Company registration number 11287515 (England and Wales)
AUGNET LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
AUGNET LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
AUGNET LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
64,986
57,821
Tangible assets
5
11,486
16,096
76,472
73,917
Current assets
Debtors
6
300,937
54,579
Cash at bank and in hand
204,221
339,382
505,158
393,961
Creditors: amounts falling due within one year
7
(403,111)
(395,565)
Net current assets/(liabilities)
102,047
(1,604)
Total assets less current liabilities
178,519
72,313
Creditors: amounts falling due after more than one year
8
(276,010)
(67,470)
Net (liabilities)/assets
(97,491)
4,843
Capital and reserves
Called up share capital
9
122
121
Share premium account
1,245,946
1,175,948
Profit and loss reserves
(1,343,559)
(1,171,226)
Total equity
(97,491)
4,843

The directors of the company have not elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

AUGNET LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
Mr D J Gill
Director
Company Registration No. 11287515
AUGNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Augnet Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Craufurd Hale Group, Ground Floor, Arena Court, Crown Lane, MAIDENHEAD, SL6 8QZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation.

Amortisation is recognised so as to write off the cost of assets over their useful lives on the following bases:

End points design & engineering
15% straight line
Tademarks
10 years straight line
Patents
5 years straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

AUGNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line
Computers
15% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and represents cash in hand.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.10
Taxation

The tax expense represents the sum of the tax currently receivable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

AUGNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
5
AUGNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
4
Intangible fixed assets
Other
Patents
Total
£
£
£
Cost
At 1 March 2022
31,240
54,885
86,125
Additions
-
26,000
26,000
At 28 February 2023
31,240
80,885
112,125
Amortisation and impairment
At 1 March 2022
7,280
21,024
28,304
Amortisation charged for the year
4,686
14,149
18,835
At 28 February 2022
11,966
35,173
47,139
Carrying amount
At 28 February 2023
19,274
45,712
64,986
At 28 February 2022
23,960
33,861
57,821
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022
20,691
Disposals
(2,318)
At 28 February 2023
18,373
Depreciation and impairment
At 1 March 2022
4,595
Depreciation charged in the year
3,190
Eliminated in respect of disposals
(898)
At 28 February 2023
6,887
Carrying amount
At 28 February 2023
11,486
At 28 February 2022
16,096
AUGNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
87,943
13,601
Corporation tax recoverable
146,365
-
0
Other debtors
66,629
40,978
300,937
54,579
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
35,292
7,500
Trade creditors
169,350
31,328
Taxation and social security
29,980
7,583
Other creditors
168,489
349,154
403,111
395,565
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
43,770
40,760
Other creditors
232,240
26,710
276,010
67,470
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
10,322,544 Ordinary Shares of 0.00001p each
103
103
1,796,933 A Ordinary Shares of 0.00001p each
18
17
119,950 B Ordinary Shares of 0.00001p each
1
1
122
121

During the previous year 131,106 A ordinary shares of £0.0001 each were issued and fully paid.

During the current year 87,404 A ordinary shares of £0.0001 each were issued and fully paid.

Ordinary shares and A ordinary shares have full voting rights and equal rights to dividends.

B ordinary shares do not have voting rights or rights to dividends.

AUGNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
10
Ultimate controlling party

The ultimate controlling party is D J Gill by virtue of his controlling interest.

11
Directors' transactions

Notwithstanding the fact that there are no formal repayment terms, on the basis that repayment will not be made within 12 months of the balance sheet date the interest free balance of £26,710 (2022 - £26,710) on a director's current account is included in other creditors : amounts falling due after more than one year.

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