ACCOUNTS - Final Accounts preparation

N G A CONNECT LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2020-12-312020-12-312020-01-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07632048 2020-01-01 2020-12-31 07632048 2019-01-01 2019-12-31 07632048 2020-12-31 07632048 2019-12-31 07632048 c:Director1 2020-01-01 2020-12-31 07632048 d:ComputerEquipment 2020-01-01 2020-12-31 07632048 d:ComputerEquipment 2020-12-31 07632048 d:ComputerEquipment 2019-12-31 07632048 d:CurrentFinancialInstruments 2020-12-31 07632048 d:CurrentFinancialInstruments 2019-12-31 07632048 d:Non-currentFinancialInstruments 2020-12-31 07632048 d:Non-currentFinancialInstruments 2019-12-31 07632048 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 07632048 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 07632048 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 07632048 d:Non-currentFinancialInstruments d:AfterOneYear 2019-12-31 07632048 d:ShareCapital 2020-12-31 07632048 d:ShareCapital 2019-12-31 07632048 d:CapitalRedemptionReserve 2020-12-31 07632048 d:CapitalRedemptionReserve 2019-12-31 07632048 d:RetainedEarningsAccumulatedLosses 2020-12-31 07632048 d:RetainedEarningsAccumulatedLosses 2019-12-31 07632048 c:OrdinaryShareClass1 2020-01-01 2020-12-31 07632048 c:OrdinaryShareClass1 2020-12-31 07632048 c:OrdinaryShareClass1 2019-12-31 07632048 c:FRS102 2020-01-01 2020-12-31 07632048 c:AuditExempt-NoAccountantsReport 2020-01-01 2020-12-31 07632048 c:FullAccounts 2020-01-01 2020-12-31 07632048 c:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 07632048 d:TaxLossesCarry-forwardsDeferredTax 2020-12-31 07632048 d:TaxLossesCarry-forwardsDeferredTax 2019-12-31 07632048 6 2020-01-01 2020-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07632048

N G A CONNECT LIMITED

FILLETED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

N G A CONNECT LIMITED

REGISTERED NUMBER: 07632048

BALANCE SHEET

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		-		-
Investments	5		16,173		16,080
			16,173		16,080
Current assets
Stocks		895		-
Debtors: amounts falling due within one year	7	19,571		7,198
Cash at bank and in hand	8	2,066		33
		22,532		7,231
Creditors: amounts falling due within one year	9	(10,863)		(14,916)
Net current assets/(liabilities)			11,669		(7,685)
Total assets less current liabilities			27,842		8,395
Creditors: amounts falling due after more than one year	10		(19,792)		(27,208)

Net assets/(liabilities)			8,050		(18,813)

Capital and reserves
Called up share capital	12	100	4
Capital redemption reserve		2	2
Profit and loss account		7,948	(18,819)
		8,050	(18,813)

Page 1

N G A CONNECT LIMITED

REGISTERED NUMBER: 07632048

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2020

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 September 2021.

Mr O Stockman

Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

N G A CONNECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.	General information

N G A Connect Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number is 07632048. The registered office is Framlingham Technology Centre, Station Road, Framlingham, Woodbridge, Suffolk, IP13 9EZ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

N G A CONNECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

33%

Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

N G A CONNECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 5

N G A CONNECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Employees

The average monthly number of employees, including directors, during the year was 1 (2019 - 1).

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 January 2020	4,618
	At 31 December 2020	4,618
	Depreciation
	At 1 January 2020	4,618
	At 31 December 2020	4,618
	Net book value
	At 31 December 2020	-
	At 31 December 2019	-

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2020	16,080
	Additions	93
	At 31 December 2020	16,173

Page 6

N G A CONNECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

6.	Stocks
		2020	2019
		£	£

Raw materials and consumables	895	-
	895	-

Debtors

					2020	2019
					£	£


Trade debtors	324	-
Amounts owed by group undertakings	16,709	3,596
Deferred taxation	2,538	3,602
	19,571	7,198

8.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	2,066	33
Less: bank overdrafts	-	(6)
	2,066	27

9.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Bank overdrafts	-	6
Trade creditors	3,593	6,992
Other taxation and social security	220	-
Other creditors	6,000	6,718
Accruals and deferred income	1,050	1,200
	10,863	14,916

Page 7

N G A CONNECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

10.	Creditors: Amounts falling due after more than one year
		2020	2019
		£	£

Other creditors	19,792	27,208
	19,792	27,208

11.	Deferred taxation

		2020
		£

	At beginning of year	3,602
	Charged to profit or loss	(1,064)
	At end of year	2,538

The deferred tax asset is made up as follows:
	2020	2019
	£	£

	Tax losses carried forward	2,538	3,602
		2,538	3,602

12.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

100 (2019 - 4) Ordinary shares of £1.00 each	100	4

During the year the Company allotted and issued 96 Ordinary shares. The aggregate nominal value of the allotted shares is £96.00 and consideration received in respect of the allotted shares was £96.00.

Page 8