N.T.E. Holdings Limited Company Accounts

N.T.E. HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10583854

N.T.E. Holdings Limited

Filleted Unaudited Financial Statements

30 June 2017

N.T.E. Holdings Limited

Financial Statements

Year ended 30 June 2017

Contents	Page

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Statement of changes in equity	3

Notes to the financial statements	4

N.T.E. Holdings Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of N.T.E. Holdings Limited

Year ended 30 June 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 June 2017, which comprise the statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Chartered accountant

Consett County Durham DH8 5HE

20 October 2017

N.T.E. Holdings Limited

Statement of Financial Position

30 June 2017

	2017
Note	£

Fixed assets

Investments	4	2,395,019

Creditors: amounts falling due within one year	5	761,660
		---------
Net current liabilities		761,660
		------------
Total assets less current liabilities		1,633,359

Creditors: amounts falling due after more than one year	6	1,184,775
		------------
Net assets		448,584
		------------

Capital and reserves

Called up share capital	120
Share premium account	448,464
	---------
Shareholders funds	448,584
	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 June 2017 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 financial statements were approved by the board of directors and authorised for issue on 20 October 2017 , and are signed on behalf of the board by:

Ms P Herring

Director

Company registration number: 10583854

N.T.E. Holdings Limited

Statement of Changes in Equity

Year ended 30 June 2017

	Called up share capital	Share premium account	Profit and loss account	Total
Note	£	£	£	£
At 1 July 2016	–	–	–	–

Profit for the year			45,000	45,000
	----	----	--------	--------
Total comprehensive income for the year	–	–	45,000	45,000

Issue of shares	120	448,464	–	448,584
Dividends paid and payable	–	–	( 45,000)	( 45,000)
	----	---------	--------	---------
Total investments by and distributions to owners	120	448,464	( 45,000)	403,584

	----	---------	--------	---------
At 30 June 2017	120	448,464	–	448,584
	----	---------	--------	---------

N.T.E. Holdings Limited

Notes to the Financial Statements

Year ended 30 June 2017

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 7 Camberwell Way, Moorside Park, Doxford, Sunderland,

Tyne and Wear, SR3 3XN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Investments - Investments are held at shown at cost where no market value is attainable.

4. Investments

	Shares in group undertakings
	£
Cost
Additions	2,395,019
	------------
At 30 June 2017	2,395,019
	------------
Impairment
At 1 July 2016 and 30 June 2017	–
	------------

Carrying amount
At 30 June 2017	2,395,019
	------------

During the period the company purchased the entire share capital of

N.T.E Limited

DCN Conference Systems Ltd

NTE Internet Limited

NTE Network One Limited

The investments are recorded at cost as there is no available market valuation

5. Creditors: amounts falling due within one year

	2017
	£
Bank loans and overdrafts	215,226
Amounts owed to group undertakings and undertakings in which the company has a participating interest	500,714
Other creditors	45,720
	---------
	761,660
	---------

6. Creditors: amounts falling due after more than one year

	2017
	£
Bank loans and overdrafts	1,184,775
	------------

7. Related party transactions

At the 30th June 2017 the company owed a total of £500,715 to fellow group companies.