N.E.T Industrial Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06943891 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2021

for

N.E.T INDUSTRIAL SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Mrs D A Dale

Mr D S Moore

Mr R Stapleton

Secretary:

Mrs D A Dale

Registered office:

Northern Court

Vernon Road

Basford

Nottingham

NG6 0BJ

Registered number:

06943891 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

10 Stadium Business Court

Millennium Way

Pride Park

Derby

DE24 8HP

Fixed assets

Tangible assets

4

6,436

10,502

Current assets

Debtors

5

10,180

24,326

Cash at bank and in hand

139,788

120,989

149,968

145,315

Creditors

Amounts falling due within one year

6

26,969

30,296

Net current assets

122,999

115,019

Total assets less current liabilities

129,435

125,521

Provisions for liabilities

1,223

1,995

Net assets

128,212

123,526

Capital and reserves

Called up share capital

7

102

102

Retained earnings

128,110

123,424

Shareholders' funds

128,212

123,526

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 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 5 October 2021 and were signed on its behalf by:

Mr D S Moore - Director

1.	STATUTORY INFORMATION

N.E.T Industrial Services 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.

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.

Motor vehicles

-

25% on cost

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

Cost

At 1 August 2020

and 31 July 2021

16,262

Depreciation

At 1 August 2020

5,760

Charge for year

4,066

At 31 July 2021

9,826

Net book value

At 31 July 2021

6,436

At 31 July 2020

10,502

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

10,165

23,543

Other debtors

15

84

Prepayments and accrued income

-

699

10,180

24,326

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

2,065

2,461

Tax

10,084

8,629

Social security and other taxes

4,982

2,908

Other creditors

-

9,374

Directors' loan accounts

8,438

5,524

Accruals and deferred income

1,400

1,400

26,969

30,296

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

34

Ordinary A

£1

34

34

34

Ordinary B

£1

34

34

34

Ordinary C

£1

34

34

102

102

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2021 and 31 July 2020:

2021

2020

£

£

Mr R Stapleton

Balance outstanding at start of year

(2,341

)

(877

)

Amounts advanced

26,914

29,536

Amounts repaid

(31,000

)

(31,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(6,427

)

(2,341

)

Mr D S Moore

Balance outstanding at start of year

(1,744

)

(491

)

Amounts advanced

2,744

753

Amounts repaid

(2,006

)

(2,006

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,006

)

(1,744

)

Mrs D A Dale

Balance outstanding at start of year

(1,438

)

(497

)

Amounts advanced

2,438

1,065

Amounts repaid

(2,006

)

(2,006

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,006

)

(1,438

)

It is the company policy to charge interest on all overdrawn loan accounts at the HMRC official rate of interest.

The amount charges during the year in respect of the above loans was £15 (2019: £84) and has been paid in full.

9.	RELATED PARTY DISCLOSURES

During the year the company traded with a company under common control, all transactions with the company were concluded under normal market conditions.

Total sales to the related party amounted to £26,535 while purchases from the related party totalled £6,876.