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REGISTERED NUMBER: 03331669 (England and Wales)















CORNET SWITCHING SYSTEMS LIMITED

Financial Statements for the Year Ended 31 March 2023






CORNET SWITCHING SYSTEMS LIMITED (REGISTERED NUMBER: 03331669)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


CORNET SWITCHING SYSTEMS LIMITED

Company Information
for the year ended 31 March 2023







Director: A Clinton-Watkins



Secretary: Mrs K H Griffiths



Registered office: De Salis House
De Salis Drive
Hampton Lovett Industrial Estate
Droitwich
Worcestershire
WR9 0QE



Registered number: 03331669 (England and Wales)



Auditors: Cooper Parry Group Limited
CUBO Birmingham
Office 401, 4th Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX



Bankers: Barclays Bank UK PLC
PO Box 299
Birmingham
B1 3PF

CORNET SWITCHING SYSTEMS LIMITED (REGISTERED NUMBER: 03331669)

Balance Sheet
31 March 2023

2023 2022
Notes £ £
Current assets
Debtors 6 568,626 607,062
Cash at bank 1,001,984 915,113
1,570,610 1,522,175
Creditors
Amounts falling due within one year 7 267,394 289,870
Net current assets 1,303,216 1,232,305
Total assets less current liabilities 1,303,216 1,232,305

Capital and reserves
Called up share capital 8 2 2
Retained earnings 1,303,214 1,232,303
Shareholders' funds 1,303,216 1,232,305

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 November 2023 and were signed by:





A Clinton-Watkins - Director


CORNET SWITCHING SYSTEMS LIMITED (REGISTERED NUMBER: 03331669)

Notes to the Financial Statements
for the year ended 31 March 2023

1. Statutory information

Cornet Switching Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern
The director has prepared the financial statements on a going concern basis for a period of not less than 12 months from the date of signature. The company is trading profitably, and in light of future projections and positive net assets of £1,303,216 at the reporting date, the director considers the going concern basis to be appropriate.

Turnover
Turnover represents amounts receivable for goods and services provided during the year, exclusive of Value Added Tax.

Income received in advance in respect of contracts for the provision of maintenance and software is deferred and taken to the income statement over the life of the contract.

Tangible fixed assets
Tangible fixed assets are recognised at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings-on written down value
Computer equipment-on written down value

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

CORNET SWITCHING SYSTEMS LIMITED (REGISTERED NUMBER: 03331669)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

3. Accounting policies - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments
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 entity after deducting all of its financial liabilities.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

4. Employees and directors

The average number of employees during the year was NIL (2022 - NIL).

5. Tangible fixed assets
Fixtures
and Computer
fittings equipment Totals
£ £ £
Cost
At 1 April 2022
and 31 March 2023 254 25,967 26,221
Depreciation
At 1 April 2022
and 31 March 2023 254 25,967 26,221
Net book value
At 31 March 2023 - - -
At 31 March 2022 - - -

6. Debtors
2023 2022
£ £
Amounts falling due within one year:
Trade debtors 1 2
Other debtors 54,797 49,453
54,798 49,455

Amounts falling due after more than one year:
Amounts owed by group undertakings 513,828 557,607

Aggregate amounts 568,626 607,062

CORNET SWITCHING SYSTEMS LIMITED (REGISTERED NUMBER: 03331669)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

7. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 16,633 17,504
VAT - 31,911
Accruals and deferred income 250,761 240,455
267,394 289,870

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
2 Ordinary £1 2 2

9. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Hannah Murphy ACA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

10. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. Ultimate controlling party

The ultimate controlling party is A Clinton-Watkins.

12. Ultimate parent company

GGR Communications Group Limited (a company registered in England and Wales) is the company's ultimate parent company.

The results of Cornet Switching Systems Limited are included in the consolidated accounts of this company.