Network 90 Limited Small abridged accounts

Network 90 Limited Small abridged accounts

NETWORK 90 LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Network 90 Limited have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: SC390844
Network 90 Limited
Filleted Unaudited Abridged Financial Statements
31 December 2018
Network 90 Limited
Abridged Financial Statements
Year Ended 31 December 2018
Contents
Page
Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements
1
Abridged Statement of Financial Position
2
Notes to the Abridged Financial Statements
3
Network 90 Limited
Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Network 90 Limited
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 abridged financial statements of Network 90 Limited for the year ended 31 December 2018, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Network 90 Limited in accordance with the terms of our engagement letter dated 10 September 2019. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Network 90 Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Network 90 Limited and its director for our work or for this report.
It is your duty to ensure that Network 90 Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Network 90 Limited. You consider that Network 90 Limited 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 abridged financial statements of Network 90 Limited. 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 abridged financial statements.
DC CONSULTING (WWW.DCCONSULT.CO.UK) Chartered accountant
27 September 2019
Network 90 Limited
Abridged Statement of Financial Position
31 December 2018
2018
2017
Note
£
£
£
Current Assets
Debtors
7,138
11,408
Cash at bank and in hand
9,624
6,997
--------
--------
16,762
18,405
Creditors: amounts falling due within one year
85,932
127,891
--------
---------
Net Current Liabilities
69,170
109,486
--------
---------
Total Assets Less Current Liabilities
( 69,170)
( 109,486)
--------
---------
Net Liabilities
( 69,170)
( 109,486)
--------
---------
Capital and Reserves
Called up share capital
258
181
Share premium account
841,652
764,451
Profit and loss account
( 911,080)
( 874,118)
---------
---------
Shareholders Deficit
( 69,170)
( 109,486)
---------
---------
These abridged 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 abridged income statement has not been delivered.
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 abridged 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 abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 27 September 2019 , and are signed on behalf of the board by:
Steven Morris
Director
Company registration number: SC390844
Network 90 Limited
Notes to the Abridged Financial Statements
Year Ended 31 December 2018
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 11 Gladstone Place, Stirling, FK8 2NN, Scotland.
2. Statement of Compliance
These abridged 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
Going Concern The directors consider that the financial prospects for the company for the 12 month period from the date of approval of these accounts justify the continuation of the use of a going concern basis in the preparation of these accounts, albeit this is on the basis that the company is reliant upon further investment and support from the company's shareholders.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Tangible Assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures & fittings
-
33% straight line
Impairment of Fixed Assets
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. For the purposes of impairment testing, 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 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.
Government Grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to Nil (2017: Nil).
5. Tangible Assets
£
Cost
At 1 January 2018 and 31 December 2018
4,932
-------
Depreciation
At 1 January 2018 and 31 December 2018
4,932
-------
Carrying amount
At 31 December 2018
–
-------
At 31 December 2017
–
-------
6. Director's Advances, Credits and Guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward and outstanding
2018
2017
£
£
Steven Morris
( 11,000)
( 11,000)
--------
--------
7. Related Party Transactions
Network 90 Limited 's Directors who are also directors or employees of the following companies provided services to the company; Services totalling of £24,065 (2017 - £9,895) from ESM Investments Limited ( Steven Morris ) for investment fees and related expenses. At the year end £10,000 was owed to this company (2017 - £14,407).