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Company No: 02656999 (England and Wales)

360COMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

360COMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

360COMS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
360COMS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Clive John Ansell
Rebecca Elizabeth Hay
SECRETARY Ashley Lyndon Beetson
REGISTERED OFFICE Unity House Compass Point Business Park
Stocks Bridge Way
St. Ives
PE27 5JL
England
United Kingdom
COMPANY NUMBER 02656999 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
360COMS LIMITED

BALANCE SHEET

As at 31 December 2023
360COMS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 670,200 630,700
Tangible assets 4 52,824 81,913
723,024 712,613
Current assets
Stocks 40,914 41,800
Debtors
- due within one year 5 141,380 127,783
- due after more than one year 5 376,782 438,344
Cash at bank and in hand 17,666 100,623
576,742 708,550
Creditors: amounts falling due within one year 6 ( 662,068) ( 591,126)
Net current (liabilities)/assets (85,326) 117,424
Total assets less current liabilities 637,698 830,037
Creditors: amounts falling due after more than one year 7 ( 197,364) ( 392,341)
Provision for liabilities ( 6,994) ( 9,080)
Net assets 433,340 428,616
Capital and reserves
Called-up share capital 8 20,000 20,000
Profit and loss account 413,340 408,616
Total shareholder's funds 433,340 428,616

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of 360coms Limited (registered number: 02656999) were approved and authorised for issue by the Board of Directors on 11 April 2024. They were signed on its behalf by:

Clive John Ansell
Director
360COMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
360COMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

360coms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unity House Compass Point Business Park, Stocks Bridge Way, St. Ives, PE27 5JL, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 15

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 630,700 630,700
Additions 39,500 39,500
0 0
At 31 December 2023 670,200 670,200
Accumulated amortisation
At 01 January 2023 0 0
At 31 December 2023 0 0
Net book value
At 31 December 2023 670,200 670,200
At 31 December 2022 630,700 630,700

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 271,159 271,159
Disposals ( 163,017) ( 163,017)
At 31 December 2023 108,142 108,142
Accumulated depreciation
At 01 January 2023 189,246 189,246
Charge for the financial year 27,597 27,597
Disposals ( 161,525) ( 161,525)
At 31 December 2023 55,318 55,318
Net book value
At 31 December 2023 52,824 52,824
At 31 December 2022 81,913 81,913

5. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 12,444 5,210
Other debtors 128,936 122,573
141,380 127,783
Debtors: amounts falling due after more than one year
Amounts owed by Parent undertakings 376,782 438,344

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 67,651 137,510
Trade creditors 233,966 140,258
Taxation and social security 153,583 136,233
Obligations under finance leases and hire purchase contracts 5,820 22,875
Other creditors 201,048 154,250
662,068 591,126

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 40,550 129,916
Obligations under finance leases and hire purchase contracts 0 5,820
Other creditors 156,814 256,605
197,364 392,341

There is a charge held over the company's fixed and floating assets.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
20,000 Ordinary shares of £ 1.00 each 20,000 20,000

9. Related party transactions

Other related party transactions

2023 2022
£ £
360 Holdings Group (UK) Limited - Debtor 416,782 438,344
0 0

360 Holdings Group (UK) Limited owns the entire share capital of 360Coms Limited.

The inter-company balances owing from companies under the control of Mr C Ansell.