NET_CONSULTING_LTD - Accounts

NET CONSULTING LTD - Company Information

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Company Registration No. 04764210 (England and Wales)

NET CONSULTING LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2016

NET CONSULTING LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

NET CONSULTING LTD

ABBREVIATED BALANCE SHEET

AS AT

30 JUNE 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

141,220

123,843

Current assets

Debtors

1,128,952

813,868

Cash at bank and in hand

465

103,661

1,129,417

917,529

Creditors: amounts falling due within one year

(918,727)

(570,468)

Net current assets

210,690

347,061

Total assets less current liabilities

351,910

470,904

Provisions for liabilities

(15,493)

(17,037)

Accruals and deferred income

(37,500)

298,917

453,867

Capital and reserves

Called up share capital

100

Profit and loss account

298,817

453,767

Shareholders' funds

298,917

453,867

For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 30 March 2017

Mr P J Thomas

Director

Company Registration No. 04764210

NET CONSULTING LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

- 25% on reducing balance

Computer equipment

- 25% on reducing balance

Fixtures, fittings & equipment

- 25% on reducing balance

1.4

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.5

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

1.6

Operating Leases

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.8

Research and Development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

NET CONSULTING LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 July 2015

222,380

Additions

56,211

At 30 June 2016

278,591

Depreciation

At 1 July 2015

98,536

Charge for the year

38,835

At 30 June 2016

137,371

Net book value

At 30 June 2016

141,220

At 30 June 2015

123,843

Creditors: amounts falling due within one year

The company has use of an overdraft that is secured by a fixed and floating charge over the assets of the company.

Share capital

2016

2015

Allotted, called up and fully paid

10,000 Ordinary of 1p each

100

Transactions with directors

During the year Mr P J Thomas paid expenses on behalf of the company totalling £7,256 (2015: £33,673). These amounts were offset against his loan account with the balance at the year end being £44,337 (2015: £50,336). Interest is charged on the loan.

This amount is included within Other debtors and is unsecured.