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Registration number: 05671321

Ciptex Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Ciptex Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Ciptex Ltd

Company Information

Directors

Mr S C Weeks

Mr JG Parsons

Mr NJ Barnett

Mr A D Marchant

Registered office

Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Ciptex Ltd

(Registration number: 05671321)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

16,511

21,619

Investments

5

100

100

 

16,611

21,719

Current assets

 

Debtors

6

1,332,329

1,192,350

Cash at bank and in hand

 

648,289

652,390

 

1,980,618

1,844,740

Creditors: Amounts falling due within one year

7

(1,513,368)

(1,328,400)

Net current assets

 

467,250

516,340

Total assets less current liabilities

 

483,861

538,059

Creditors: Amounts falling due after more than one year

7

(222,819)

(283,103)

Net assets

 

261,042

254,956

Capital and reserves

 

Called up share capital

1,508

1,508

Share premium reserve

501,707

501,707

Retained earnings

(242,173)

(248,259)

Shareholders' funds

 

261,042

254,956

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

 

Ciptex Ltd

(Registration number: 05671321)
Balance Sheet as at 29 February 2024

.........................................
Mr NJ Barnett
Director

   
 

Ciptex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Ciptex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

25% straight line

Other intangible assets

25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Ciptex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Ciptex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 18).

 

Ciptex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Computer equipment
£

Total
£

Cost or valuation

At 1 March 2023

47,050

47,050

Additions

13,926

13,926

At 29 February 2024

60,976

60,976

Depreciation

At 1 March 2023

25,431

25,431

Charge for the year

19,034

19,034

At 29 February 2024

44,465

44,465

Carrying amount

At 29 February 2024

16,511

16,511

At 28 February 2023

21,619

21,619

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 March 2023

100

Provision

Carrying amount

At 29 February 2024

100

At 28 February 2023

100

 

Ciptex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

More Talk Communications Limited

Chancery House, 30 St Johns Road, Woking, Surrey GU21 7SA

Ordinary

100%

100%

Precium Ltd

Chancery House, 30 St Johns Road, Woking, Surrey GU21 7SA

Ordinary

100%

100%

Subsidiary undertakings

More Talk Communications Limited

The principal activity of More Talk Communications Limited is that of a dormant company.

Precium Ltd

The principal activity of Precium Ltd is the provision of hosted telephony solutions.

6

Debtors

Current

2024
£

2023
£

Trade debtors

998,089

1,031,885

Prepayments

287,296

109,793

Other debtors

46,944

50,672

 

1,332,329

1,192,350

 

Ciptex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

49,576

48,350

Trade creditors

 

528,777

439,769

Amounts owed to related parties

10

326,201

263,303

Taxation and social security

 

167,213

148,188

Other creditors

 

441,601

428,790

 

1,513,368

1,328,400

Due after one year

 

Loans and borrowings

8

222,819

283,103

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

222,819

283,103

 

Ciptex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

222,819

283,103

2024
£

2023
£

Current loans and borrowings

Bank borrowings

49,576

48,350

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

1,104

The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2023 - £10,975).

 

Ciptex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

10

Related party transactions

Summary of transactions with other related parties

The group has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 Section 1A not to disclose related party transactions with group companies.