Netherstate Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 10315551 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2022

for

Netherstate Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R M Ballard

P A Ballard

REGISTERED OFFICE:

Nether Hall The Street

Pakenham

Bury St Edmunds

Suffolk

IP31 2LG

REGISTERED NUMBER:

10315551 (England and Wales)

ACCOUNTANTS:

Knights Lowe Chartered Accountants

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

4

2,332

1,937

CURRENT ASSETS

Debtors

5

51,624

5,142

Investments

6

1,642,057

2,014,471

Cash at bank

26,677

29,608

1,720,358

2,049,221

CREDITORS

Amounts falling due within one year

7

297,860

662,146

NET CURRENT ASSETS

1,422,498

1,387,075

TOTAL ASSETS LESS CURRENT LIABILITIES

1,424,830

1,389,012

CREDITORS

Amounts falling due after more than one year

8

(1,250,000

)

(1,250,000

)

PROVISIONS FOR LIABILITIES

9

(16,611

)

(19,629

)

NET ASSETS

158,219

119,383

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Fair value reserve

11

48,892

83,054

Retained earnings

108,327

35,329

SHAREHOLDERS' FUNDS

158,219

119,383

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 7 December 2022 and were signed on its behalf by:

R M Ballard - Director

1.	STATUTORY INFORMATION

Netherstate 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 (£).

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 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.

Computer equipment

-

3 years straight line

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement.

Current asset investments

Investments comprise current asset investments which are originally recognised at cost. Where the fair value can be reliably determined, the investments are subsequently stated at fair value at each balance sheet date with changes to values being recognised in the profit and loss account. Those current investments where fair values cannot be reliably determined are stated at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2021

4,071

Additions

1,595

At 31 March 2022

5,666

DEPRECIATION

At 1 April 2021

2,134

Charge for year

1,200

At 31 March 2022

3,334

NET BOOK VALUE

At 31 March 2022

2,332

At 31 March 2021

1,937

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

51,201

5,142

Other debtors

423

-

51,624

5,142

6.	CURRENT ASSET INVESTMENTS

2022

2021

£

£

Listed investments

138,656

565,025

Unlisted investments

1,503,401

1,449,446

1,642,057

2,014,471

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Taxation and social security

3,190

1,350

Other creditors

294,670

660,796

297,860

662,146

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

1,250,000

1,250,000

9.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

Accelerated capital allowances

16,611

19,629

Deferred

tax

£

Balance at 1 April 2021

19,629

Provided during year

(3,018

)

Balance at 31 March 2022

16,611

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

10,000

Ordinary Shares

10p

1,000

1,000

11.

RESERVES

Fair

value

reserve

£

At 1 April 2021

83,054

Non-distributable transfer

(34,162

)

At 31 March 2022

48,892

Fair value reserve is non distributable, and represents all revaluations from historic cost to fair value minus a provision for deferred tax.