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COMPANY REGISTRATION NUMBER: 02604843
CENTRAL NETWORKS AND TECHNOLOGIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
CENTRAL NETWORKS AND TECHNOLOGIES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 8
CENTRAL NETWORKS AND TECHNOLOGIES LIMITED
BALANCE SHEET
31 January 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
53,383
109,183
Tangible assets
6
117,592
63,330
------------
------------
170,975
172,513
Current assets
Debtors
7
1,371,544
1,492,133
Cash at bank and in hand
1,712,064
1,297,053
------------
------------
3,083,608
2,789,186
Creditors: amounts falling due within one year
8
( 756,894)
( 943,379)
------------
------------
Net current assets
2,326,714
1,845,807
------------
------------
Total assets less current liabilities
2,497,689
2,018,320
Provisions
9
( 25,858)
( 13,248)
------------
------------
Net assets
2,471,831
2,005,072
------------
------------
Capital and reserves
Called up share capital
11
10,100
10,100
Profit and loss account
2,461,731
1,994,972
------------
------------
Shareholders funds
2,471,831
2,005,072
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CENTRAL NETWORKS AND TECHNOLOGIES LIMITED
BALANCE SHEET (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 13 August 2024 , and are signed on behalf of the board by:
Mr C P Mycock
Director
Company registration number: 02604843
CENTRAL NETWORKS AND TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Byron House, Green Lane, Heywood, OL10 2DY, Lancashire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discounts and value added tax. Turnover is recognised when an invoice is raised for hardware or over the length of a service contract.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Website costs
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2023: 26 ).
5. Intangible assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
500,000
17,400
517,400
------------
------------
------------
Amortisation
At 1 February 2023
400,000
8,217
408,217
Charge for the year
50,000
5,800
55,800
------------
------------
------------
At 31 January 2024
450,000
14,017
464,017
------------
------------
------------
Carrying amount
At 31 January 2024
50,000
3,383
53,383
------------
------------
------------
At 31 January 2023
100,000
9,183
109,183
------------
------------
------------
6. Tangible assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 February 2023
145,993
178,644
324,637
Additions
78,032
2,116
80,148
------------
------------
------------
At 31 January 2024
224,025
180,760
404,785
------------
------------
------------
Depreciation
At 1 February 2023
91,259
170,048
261,307
Charge for the year
19,915
5,971
25,886
------------
------------
------------
At 31 January 2024
111,174
176,019
287,193
------------
------------
------------
Carrying amount
At 31 January 2024
112,851
4,741
117,592
------------
------------
------------
At 31 January 2023
54,734
8,596
63,330
------------
------------
------------
7. Debtors
2024
2023
£
£
Trade debtors
224,956
629,307
Prepayments and accrued income
68,353
23,835
Shareholder loan account (note 14)
1,076,910
838,991
Other debtors
1,325
------------
------------
1,371,544
1,492,133
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
271,543
433,969
Accruals and deferred income
192,016
193,468
Corporation tax
164,616
180,323
Social security and other taxes
128,719
135,619
------------
------------
756,894
943,379
------------
------------
9. Provisions
Deferred tax (note 10)
£
At 1 February 2023
13,248
Charge against provision
12,610
------------
At 31 January 2024
25,858
------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions (note 9)
25,858
13,248
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
25,858
13,248
------------
------------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
'A' Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
'B' Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
10,100
10,100
10,100
10,100
------------
------------
------------
------------
The 'B' Ordinary shares of £1 each do not carry any voting rights.
12. Related party transactions
The company is controlled by C P Mycock and J E Mycock. The shareholder loan account included in debtors at note 9 is unsecured and repayable on demand. Interest is charged at the HMRC official rates. The loan has been settled since the balance sheet date.