Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30truefalse2023-07-01No description of principal activity33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07421503 2023-07-01 2024-06-30 07421503 2022-07-01 2023-06-30 07421503 2024-06-30 07421503 2023-06-30 07421503 c:Director5 2023-07-01 2024-06-30 07421503 d:CurrentFinancialInstruments 2024-06-30 07421503 d:CurrentFinancialInstruments 2023-06-30 07421503 d:Non-currentFinancialInstruments 2024-06-30 07421503 d:Non-currentFinancialInstruments 2023-06-30 07421503 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 07421503 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 07421503 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 07421503 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 07421503 d:ShareCapital 2024-06-30 07421503 d:ShareCapital 2023-06-30 07421503 d:SharePremium 2024-06-30 07421503 d:SharePremium 2023-06-30 07421503 d:RetainedEarningsAccumulatedLosses 2024-06-30 07421503 d:RetainedEarningsAccumulatedLosses 2023-06-30 07421503 c:OrdinaryShareClass1 2023-07-01 2024-06-30 07421503 c:OrdinaryShareClass1 2024-06-30 07421503 c:OrdinaryShareClass1 2023-06-30 07421503 c:OrdinaryShareClass2 2023-07-01 2024-06-30 07421503 c:OrdinaryShareClass2 2024-06-30 07421503 c:OrdinaryShareClass2 2023-06-30 07421503 c:OrdinaryShareClass3 2023-07-01 2024-06-30 07421503 c:OrdinaryShareClass3 2024-06-30 07421503 c:OrdinaryShareClass3 2023-06-30 07421503 c:OrdinaryShareClass4 2023-07-01 2024-06-30 07421503 c:OrdinaryShareClass4 2024-06-30 07421503 c:OrdinaryShareClass4 2023-06-30 07421503 c:OrdinaryShareClass5 2023-07-01 2024-06-30 07421503 c:OrdinaryShareClass5 2024-06-30 07421503 c:OrdinaryShareClass5 2023-06-30 07421503 c:FRS102 2023-07-01 2024-06-30 07421503 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 07421503 c:FullAccounts 2023-07-01 2024-06-30 07421503 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07421503 4 2023-07-01 2024-06-30 07421503 6 2023-07-01 2024-06-30 07421503 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07421503










HOSTED NETWORK SERVICES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024



 
HOSTED NETWORK SERVICES LIMITED
REGISTERED NUMBER: 07421503

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
200
200

  
200
200

Current assets
  

Debtors: amounts falling due within one year
 5 
4,163
5,506

Cash at bank and in hand
 6 
95,794
46,571

Current Liabilities
  
99,957
52,077

Creditors: amounts falling due within one year
 7 
(39,289)
(3,099)

Net current assets
  
 
 
60,668
 
 
48,978

Total assets less current liabilities
  
60,868
49,178

Creditors: amounts falling due after more than one year
 8 
(939,000)
-

  

Net (liabilities)/assets
  
(878,132)
49,178


Capital and reserves
  

Called up share capital 
 9 
1,253,073
1,253,073

Share premium account
  
4,464,923
4,464,923

Profit and loss account
  
(6,596,128)
(5,668,818)

  
(878,132)
49,178


Page 1

 
HOSTED NETWORK SERVICES LIMITED
REGISTERED NUMBER: 07421503

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question 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 financial statements.

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: 




N Young
Director

Date: 12 September 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
HOSTED NETWORK SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Hosted Network Services Limited (registered number 07421503) is a limited liability company incorporated in England and Wales under the Companies Act. The address of its registered office and principal place of business is 17 Unit 17, Tollgate Business Centre, Eastleigh, Hampshire, SO53 3TG.

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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

Whilst the company has minimal ongoing liabilities it is dependent on the subsidiary generating sufficient cash in the future to fund these liabilities. Sipsynergy Limited has recently completed a large deal with a US company. This will provide the business with sufficient cash runway for the foreseeable future. For this reason the financial statements are prepared on a going concern basis.

 
2.4

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 3

 
HOSTED NETWORK SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

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.

 
2.8

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.

 
2.9

Financial instruments

The company only enters into basic financial instrument 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 non-puttable ordinary shares. 
Short term debtors and creditors are measured at the transaction price. Other financial instruments, including loans, 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.
Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form.


3.


Employees




The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 4

 
HOSTED NETWORK SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
200



At 30 June 2024
200





5.


Debtors

2024
2023
£
£


Prepayments and accrued income
4,163
5,506



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
95,794
46,571



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
2,899

Amounts owed to group undertakings
200
200

Accruals and deferred income
39,089
-

39,289
3,099



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
939,000
-


Other creditors of £939,000 (2023 - £nil) is comprised of fixed rate unsecured convertible loan notes

Page 5

 
HOSTED NETWORK SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



125,000,000 (2023 - 125,000,000) Preference shares of £0.010000 each
1,250,000
1,250,000
1,213,969 (2023 - 1,213,969) Ordinary shares of £0.000100 each
121
121
354,672 (2023 - 354,672) Ordinary A shares of £0.000100 each
35
35
60,422 (2023 - 60,422) Ordinary B shares of £0.000416 each
25
25
221,982 (2023 - 221,982) Ordinary C shares of £0.000131 each
29
29
545,086 (2023 - 545,086) Ordinary D shares of £0.000100 each
55
55
17,661,422 (2023 - 17,661,422) Ordinary D1 shares of £0.000100 each
1,766
1,766
10,414,718 (2023 - 10,414,718) E Ordinary shares of £0.000100 each
1,042
1,042
2,000 (2023 - 2,000) G Ordinary shares of £0.000100 each
-
-

1,253,073

1,253,073



10.


Related party transactions

The company is exempt from disclosing related party transactions with its 100% owned subsidiary by virtue of FRS 102 section 33.1A.


11.


Controlling party

The Directors believe there is no ultimate controlling party, for the following reasons:
The institutional investor position is managed by YFM Equity Partners LLP on behalf of three separate investment vehicles,
All of these investment vehicles are independent of each other,
None of them has a majority stake,
The largest of these is BSC VCT which is listed on the LSE and invested in by thousands of retail investors.


Page 6