Net Expectations Limited - Accounts to registrar (filleted) - small 23.2.5
Net Expectations Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2023 |
| for |
| Net Expectations Limited |
| Net Expectations Limited (Registered number: 05667761) |
| Contents of the Financial Statements |
| for the year ended 31 March 2023 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| Net Expectations Limited |
| Company Information |
| for the year ended 31 March 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Kingfisher House |
| 65 Market Place |
| Market Weighton |
| York |
| East Riding of Yorks |
| YO43 3AN |
| Net Expectations Limited (Registered number: 05667761) |
| Statement of Financial Position |
| 31 March 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 |
| Net Expectations Limited (Registered number: 05667761) |
| Notes to the Financial Statements |
| for the year ended 31 March 2023 |
| 1. | STATUTORY INFORMATION |
| Net Expectations Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| No material uncertainties that may cast doubt about the ability of the company to continue as a going concern have been identified by the directors. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Net Expectations Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on the directors historical experience and knowledge as well as other factors which may be considered relevant, as a result the actual results may differ from these estimates. |
| The estimates and underlying assumptions applied are reviewed by the directors on an ongoing basis. |
| Revisions to these accounting estimates are recognised in the period to which the the revisions have been , revised where these revisions affect only that period, or in the period of revision and future periods where this revision would affect both current and future periods. |
| Property, plant and equipment |
| Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. |
| Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost less estimated residual value of each item on a systematic basis over their expected useful lives as follows: |
| Freehold land | - is not depreciated |
| Freehold property | - 2% on a straight line basis |
| Plant and equipment | - 15% on a straight line basis |
| Assets held under hire purchase agreements of finance leases are depreciated in the same way as owned assets. |
| At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount for the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Net Expectations Limited (Registered number: 05667761) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Investments in subsidiaries |
| Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
| Current and deferred taxation |
| Taxation expenses for the year comprises current and deferred tax recognised in the reporting period. 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 represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of the income and expense in the assessments in periods different from those in which they are recognised in the financial statements. |
| 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. |
| Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | PROPERTY, PLANT AND EQUIPMENT |
| Land and |
| buildings |
| £ |
| COST |
| Additions |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| Included in cost of land and buildings is freehold land of £ 100,000 which is not depreciated. |
| Net Expectations Limited (Registered number: 05667761) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Amounts owed to group undertakings |
| Other creditors |
| 7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The company operated loan accounts with its directors, the facility has been provided on an unsecured basis is interest free and remains repayable on demand. |
| Interest | 1 Apr 22 | Amounts | Amounts | Amounts | Interest | 31 Mar 23 |
| Rate | Bfwd | Withdrawn | Repaid | W / Off | Charged | Cfwd |
| £ | £ | £ | £ | £ | £ |
| Director | Nil | - | 18,000 | (64,000 | ) | - | - | (46,000 | ) |
| Director | Nil | - | 16,000 | (62,000 | ) | - | - | (46,000 | ) |
| - | 34,000 | (126,000 | ) | - | - | (92,000 | ) |
| 8. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £78,000 (2022 - £84,000) were paid to the directors . |
| The company operated a current account with its subsidiary undertaking, the facility has been provided on an unsecured basis is interest free and remains repayable on demand. |
| Interest | 1 Apr 22 | Amounts | Amounts | Amounts | Interest | 31 Mar 23 |
| Rate | Bfwd | Withdrawn | Repaid | W / Off | Charged | Cfwd |
| £ | £ | £ | £ | £ | £ |
| Subsidiary | Nil | (300 | ) | 92.000 | (125,000 | ) | - | - | (33,300 | ) |
| (300 | ) | 92.000 | (125,000 | ) | - | - | (33,300 | ) |
| 9. | ULTIMATE CONTROLLING PARTY |
| No individual nor party has ultimate control of the company. |