Company No:
Contents
Note | 31.03.2024 | 31.12.2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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12,737 | 3,151 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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714,671 | 270,175 | |||
Creditors: amounts falling due within one year | 7 | (
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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 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of C Squared Networks Ltd (registered number:
D Grabiner
Director |
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.
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 £.
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.
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.
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.
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 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.
Other intangible assets |
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Plant and machinery etc. |
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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.
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.
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.
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 are held at cost less impairment.
Period from 01.01.2023 to 31.03.2024 |
Year ended 31.12.2022 |
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Number | Number | ||
Monthly average number of persons employed by the company during the period, including directors |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated amortisation | |||
At 01 January 2023 |
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Charge for the financial period |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 31 December 2022 |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated depreciation | |||
At 01 January 2023 |
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Charge for the financial period |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 31 December 2022 |
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Investments in associates | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 January 2023 |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 December 2022 |
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31.03.2024 | 31.12.2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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31.03.2024 | 31.12.2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to joint ventures |
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Other taxation and social security |
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Other creditors |
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31.03.2024 | 31.12.2022 | ||
£ | £ | ||
Bank loans |
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Other creditors |
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31.03.2024 | 31.12.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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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 |