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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Nice Network Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Nice Network Limited |
Nice Network Limited (Registered number: 02877794) |
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Contents of the Financial Statements |
for the year ended 31 March 2020 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Nice Network Limited |
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Company Information |
for the year ended 31 March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
3-5 Grange Terrace |
Stockton Road |
Sunderland |
Tyne & Wear |
SR2 7DG |
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BANKERS: |
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53 Fawcett Street |
Sunderland |
Tyne and Wear |
SR1 1RS |
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SOLICITORS: |
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Sandgate House |
102 Quayside |
Newcastle upon Tyne |
Tyne & Wear |
NE1 3DX |
Nice Network Limited (Registered number: 02877794) |
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Statement of Financial Position |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Investments | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Nice Network Limited (Registered number: 02877794) |
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Statement of Financial Position - continued |
31 March 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
were signed on its behalf by: |
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Nice Network Limited (Registered number: 02877794) |
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Notes to the Financial Statements |
for the year ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Nice Network Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on the going concern basis which assumes that the company will |
continue in operational existence for the foreseeable future which the directors consider to be appropriate. |
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Turnover |
Turnover represents net sales of goods and services, excluding value added tax. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over |
its estimated useful life of twenty years. |
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Computer software |
The directors are not able to reliably estimate the useful life term of the asset, therefore they consider that an |
amortisation period of 10 years is appropriate and in accordance with guidance provided by generally accepted |
accounting practice. |
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Tangible fixed assets |
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Freehold property | - |
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Improvements to property | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stock is valued at the lower of cost or net realisable value. Cost is determined on a first in first out basis. Net |
realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow |
moving, obsolete and damaged stock where the net realisable value is less than cost. |
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Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial |
instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their |
settlement value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Nice Network Limited (Registered number: 02877794) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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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. |
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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. |
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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. |
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Technical fund balances |
In accordance with usual company policy, client entitlement to all credits, credit balances and/or kit funds or any |
other entitlements will automatically cease and be recognised as company income under any of the following |
conditions; the agreement expiring, termination of the agreement signed through the company but not fulfilled |
through the company, the client terminating their relationship with the company or leaving the designated |
network before completion of the agreed term. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
and 31 March 2020 |
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AMORTISATION |
At 1 April 2019 |
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Amortisation for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Nice Network Limited (Registered number: 02877794) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | and | Motor |
property | property | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | DEBTORS |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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7. | CURRENT ASSET INVESTMENTS |
2020 | 2019 |
£ | £ |
Other |
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Current asset investments relate to money invested into PruFund. The investment units can increase or decrease |
in value and this change in value is reflected at the balance sheet date. Therefore the investment is held at market |
value. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Nice Network Limited (Registered number: 02877794) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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9. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 7,344 | 8,265 |
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Deferred |
tax |
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Balance at 1 April 2019 |
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Excess of capital allowances |
over depreciation | ( |
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Balance at 31 March 2020 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 March 2020 and |
31 March 2019: |
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2020 | 2019 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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