartered Accountants

4 Greenfield Road

Holmfirth

West Yorkshire

HD9 2JT

26 September 2019

Netcoms.co.uk (Holdings) Ltd

Statement of financial position

31 December 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Intangible assets	5	-		10,000
Tangible assets	6	3,532		3,660
Investments	7	120		120
		_______		_______
			3,652		13,780

Current assets
Debtors	8	201,580		204,589
Cash at bank and in hand		216,054		221,595
		_______		_______
		417,634		426,184
Creditors: amounts falling due
within one year	9	( 202,835)		( 227,928)
		_______		_______
Net current assets			214,799		198,256
			_______		_______
Total assets less current liabilities			218,451		212,036

			_______		_______
Net assets			218,451		212,036
			_______		_______

Capital and reserves
Called up share capital			120		120
Profit and loss account			218,331		211,916
			_______		_______
Shareholders funds			218,451		212,036
			_______		_______

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.

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 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 income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 26 September 2019 , and are signed on behalf of the board by:

Mr S L J Grainger

Director

Company registration number: 09146819

Netcoms.co.uk (Holdings) 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 Turners House, Dunston Court, Dunston Road, Chesterfield, S41 8NL.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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:


Goodwill	-	20 %	straight line

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.

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:


Fittings fixtures and equipment	-	25 %	reducing balance

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.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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. 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.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

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 7 (2017: 7 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 January 2018 and 31 December 2018	50,000	50,000
	_______	_______
Amortisation
At 1 January 2018	40,000	40,000
Charge for the year	10,000	10,000
	_______	_______
At 31 December 2018	50,000	50,000
	_______	_______
Carrying amount
At 31 December 2018	-	-
	_______	_______
At 31 December 2017	10,000	10,000
	_______	_______

6. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 January 2018	6,200	6,200
Additions	787	787
	_______	_______
At 31 December 2018	6,987	6,987
	_______	_______
Depreciation
At 1 January 2018	2,540	2,540
Charge for the year	915	915
	_______	_______
At 31 December 2018	3,455	3,455
	_______	_______
Carrying amount
At 31 December 2018	3,532	3,532
	_______	_______
At 31 December 2017	3,660	3,660
	_______	_______

7. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 January 2018 and 31 December 2018	120	120
	_______	_______
Impairment
At 1 January 2018 and 31 December 2018	-	-
	_______	_______
Carrying amount
At 31 December 2018	120	120
	_______	_______
At 31 December 2017	120	120
	_______	_______

Investments in group undertakings
	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Netcoms.co.uk Limited	England and Wales	Ordinary, Ordinary A ,Ordinary B	100%

8. Debtors

	2018	2017
	£	£
Trade debtors	136,029	160,418
Amounts owed by group undertakings and undertakings in which the company has a participating interest	39,291	38,089
Other debtors	26,260	6,082
	_______	_______
	201,580	204,589
	_______	_______

9. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	37,835	74,681
Corporation tax	36,370	38,377
Social security and other taxes	19,833	28,230
Other creditors	108,797	86,640
	_______	_______
	202,835	227,928
	_______	_______

10. Related party transactions

The company is related to the director, and during the year the director introduced £57,500, and withdrew £30,001.At 31 December 2018 £89,973 (2017: £62,474) was owed by the company to the director, and is included within creditors.The company has applied the exemption from the disclosure of transactions with 100% owned companies as permitted by FRS102.

11. Controlling party

The company is under the control of Mr S Grainger , a director of the company.