REGISTERED NUMBER: |
CORNET SWITCHING SYSTEMS LIMITED |
Financial Statements for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
CUBO Birmingham |
Office 401, 4th Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
Bankers: |
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 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 8 |
Retained earnings |
Shareholders' funds |
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 |
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 |
2. | Statement of compliance |
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 |
Depreciation |
At 1 April 2022 |
and 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
6. | Debtors |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
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 |
VAT | - | 31,911 |
Accruals and deferred income |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 |
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. |