Silverfin false false 31/03/2024 01/01/2023 31/03/2024 D Grabiner 07/02/2013 S Grabiner 07/02/2013 J King 01/06/2016 A F G Sinclair 18/07/2014 12 August 2024 The principal activity of the company during the financial period was that of media and marketing awards. 08391925 2024-03-31 08391925 bus:Director1 2024-03-31 08391925 bus:Director2 2024-03-31 08391925 bus:Director3 2024-03-31 08391925 bus:Director4 2024-03-31 08391925 2022-12-31 08391925 core:CurrentFinancialInstruments 2024-03-31 08391925 core:CurrentFinancialInstruments 2022-12-31 08391925 core:Non-currentFinancialInstruments 2024-03-31 08391925 core:Non-currentFinancialInstruments 2022-12-31 08391925 core:ShareCapital 2024-03-31 08391925 core:ShareCapital 2022-12-31 08391925 core:RetainedEarningsAccumulatedLosses 2024-03-31 08391925 core:RetainedEarningsAccumulatedLosses 2022-12-31 08391925 core:OtherResidualIntangibleAssets 2022-12-31 08391925 core:OtherResidualIntangibleAssets 2024-03-31 08391925 core:OtherPropertyPlantEquipment 2022-12-31 08391925 core:OtherPropertyPlantEquipment 2024-03-31 08391925 core:CostValuation 2022-12-31 08391925 core:CostValuation 2024-03-31 08391925 bus:OrdinaryShareClass1 2024-03-31 08391925 2023-01-01 2024-03-31 08391925 bus:FilletedAccounts 2023-01-01 2024-03-31 08391925 bus:SmallEntities 2023-01-01 2024-03-31 08391925 bus:AuditExemptWithAccountantsReport 2023-01-01 2024-03-31 08391925 bus:PrivateLimitedCompanyLtd 2023-01-01 2024-03-31 08391925 bus:Director1 2023-01-01 2024-03-31 08391925 bus:Director2 2023-01-01 2024-03-31 08391925 bus:Director3 2023-01-01 2024-03-31 08391925 bus:Director4 2023-01-01 2024-03-31 08391925 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-01-01 2024-03-31 08391925 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2024-03-31 08391925 2022-01-01 2022-12-31 08391925 core:OtherResidualIntangibleAssets 2023-01-01 2024-03-31 08391925 core:OtherPropertyPlantEquipment 2023-01-01 2024-03-31 08391925 core:Non-currentFinancialInstruments 2023-01-01 2024-03-31 08391925 bus:OrdinaryShareClass1 2023-01-01 2024-03-31 08391925 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08391925 (England and Wales)

C SQUARED NETWORKS LTD

Unaudited Financial Statements
For the financial period from 01 January 2023 to 31 March 2024
Pages for filing with the registrar

C SQUARED NETWORKS LTD

Unaudited Financial Statements

For the financial period from 01 January 2023 to 31 March 2024

Contents

C SQUARED NETWORKS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
C SQUARED NETWORKS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.12.2022
£ £
Fixed assets
Intangible assets 3 7,425 0
Tangible assets 4 5,262 3,101
Investments 5 50 50
12,737 3,151
Current assets
Debtors 6 274,584 59,326
Cash at bank and in hand 440,087 210,849
714,671 270,175
Creditors: amounts falling due within one year 7 ( 656,504) ( 991,445)
Net current assets/(liabilities) 58,167 (721,270)
Total assets less current liabilities 70,904 (718,119)
Creditors: amounts falling due after more than one year 8 ( 1,298,425) ( 1,224,364)
Net liabilities ( 1,227,521) ( 1,942,483)
Capital and reserves
Called-up share capital 9 125 100
Profit and loss account ( 1,227,646 ) ( 1,942,583 )
Total shareholders' deficit ( 1,227,521) ( 1,942,483)

For the financial period ending 31 March 2024 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 C Squared Networks Ltd (registered number: 08391925) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D Grabiner
Director

12 August 2024

C SQUARED NETWORKS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 January 2023 to 31 March 2024
C SQUARED NETWORKS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 January 2023 to 31 March 2024
1. Accounting policies

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

General information and basis of accounting

C Squared Networks Ltd (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 1st Floor, Business Design Centre, 52 Upper Street, London, N1 0QH, 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 believe it is appropriate to prepare these accounts on a going concern basis for the following reason. Included in liabilities are amounts of £1,649 owed to a director and shareholder of the company and £1,267,704 owed to a company controlled which is controlled by a director and shareholder of this company. Both creditors have confirmed that they will not call upon their loans in the next 12 months.

Reporting period length

The reporting period length has been extended to 31 March 2024, as such the prior year figures cannot be used as a basis for comparison.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:


Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 4 years straight line
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. 4 years straight line

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Pensions - Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

2. Employees

Period from
01.01.2023 to
31.03.2024
Year ended
31.12.2022
Number Number
Monthly average number of persons employed by the company during the period, including directors 9 6

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 0 0
Additions 10,800 10,800
At 31 March 2024 10,800 10,800
Accumulated amortisation
At 01 January 2023 0 0
Charge for the financial period 3,375 3,375
At 31 March 2024 3,375 3,375
Net book value
At 31 March 2024 7,425 7,425
At 31 December 2022 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 4,135 4,135
Additions 5,022 5,022
At 31 March 2024 9,157 9,157
Accumulated depreciation
At 01 January 2023 1,034 1,034
Charge for the financial period 2,861 2,861
At 31 March 2024 3,895 3,895
Net book value
At 31 March 2024 5,262 5,262
At 31 December 2022 3,101 3,101

5. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 January 2023 50 50
At 31 March 2024 50 50
Carrying value at 31 March 2024 50 50
Carrying value at 31 December 2022 50 50

6. Debtors

31.03.2024 31.12.2022
£ £
Trade debtors 210,923 44,524
Other debtors 63,661 14,802
274,584 59,326

7. Creditors: amounts falling due within one year

31.03.2024 31.12.2022
£ £
Bank loans 5,351 10,632
Trade creditors 76,186 153,008
Amounts owed to joint ventures 50 344,134
Other taxation and social security 6,977 28,673
Other creditors 567,940 454,998
656,504 991,445

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

31.03.2024 31.12.2022
£ £
Bank loans 30,721 31,932
Other creditors 1,267,704 1,192,432
1,298,425 1,224,364

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

31.03.2024 31.12.2022
£ £
Allotted, called-up and fully-paid
12,500 Ordinary shares of £ 0.01 each (31.12.2022: 10,000 shares of £ 0.01 each) 125 100

On 7 April 2023, 2,500 ordinary shares were issued at par.

10. Related party transactions

Transactions with the entity's directors

31.03.2024 31.12.2022
£ £
Included within other creditors is a balance owed to a director. This balance is unsecured and interest free, with no fixed repayment terms. 1,649 351,649

Other related party transactions

31.03.2024 31.12.2022
£ £
Included within other creditors is a balance owed to a related party. This balance is unsecured and interest free, with no fixed repayment terms. 50 344,134
Included within amounts falling due after more than one year is a balance owed to a connected company. The loan is secured, with repayment terms. Interest has been waived on the loan during both the current and prior periods, as a result the loan has been included in these financial statements at fair value. 1,267,704 1,192,432