Company Registration No. 03202908 (England and Wales)
NEW WORLD NETWORK SOLUTIONS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
NEW WORLD NETWORK SOLUTIONS LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
NEW WORLD NETWORK SOLUTIONS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEW WORLD NETWORK SOLUTIONS LIMITED FOR THE YEAR ENDED 31 MAY 2015
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006,
we
have prepared for your approval the financial statements of New World Network Solutions Limited for the year ended 31 May 2015 set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of New World Network Solutions Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of New World Network Solutions Limited and state those matters that we have agreed to state to the Board of Directors of New World Network Solutions Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New World Network Solutions Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that New World Network Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of New World Network Solutions Limited. You consider that New World Network Solutions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of New World Network Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Clarkson Hyde LLP
26 February 2016
Chartered Accountants
3rd Floor
Chancery House
St Nicholas Way
Sutton
Surrey
SM1 1JB
NEW WORLD NETWORK SOLUTIONS LIMITED
ABBREVIATED BALANCE SHEET
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,697
823
Current assets
Debtors
41,728
26,687
Cash at bank and in hand
18,760
16,985
60,488
43,672
Creditors: amounts falling due within one year
(38,816)
(33,840)
Net current assets
21,672
9,832
Total assets less current liabilities
23,369
10,655
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
23,269
10,555
Shareholders' funds
23,369
10,655
For the financial year ended 31 May 2015 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 26 February 2016
I Rivlin
Director
Company Registration No. 03202908
NEW WORLD NETWORK SOLUTIONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
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1
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 April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents fees receivable for services rendered net of VAT. Turnover is recognised upon raising invoices after services have been rendered.
1.4
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:
Computer equipment
33% straight line
Fixtures, fittings & equipment
25% straight line
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.6
VAT flat rate scheme
The company uses flat rate scheme to account for its Value Added Tax and all the vatable expenses are reflected in the accounts gross of VAT.
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2014
20,695
Additions
2,228
At 31 May 2015
22,923
Depreciation
At 1 June 2014
19,872
Charge for the year
1,354
At 31 May 2015
21,226
Net book value
At 31 May 2015
1,697
At 31 May 2014
823
NEW WORLD NETWORK SOLUTIONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2015
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3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100