Team Netsol Limited - Accounts to registrar (filleted) - small 17.3
Team Netsol Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| TEAM NETSOL LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| TEAM NETSOL LIMITED (REGISTERED NUMBER: 03697370) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| TEAM NETSOL LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Clarke Nicklin House |
| Brooks Drive |
| Cheadle Royal Business Park |
| Cheadle |
| Cheshire |
| SK8 3TD |
| TEAM NETSOL LIMITED (REGISTERED NUMBER: 03697370) |
| BALANCE SHEET |
| 31 MARCH 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 |
| 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 on its behalf by: |
| TEAM NETSOL LIMITED (REGISTERED NUMBER: 03697370) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 1. | STATUTORY INFORMATION |
| Team Netsol Limited is a |
| 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. These financial statements have been prepared |
| under the historical costs convention. |
| These financial statements for the year ended 31 March 2017 are the first financial statements that |
| comply with FRS 102 (Section 1A). The date of transition is 1 April 2015. |
| The transition to FRS 102 (Section 1A) has resulted in no changes to the company's accounting |
| policies and its figures are as previously reported.. |
| The financial statements are presented in Sterling (£). |
| Going concern |
| The directors have a reasonable expectation that the company has adequate resources to continue in |
| operational existence for the foreseeable future. The directors have reached this conclusion giving due |
| consideration to the projected future performance of the company and any potential risk that might |
| impact the company's ability to meet its required solvency levels. For this reason, they continue to |
| adopt the going concern basis in preparing the financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
| rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
| at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Taxation |
| Taxation for the year comprises current and deferred tax. 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 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. |
| TEAM NETSOL LIMITED (REGISTERED NUMBER: 03697370) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| At 1 April 2016 |
| and 31 March 2017 |
| AMORTISATION |
| At 1 April 2016 |
| Amortisation for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| TEAM NETSOL LIMITED (REGISTERED NUMBER: 03697370) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2016 |
| Additions |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Amounts recoverable on contracts |
| Directors' current accounts | 16,263 | - |
| Deferred tax asset |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank overdraft |
| Trade creditors |
| Social security and other taxes |
| Value added tax | 182,261 | 161,268 |
| Other creditors |
| Accruals and deferred income |
| 8. | DEFERRED TAX |
| £ |
| Balance at 1 April 2016 | ( |
) |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 March 2017 | ( |
) |
| TEAM NETSOL LIMITED (REGISTERED NUMBER: 03697370) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 April 2016 |
| Profit for the year |
| At 31 March 2017 |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 March 2017 and |
| 31 March 2016: |
| 2017 | 2016 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 12. | ULTIMATE CONTROLLING PARTY |
| The company does not have an ultimate controlling party as there is no single majority shareholding. |