Network Resource Management Ltd. - Accounts to registrar (filleted) - small 18.2

BOOMERANG DIGITAL LIMITED - Company Information

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REGISTERED NUMBER: 02993612 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30th September 2020

for

Network Resource Management Ltd.

Page

Company Information

Abridged Balance Sheet

Notes to the Financial Statements

Chartered Accountants' Report

DIRECTORS:

Mrs K Roberts

A M Ludlow

P N Whitbread (Deceased)

REGISTERED OFFICE:

Network House

3 Owen Avenue

Priory Park West

Hessle

East Yorkshire

HU13 9PD

REGISTERED NUMBER:

02993612 (England and Wales)

ACCOUNTANTS:

cbaSadofskys

Chartered Accountants

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

BANKERS:

National Westminster Bank plc

302 Holderness Road

Hull

HU9 2YP

FIXED ASSETS

Tangible assets

27,656

33,745

CURRENT ASSETS

Stocks

99,278

166,076

Debtors

490,043

571,150

Cash at bank and in hand

551,807

510,546

1,141,128

1,247,772

CREDITORS

Amounts falling due within one year

565,341

536,243

NET CURRENT ASSETS

575,787

711,529

TOTAL ASSETS LESS CURRENT
LIABILITIES

603,443

745,274

CREDITORS

Amounts falling due after more than one
year

168,750

NET ASSETS

434,693

745,274

CAPITAL AND RESERVES

Called up share capital

71,428

Share premium

58,572

Capital redemption reserve

45,000

Retained earnings

259,693

570,274

SHAREHOLDERS' FUNDS

434,693

745,274

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2020 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30th September 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 6th May 2021 and were signed on its behalf by:

A M Ludlow - Director

1.	STATUTORY INFORMATION

Network Resource Management Ltd. 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 (£).

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

20% on cost

Fixtures and fittings

25% on reducing balance

Computer equipment

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants

Government grants are recognised using the accruals model. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the assets to which they relate.

A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs, is credited to income in the period in which it becomes receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2019 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Totals

COST

At 1st October 2019

607,546

Additions

5,221

At 30th September 2020

612,767

DEPRECIATION

At 1st October 2019

573,801

Charge for year

11,310

At 30th September 2020

585,111

NET BOOK VALUE

At 30th September 2020

27,656

At 30th September 2019

33,745

5.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

Hire purchase contracts

2,512

16,980

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

50,000

Ordinary A

£1

50,000

21,428

Ordinary B

£1

21,428

71,428

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Network Resource Management Ltd. for the year ended 30th September 2020 which comprise the Income Statement, Abridged Balance Sheet, Statement of Changes in Equity 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Network Resource Management 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 loss of Network Resource Management Ltd.. You consider that Network Resource Management 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 Network Resource Management 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.

cbaSadofskys

Chartered Accountants

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

6th May 2021