Registration number:
ComOn Network Limited
for the Year Ended 31 December 2022
ComOn Network Limited
Contents
Company Information |
|
Director's Report |
|
Income statement |
|
Statement of Financial Position |
|
Statement of Changes in Equity |
|
Notes to the Unaudited Financial Statements |
ComOn Network Limited
Company Information
Director |
B Pedersen |
Registered office |
|
Accountants |
|
ComOn Network Limited
Director's Report for the Year Ended 31 December 2022
The director presents his report and the financial statements for the year ended 31 December 2022.
Principal activity
The principal activity of the company is was that of the virtual advertising, marketing and promotion of online gaming websites using web traffic generated inhouse as well as web traffic purchased from affiliates.
Director of the company
The director who held office during the year was as follows:
Going concern
These financial statements have been prepared under the going concern concept on the basis that the director has agreed to continue to provide adequate funds to enable the company to meet its liabilities as they fall due.
Small companies provision statement
The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.
Approved and authorised by the
......................................... |
ComOn Network Limited
Income statement
for the Year Ended 31 December 2022
Note |
2022 |
2021 |
|
Revenue |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit/(loss) |
66,057 |
(174,074) |
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
( |
|
Profit/(loss) before tax |
|
( |
|
Tax on profit/(loss) |
( |
- |
|
Profit/(loss) for the financial year |
|
( |
Continuing operations
The above results were derived wholly from continuing operations.
Total recognised gains and losses
The company has no recognised gains or losses for the year other than the results above.Therefore no separate Statement of Comprehensive Income has been presented.
ComOn Network Limited
(Registration number: 06574637)
Statement of Financial Position as at 31 December 2022
Note |
2022 |
2021 |
|
Current assets |
|||
Receivables |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Payables: Amounts falling due within one year |
( |
( |
|
Net liabilities |
( |
( |
|
Equity |
|||
Called up share capital |
1 |
1 |
|
Retained earnings |
(75) |
(52,780) |
|
Shareholders' deficit |
(74) |
(52,779) |
For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements of ComOn Network Limited were approved and authorised for issue by the
.........................................
Director
ComOn Network Limited
Statement of Changes in Equity
for the Year Ended 31 December 2022
Share capital |
Retained earnings |
Total |
|
At 1 January 2022 |
|
( |
( |
Profit for the year |
- |
|
|
At 31 December 2022 |
|
( |
( |
Share capital |
Retained earnings |
Total |
|
At 1 January 2021 |
|
|
|
Loss for the year |
- |
( |
( |
At 31 December 2021 |
1 |
(52,780) |
(52,779) |
ComOn Network Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022
General information |
ComOn Network Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Critical judgements and key sources of estimation uncertainties
There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax.
Foreign currency transactions and balances
ComOn Network Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current tax. Tax is recognised in the statement of income and retained earnings except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Property, plant and equipment
Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
Straight line over 3 years |
Fixture and fittings |
Straight line over 3 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and at bank.
Receivables
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
ComOn Network Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Taxation |
Tax charged/(credited) in the income statement
2022 |
2021 |
|
Current taxation |
||
UK corporation tax |
|
- |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2021 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2022 |
2021 |
|
Profit/(loss) before tax |
|
( |
Corporation tax at standard rate |
|
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
- |
|
Total tax charge |
|
- |
ComOn Network Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022 (continued)
Receivables |
2022 |
2021 |
|
Other receivables |
|
|
The amount receivable from group undertakings disclosed as falling within one year are unsecured, payable on demand and is non-interest bearing.
Payables |
2022 |
2021 |
|
Due within one year |
||
Trade payable |
|
|
Corporation tax |
14,380 |
48,866 |
Accruals |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
The company has one class of share capital which carries no right to fixed income.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
ComOn Network Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022 (continued)
Related party transactions |
The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102- Small Entities not to disclose transactions with entities that are wholly owned members of the group.
There were no other related party transactions to disclose.
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent undertaking is
The ultimate controlling party is