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Registration number: 06574637

ComOn Network Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

ComOn Network Limited

Contents

Company Information

1

Director's Report

2

Income statement

3

Statement of Financial Position

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 10

 

ComOn Network Limited

Company Information

Director

B Pedersen

Registered office

Salatin House
Cedar Road
Sutton
Surrey
SM2 5DA

Accountants

Harmer Slater Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

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:

B Pedersen

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 director on 29 September 2023
 

.........................................
B Pedersen
Director

 

ComOn Network Limited

Income statement
for the Year Ended 31 December 2022

Note

2022
£

2021
£

Revenue

 

399,143

107,019

Cost of sales

 

(326,697)

(92,385)

Gross profit

 

72,446

14,634

Administrative expenses

 

(6,389)

(188,708)

Operating profit/(loss)

 

66,057

(174,074)

Other interest receivable and similar income

 

121

-

Interest payable and similar expenses

 

(93)

(806)

Profit/(loss) before tax

66,085

(174,880)

Tax on profit/(loss)

4

(13,380)

-

Profit/(loss) for the financial year

 

52,705

(174,880)

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

5

836

743

Cash at bank and in hand

 

37,269

5,991

 

38,105

6,734

Payables: Amounts falling due within one year

6

(38,179)

(59,513)

Net liabilities

 

(74)

(52,779)

Equity

 

Called up share capital

7

1

1

Retained earnings

7

(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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 on 29 September 2023
 

.........................................

B Pedersen
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

1

(52,780)

(52,779)

Profit for the year

-

52,705

52,705

At 31 December 2022

1

(75)

(74)

Share capital
£

Retained earnings
£

Total
£

At 1 January 2021

1

122,100

122,101

Loss for the year

-

(174,880)

(174,880)

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

1

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.

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

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

 

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

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2021 - 0).

4

Taxation

Tax charged/(credited) in the income statement

2022
£

2021
£

Current taxation

UK corporation tax

13,380

-

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 19% (2021 - 19%).

The differences are reconciled below:

2022
£

2021
£

Profit/(loss) before tax

66,085

(174,880)

Corporation tax at standard rate

12,556

(33,227)

Effect of expense not deductible in determining taxable profit (tax loss)

824

24,805

Effect of tax losses

-

8,422

Total tax charge

13,380

-

 

ComOn Network Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022 (continued)

5

Receivables

2022
£

2021
£

Other receivables

836

743

The amount receivable from group undertakings disclosed as falling within one year are unsecured, payable on demand and is non-interest bearing.

6

Payables

2022
£

2021
£

Due within one year

Trade payable

18,474

5,397

Corporation tax

14,380

48,866

Accruals

5,325

5,250

38,179

59,513

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1

1

1

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)

8

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.

9

Parent and ultimate parent undertaking

The company's immediate and ultimate parent undertaking is Form71 APS, incorporated in Denmark.

 The ultimate controlling party is B Pedersen.