REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 September 2023 |
for |
Connect Infraco Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 September 2023 |
for |
Connect Infraco Limited |
Connect Infraco Limited (Registered number: 12859450) |
Contents of the Financial Statements |
for the year ended 30 September 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Connect Infraco Limited |
Company Information |
for the year ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITOR: |
Chartered Accountants |
Two Humber Quays |
Wellington Street |
Hull |
HU1 2BN |
Connect Infraco Limited (Registered number: 12859450) |
Balance Sheet |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Connect Infraco Limited (Registered number: 12859450) |
Notes to the Financial Statements |
for the year ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Connect Infraco Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The Directors have continued to adopt the going concern basis of preparation in these financial statements. |
The Directors have prepared forecasts which demonstrate that the Company has sufficient cash reserves to enable it to settle its liabilities as they fall due for a period of at least 12 months from the date of signing these financial statements. The company's business model allows the Directors to operate in a dynamic fashion where, due to the ability of the Directors to quickly scale down the operating costs of the business if required, new lines of business can be explored without risking longer term viability of the business. |
On this basis the Directors have adopted the going concern basis of preparation. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
Fixed assets held at the balance sheet date which were under construction have not been depreciated. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Connect Infraco Limited (Registered number: 12859450) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
AMORTISATION |
At 1 October 2022 |
Amortisation for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Connect Infraco Limited (Registered number: 12859450) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
This loan accrues a daily interest charge at 10% per 360 days payable each quarter. |
Connect Infraco Limited (Registered number: 12859450) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditor was unqualified. |
for and on behalf of |
10. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
11. | RELATED PARTY DISCLOSURES |
During the year the company borrowed £33.43m from its parent. |
It also made sales to a related party of £1,120,719 and purchases of £14,843,353. |
12. | POST BALANCE SHEET EVENTS |
In November 2023 Connexin Limited (a minority shareholder at the year end) acquired all the remaining shares in the company from Connect IoT Bidco Limited, and became the 100% parent of the company. |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is Connect IoT Bidco Limited. |
In the opinion of the directors, there is no single controlling party. |