Next Generation Technology Solutions Ltd - Accounts to registrar - small 16.3

REGISTERED NUMBER: 07617389 (England and Wales)

NEXT GENERATION TECHNOLOGY SOLUTIONS LTD

(FORMERLY KNOWN AS FIRSTRAW LTD)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M Jones

SECRETARY:

Mrs C Jones

REGISTERED OFFICE:

The Croft

Coton End Lane

Coton

Gnosall

Staffordshire

ST20 0EQ

REGISTERED NUMBER:

07617389 (England and Wales)

FIXED ASSETS

Tangible assets

4

383

2,746

CURRENT ASSETS

Debtors

5

2,400

17,052

Cash at bank

36,282

24,940

38,682

41,992

CREDITORS

Amounts falling due within one year

6

(28,227

)

(40,684

)

NET CURRENT ASSETS

10,455

1,308

TOTAL ASSETS LESS CURRENT LIABILITIES

10,838

4,054

PROVISIONS FOR LIABILITIES

(77

)

(549

)

NET ASSETS

10,761

3,505

CAPITAL AND RESERVES

Called up share capital

7

5,000

5,000

Retained earnings

5,761

(1,495

)

SHAREHOLDERS' FUNDS

10,761

3,505

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 18 October 2016 and were signed by:

Mr M Jones - Director

1.	STATUTORY INFORMATION

Next Generation Technology Solutions Ltd 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 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. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section

1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act

2006. The financial statements have been prepared under the historical cost convention. The date of transition

to FRS 102 Section 1A (which has had no effect on the company's position and performance) was 1 April 2014

and the end of the comparative period was 31 March 2015.

The financial statements are presented in sterling which is the functional currency of the company and

rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade

discounts. The policies adopted for the recognition of turnover are as follows:

When the outcome of a transaction can be estimated reliably, income from contracts is recognised by

reference to the stage of completion at the balance sheet date.

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

-

Straight line over 3 years

Taxation

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 have been enacted or substantively enacted by the balance sheet 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 income and expense in tax 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 the 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. Deferred tax on revalued

non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances

that apply to the sale of the asset.

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 1 (2015 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2015

16,807

Additions

327

At 31 March 2016

17,134

DEPRECIATION

At 1 April 2015

14,061

Charge for year

2,690

At 31 March 2016

16,751

NET BOOK VALUE

At 31 March 2016

383

At 31 March 2015

2,746

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

2,400

17,052

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Corporation tax

16,540

23,137

Social security and other taxes

44

44

VAT

8,597

7,637

Directors' current accounts

1,711

8,681

Accruals and deferred income

1,335

1,185

28,227

40,684

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

50,000

Ordinary

10p

5,000

5,000

8.	RELATED PARTY DISCLOSURES

During the year, remuneration of £8,833 (2015 - £10,008) and dividends of £34,200 (2015 - £78,000) were paid

to the director.