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COMPANY REGISTRATION NUMBER: 11876084
THE BLACK NETWORK GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
31 March 2024
THE BLACK NETWORK GROUP LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
CONTENTS
PAGE
Directors' report
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Income statement
3
Statement of financial position
4
Notes to the financial statements
6
THE BLACK NETWORK GROUP LTD
DIRECTORS' REPORT
YEAR ENDED 31 MARCH 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024 .
DIRECTORS
The directors who served the company during the year were as follows:
Mr C Williams
Ms D Williams
OTHER MATTERS
The company changed its name from Black British Network Ltd to The Black Network Group Ltd on 25 March 2024.
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 5 September 2024 and signed on behalf of the board by:
Mr C Williams
Ms D Williams
Director
Director
Registered office:
Onega House
112 Main Road
Sidcup
Kent
England
DA14 6NE
THE BLACK NETWORK GROUP LTD
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE BLACK NETWORK GROUP LTD
YEAR ENDED 31 MARCH 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Black Network Group Ltd for the year ended 31 March 2024, which comprise the income statement, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of The Black Network Group Ltd, as a body, in accordance with the terms of our engagement letter dated 3 October 2023. Our work has been undertaken solely to prepare for your approval the financial statements of The Black Network Group Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Black Network Group Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that The Black Network Group Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Black Network Group Ltd. You consider that The Black Network Group Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of The Black Network Group Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
DYER & CO Chartered Accountants
Onega House 112 Main Road Sidcup Kent DA14 6NE
5 September 2024
THE BLACK NETWORK GROUP LTD
INCOME STATEMENT
YEAR ENDED 31 MARCH 2024
2024
2023
Note
£
£
TURNOVER
359,194
316,282
Cost of sales
53,251
58,552
-----------
-----------
GROSS PROFIT
305,943
257,730
Administrative expenses
281,577
268,404
-----------
-----------
OPERATING PROFIT/(LOSS)
24,366
( 10,674)
Interest payable and similar expenses
208
83
-----------
-----------
PROFIT/(LOSS) BEFORE TAXATION
4
24,158
( 10,757)
Tax on profit/(loss)
5
3,546
( 241)
----------
----------
PROFIT/(LOSS) FOR THE FINANCIAL YEAR
20,612
( 10,516)
----------
----------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
THE BLACK NETWORK GROUP LTD
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
6
2,075
1,271
CURRENT ASSETS
Debtors
7
145,045
148,404
Cash at bank and in hand
664
1,862
-----------
-----------
145,709
150,266
CREDITORS: amounts falling due within one year
8
115,393
139,036
-----------
-----------
NET CURRENT ASSETS
30,316
11,230
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
32,391
12,501
PROVISIONS
519
241
----------
----------
NET ASSETS
31,872
12,260
----------
----------
THE BLACK NETWORK GROUP LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
2024
2023
Note
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
31,772
12,160
----------
----------
SHAREHOLDERS FUNDS
31,872
12,260
----------
----------
These financial statements have been prepared 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'.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 September 2024 , and are signed on behalf of the board by:
Mr C Williams
Ms D Williams
Director
Director
Company registration number: 11876084
THE BLACK NETWORK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 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 Onega House, 112 Main Road, Sidcup, Kent, DA14 6NE, England.
2. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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
-
25% straight line
Equipment
-
25% 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.
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 statement of financial position 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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
4. PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
1,962
1,271
--------
--------
5. TAX ON PROFIT/(LOSS)
Major components of tax expense/(income)
2024
2023
£
£
Current tax:
UK current tax expense
3,269
Deferred tax:
Origination and reversal of timing differences
277
( 241)
--------
-----
Tax on profit/(loss)
3,546
( 241)
--------
-----
6. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2023
1,500
3,583
5,083
Additions
2,766
2,766
--------
--------
--------
At 31 March 2024
1,500
6,349
7,849
--------
--------
--------
Depreciation
At 1 April 2023
1,125
2,687
3,812
Charge for the year
375
1,587
1,962
--------
--------
--------
At 31 March 2024
1,500
4,274
5,774
--------
--------
--------
Carrying amount
At 31 March 2024
2,075
2,075
--------
--------
--------
At 31 March 2023
375
896
1,271
--------
--------
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
60,480
42,480
Other debtors
84,565
105,924
-----------
-----------
145,045
148,404
-----------
-----------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
515
517
Corporation tax
3,269
300
Social security and other taxes
41,509
18,242
Other creditors
70,100
119,977
-----------
-----------
115,393
139,036
-----------
-----------
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
519
241
-----
-----
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors did not enter into any advances, credits or guarantees with the company.