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Registered number: 05942914










BSPOKE GLOBAL NETWORKS LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BSPOKE GLOBAL NETWORKS LTD
REGISTERED NUMBER: 05942914

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
411,495
385,592

 
Current assets
  

Debtors: amounts falling due within one year
 6 
875,826
786,314

Cash at bank and in hand
  
1,508,747
1,535,435

  
2,384,573
2,321,749

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(224,127)
(479,180)

Net current assets
  
 
 
2,160,446
 
 
1,842,569

  
2,571,941
2,228,161

 
Provisions for liabilities
  

Deferred tax
 8 
-
(35,219)

Other provisions
 9 
(35,000)
(35,000)

  
 
 
(35,000)
 
 
(70,219)

Net assets
  
2,536,941
2,157,942


Capital and reserves
  

Called up share capital 
  
4,537
4,537

Share premium account
  
397,520
397,520

Profit and loss account
  
2,134,884
1,755,885

  
2,536,941
2,157,942


Page 1

 
BSPOKE GLOBAL NETWORKS LTD
REGISTERED NUMBER: 05942914

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr W S Humphreys
Director

Date: 29 July 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
BSPOKE GLOBAL NETWORKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Bspoke Global Networks is a private limited company, incorporated and domiciled in England and Wales. The address of its registered office is Unit 21 Technology Park, Silverstone Circuit, Silverstone, Northamptonshire, England, NN12 8TN. 
The principal activities of the Company are that of the provision of technology and computer services to the motorsport industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in pound Sterling, the functional currency of the Company, and rounded to the nearest whole pound.

The following principal accounting policies have been applied:

 
2.2

Revenue

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:

Rendering of services

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.

  
2.3

Research and development

Research costs are written off to the Statement of Comprehensive Income in the period in which they are incurred. All research costs are included within administrative expenses on the face of the Statement of Comprehensive Income.

Page 3

 
BSPOKE GLOBAL NETWORKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10% straight line
Motor vehicles
-
25% straight line
Office equipment
-
25% straight line
Computer equipment
-
25% straight line
Hardware
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.7

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.

 
2.8

Financial instruments

The Company only enters into basic financial instruments 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 related parties and investments in ordinary shares.

Page 4

 
BSPOKE GLOBAL NETWORKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
BSPOKE GLOBAL NETWORKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Page 6

 
BSPOKE GLOBAL NETWORKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies 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 for assets and liabilities as at the balance sheet date and the amounts for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect in the financial statements.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking in account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.
Accruals
Accruals are recognised for the cost of goods and services received in the year but have not invoiced by suppliers. Due to the nature and timing of these costs, there can be a degree of estimation.
Provision for doubtful debts
Management review the carrying amount of trade debtors with reference to prior trading history and credit limits for customers. A provision for aged debts is made when there are indicators that a debt is not recoverable.
Provision for dilapidations
Management review the value of the liability in respect of the dilapidations required, following the end of the operating lease commitments using their knowledge of the amendments made to the structure of the buildings and the dilapidation rates in the market.


4.


Employees

The average monthly number of employees, including directors, during the year was 28 (2022 - 27).

Page 7

 
BSPOKE GLOBAL NETWORKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Short-term leasehold improvements
Motor vehicles
Office equipment
Computer equipment
Hardware
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
115,810
100,633
42,088
62,518
1,237,106
1,558,155


Additions
-
-
1,430
17,894
277,634
296,958


Disposals
-
-
-
(13,363)
(340,583)
(353,946)



At 31 December 2023

115,810
100,633
43,518
67,049
1,174,157
1,501,167



Depreciation


At 1 January 2023
62,747
100,415
30,677
31,162
947,562
1,172,563


Charge for the year on owned assets
13,125
167
4,734
16,398
236,631
271,055


Disposals
-
-
-
(13,363)
(340,583)
(353,946)



At 31 December 2023

75,872
100,582
35,411
34,197
843,610
1,089,672



Net book value



At 31 December 2023
39,938
51
8,107
32,852
330,547
411,495



At 31 December 2022
53,063
218
11,411
31,356
289,544
385,592
Page 8

 
BSPOKE GLOBAL NETWORKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
483,341
281,186

Amounts owed by group undertakings
-
3,717

Other debtors
72,668
19,285

Prepayments and accrued income
254,834
285,761

Tax recoverable
-
196,365

Deferred taxation
64,983
-

875,826
786,314


Amounts owed by group undertakings are repayable on demand, unsecured and non-interest bearing.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
69,809
102,079

Other taxation and social security
49,615
160,313

Other creditors
21,663
16,400

Accruals and deferred income
83,040
200,388

224,127
479,180



8.


Deferred taxation




2023
2022


£

£






At beginning of year
(35,219)
(21,716)


Credited/(charged) to profit or loss
100,202
(13,503)



At end of year
64,983
(35,219)

Page 9

 
BSPOKE GLOBAL NETWORKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
8.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(50,389)
(35,814)

Short term timing differences
694
595

Losses and other deductions
114,678
-

64,983
(35,219)


9.


Provisions




Dilapidation provision

£





At 1 January 2023
35,000



At 31 December 2023
35,000

The Company has recognised a provision for the expected future cost to return properties held under operating leases to their original state. The provision is expected to be utilised upon termination of the respective leases.


10.


Pension commitments

The Company operates two defined contribution pension schemes; a salary sacrifice scheme and a statutory pension scheme. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £42,176 (2022: £37,543). Contributions totalling £6,114 (2022: £5,041) were payable to the fund at the Balance Sheet date.


11.


Controlling party

The Company is controlled by BGN Group Limited, a private limited company incorporated and domiciled in England and Wales who held 100% of the share capital at the year end. The registered office of the Company is Unit 21 Technology Park, Silverstone Circuit, Silverstone, Northamptonshire, England, NN12 8TN.


12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 29 July 2024 by James Pitt BA BFP FCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.

Page 10