Health Net Connections Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06777778 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Health Net Connections Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

82,823

56,751

CURRENT ASSETS

Debtors

5

2,390,904

1,605,224

Cash at bank and in hand

911,560

891,728

3,302,464

2,496,952

CREDITORS

Amounts falling due within one year

6

2,929,105

2,240,869

NET CURRENT ASSETS

373,359

256,083

TOTAL ASSETS LESS CURRENT LIABILITIES

456,182

312,834

CREDITORS

Amounts falling due after more than one year

7

7,066

23,465

NET ASSETS

449,116

289,369

CAPITAL AND RESERVES

Called up share capital

210

210

Retained earnings

448,906

289,159

SHAREHOLDERS' FUNDS

449,116

289,369

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2021 and were signed on its behalf by:

J Raife - Director

1.	STATUTORY INFORMATION

Health Net Connections Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

06777778

Registered office:

Treviot House

186-192 High Road

Ilford

Essex

IG1 1LR

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

Straight line over 4 years

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Share-based payments

The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become

unconditionally entitled to the awards. The fair value of the awards granted is measured using an option valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

Share-based payment transactions in which the company receives goods or services by incurring a liability to

transfer cash or other assets that is based on the price of the company's equity instruments are accounted for as cash-settled share-based payments. The fair value of the amount payable to employees is recognised as an expense, with a corresponding increase in liabilities, over the period in which the employees become

unconditionally entitled to payment. The liability is remeasured at each balance sheet date and at settlement date. Any changes in the fair value of the liability are recognised as personnel expense in profit or loss.

Shares issued in exchange for goods or services are recorded at the fair value of the goods or services received from the supplier.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2020 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

119,640

Additions

58,461

Exchange differences

(2,968

)

At 31 March 2021

175,133

DEPRECIATION

At 1 April 2020

62,889

Charge for year

29,788

Exchange differences

(367

)

At 31 March 2021

92,310

NET BOOK VALUE

At 31 March 2021

82,823

At 31 March 2020

56,751

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2020

10,895

Exchange differences

(944

)

Reclassification/transfer

11,360

At 31 March 2021

21,311

DEPRECIATION

At 1 April 2020

3,215

Charge for year

3,404

Exchange differences

(95

)

Reclassification/transfer

(1,817

)

At 31 March 2021

4,707

NET BOOK VALUE

At 31 March 2021

16,604

At 31 March 2020

7,680

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,196,100

932,112

Amounts owed by related party

704,330

410,207

Other debtors

490,474

262,905

2,390,904

1,605,224

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

15,054

15,054

Trade creditors

421,701

460,447

Taxation and social security

680,822

312,226

Other creditors

1,811,528

1,453,142

2,929,105

2,240,869

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

7,066

23,465

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

Director 1

2021

2020

£

£

Amount advanced

607,239

240,124

Amount repaid

(482,223

)

(264,960

)

Director 2

2021

2020

£

£

Amount advanced

23,684

39,296

Amount repaid

(31,345

)

(39,047

)

The directors loans are repayable in less than one year and interest is charged on loans at the official interest set by HMRC.

9.	RELATED PARTY TRANSACTION

The assets of Health Net Connections Limited are used to secure the bank loan liabilities of a related party.