Sputnik Internet Limited Filleted Accounts Cover
Sputnik Internet Limited
Company No. 04679930
Information for Filing with The Registrar
28 February 2024
Sputnik Internet Limited Balance Sheet Registrar
at
28 February 2024
Company No.
04679930
Notes
2024
2023
£
£
Fixed assets
Intangible assets
5
-820
Tangible assets
6
26,02828,022
Investments
7
2,382,9971,634,767
2,409,0251,663,609
Current assets
Debtors
8
177,850337,028
Cash at bank and in hand
597,370523,516
775,220860,544
Creditors: Amount falling due within one year
9
(121,542)
(162,744)
Net current assets
653,678697,800
Total assets less current liabilities
3,062,7032,361,409
Provisions for liabilities
Deferred taxation
(33,795)
(5,324)
Net assets
3,028,9082,356,085
Capital and reserves
Called up share capital
33
Share premium account
11
584584
Profit and loss account
11
3,028,3212,355,498
Total equity
3,028,9082,356,085
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the period ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 11 July 2024 and signed on its behalf by:
A.D. Nicol
Director
11 July 2024
Sputnik Internet Limited Notes to the Accounts Registrar
for the period ended 28 February 2024
1
General information
Sputnik Internet Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 04679930
Its registered office is:
Its trading address is:
20 Edge Lane
20 Edge Lane
Chorlton
Chorlton
Manchester
Manchester
M21 9JF
M21 9JF
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Intangible fixed assets
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Leasehold land and buildings
20% Straight Line
Furniture, fittings and equipment
25% Reducing Balance
Research and development costs
Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period expected to benefit from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at rate of 33.33% straight line.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Investments
Unlisted investments (except those held as subsidiaries, associates or joint ventures) are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Foreign currencies
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Defined contribution pensions
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 payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Items of income or expenses of exceptional size or incidence
2024
2023
£
£
Profit/(Loss) on disposal of investments
5,02856,781
4
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the period:
89
5
Intangible fixed assets
Goodwill
Total
£
£
Cost
At 1 March 2023
16,40016,400
At 28 February 2024
16,40016,400
Amortisation and impairment
At 1 March 2023
15,58015,580
Charge for the year
820820
At 28 February 2024
16,40016,400
Net book values
At 28 February 2024
--
At 28 February 2023
820820
Goodwill - Amortisation rate and method - 5% straight line.
6
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost or revaluation
At 1 March 2023
103,952103,952
Additions
6,6826,682
At 28 February 2024
110,634110,634
Depreciation
At 1 March 2023
75,93075,930
Charge for the year
8,6768,676
At 28 February 2024
84,60684,606
Net book values
At 28 February 2024
26,02826,028
At 28 February 2023
28,022
28,022
7
Investments
Investment in Subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 March 2023
584
1,634,183
1,634,767
Additions
-
562,135
562,135
Revaluation
-
406,875
406,875
Disposals
-
(220,780)
(220,780)
At 28 February 2024
584
2,382,413
2,382,997
Provisions/Impairment
Net book values
At 28 February 2024
584
2,382,413
2,382,997
At 28 February 2023
584
1,634,183
1,634,767
8
Debtors
2024
2023
£
£
Trade debtors
173,425175,188
Amounts owed by group undertakings
-50,204
Corporation tax recoverable
4,425-
Loans to directors
-111,200
Other debtors
-436
177,850337,028
9
Creditors:
amounts falling due within one year
2024
2023
£
£
Trade creditors
2542
Amounts owed to group undertakings
30,996
-
Taxes and social security
62,694
160,427
Loans from directors
24,792327
Other creditors
1,188-
Accruals and deferred income
1,8471,948
121,542162,744
10
Share Capital
2600 ordinary shares fully paid with an aggregate nominal value of £2.60.
11
Reserves
Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit and loss account - includes all current and prior period retained profits and losses.
12
Advances and credits to directors
2024
£
At 1 March 2023
111,200
Amounts repaid in the period
111,200
At 28 February 2024
-
13
Related party disclosures
Transactions with related parties
Parent Company
The name of the parent of the smallest group for which consolidated financial statements are drawn up of which this entity is a member:
Gammexa Limited
The parent's registered office address is:
20 Edge Lane
Manchester
M21 9JF
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