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COMPANY REGISTRATION NUMBER: 08727977
Benu Networks Limited
Filleted Unaudited Abridged Financial Statements
30 June 2023
Benu Networks Limited
Abridged Statement of Financial Position
30 June 2023
30 Jun 23
31 Dec 21
Note
£
£
£
Fixed assets
Tangible assets
5
1,519
Current assets
Cash at bank and in hand
681
Creditors: amounts falling due within one year
326,967
307,650
---------
---------
Net current liabilities
326,967
306,969
---------
---------
Total assets less current liabilities
( 326,967)
( 305,450)
---------
---------
Net liabilities
( 326,967)
( 305,450)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 326,968)
( 305,451)
---------
---------
Shareholders deficit
( 326,967)
( 305,450)
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 30 June 2023 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 abridged financial statements for the period 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the period ending 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Benu Networks Limited
Abridged Statement of Financial Position (continued)
30 June 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 8 November 2023 , and are signed on behalf of the board by:
Mr JE Moylan
Director
Company registration number: 08727977
Benu Networks Limited
Notes to the Abridged Financial Statements
Period from 1 January 2022 to 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/- Sable Limited, 13th Floor, One Croydon, 12-16 Addiscombe Road, Croydon, CR0 0XT.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors decided to cease the business activities on 30 June 2023. Due to the proposed winding-up of the company, the directors have determined that the going concern basis of preparation is no longer appropriate and have been prepared on a liquidation basis. Under the liquidation basis of preparation, assets and liabilities are measured at the liquidation value. The liquidation value of assets is their net realisable value. Net realisable value is based on the proceeds receivable on disposal less restructure and liquidation cost. The liquidation value of liabilities is their expected settlement amount. Under the liquidation basis of account, all assets and liabilities are classified as current. Comparative information has not been restated, and is measured and presented on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
50% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2021: 1 ).
5. Tangible assets
£
Cost
At 1 January 2022
6,227
Disposals
( 6,227)
-------
At 30 June 2023
-------
Depreciation
At 1 January 2022
4,708
Disposals
( 4,708)
-------
At 30 June 2023
-------
Carrying amount
At 30 June 2023
-------
At 31 December 2021
1,519
-------
6. Related party transactions
The company is under the control of Ciena Corporation since 30 December 2022. Ciena Corporation is the sole shareholder. The company has taken advantage of the exemption available under FRS102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.