Muso TNT Limited 07351174 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is other information technology services. Digita Accounts Production Advanced 6.30.9574.0 true false true true 07351174 2023-04-01 2024-03-31 07351174 2024-03-31 07351174 bus:OrdinaryShareClass1 2024-03-31 07351174 bus:OrdinaryShareClass2 2024-03-31 07351174 bus:OrdinaryShareClass3 2024-03-31 07351174 bus:OrdinaryShareClass4 2024-03-31 07351174 core:CurrentFinancialInstruments 2024-03-31 07351174 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07351174 core:Non-currentFinancialInstruments 2024-03-31 07351174 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 07351174 core:FurnitureFittingsToolsEquipment 2024-03-31 07351174 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 07351174 1 2024-03-31 07351174 bus:SmallEntities 2023-04-01 2024-03-31 07351174 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07351174 bus:FilletedAccounts 2023-04-01 2024-03-31 07351174 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07351174 bus:RegisteredOffice 2023-04-01 2024-03-31 07351174 bus:Director1 2023-04-01 2024-03-31 07351174 bus:Director4 2023-04-01 2024-03-31 07351174 bus:Director6 2023-04-01 2024-03-31 07351174 bus:Director7 2023-04-01 2024-03-31 07351174 bus:Director8 2023-04-01 2024-03-31 07351174 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 07351174 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 07351174 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 07351174 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 07351174 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07351174 core:ComputerEquipment 2023-04-01 2024-03-31 07351174 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 07351174 core:LeaseholdImprovements 2023-04-01 2024-03-31 07351174 core:OfficeEquipment 2023-04-01 2024-03-31 07351174 core:AllSubsidiaries core:RenderingOrReceivingServices 2023-04-01 2024-03-31 07351174 core:KeyManagementPersonnel 2023-04-01 2024-03-31 07351174 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 07351174 core:Subsidiary1 2023-04-01 2024-03-31 07351174 core:Subsidiary1 1 2023-04-01 2024-03-31 07351174 core:Subsidiary1 countries:Romania 2023-04-01 2024-03-31 07351174 1 2023-04-01 2024-03-31 07351174 countries:EnglandWales 2023-04-01 2024-03-31 07351174 2023-03-31 07351174 core:CostValuation 2023-03-31 07351174 core:FurnitureFittingsToolsEquipment 2023-03-31 07351174 2022-04-01 2023-03-31 07351174 2023-03-31 07351174 bus:OrdinaryShareClass1 2023-03-31 07351174 bus:OrdinaryShareClass2 2023-03-31 07351174 bus:OrdinaryShareClass3 2023-03-31 07351174 bus:OrdinaryShareClass4 2023-03-31 07351174 core:CurrentFinancialInstruments 2023-03-31 07351174 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07351174 core:Non-currentFinancialInstruments 2023-03-31 07351174 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07351174 core:FurnitureFittingsToolsEquipment 2023-03-31 07351174 1 2023-03-31 07351174 core:AllSubsidiaries 2022-04-01 2023-03-31 07351174 core:Subsidiary1 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07351174

Muso TNT Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Muso TNT Limited

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Muso TNT Limited

Company Information

Directors

Mr A V J Chatterley

Mr J P Mason

Mr D B French

Mrs H J Rosethorn

Mrs J Marcus

Registered office

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

 

Muso TNT Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

2,040,815

1,911,422

Gross profit

 

2,040,815

1,911,422

Administrative expenses

 

(3,466,763)

(3,394,403)

Other operating income

 

2,733

275

Operating loss

 

(1,423,215)

(1,482,706)

Income from shares in group undertakings

 

-

29,647

Interest payable and similar expenses

 

(54,208)

(147,395)

   

(54,208)

(117,748)

Loss before tax

(1,477,423)

(1,600,454)

Corporation Tax

 

189,752

-

Loss for the financial year

 

(1,287,671)

(1,600,454)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Muso TNT Limited

(Registration number: 07351174)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,530

10,391

Investments

5

34

34

 

7,564

10,425

Current assets

 

Debtors

6

241,790

381,505

Cash at bank and in hand

 

631,760

1,815,950

 

873,550

2,197,455

Creditors: Amounts falling due within one year

7

(658,443)

(720,613)

Net current assets

 

215,107

1,476,842

Total assets less current liabilities

 

222,671

1,487,267

Creditors: Amounts falling due after more than one year

7

(483,909)

(460,834)

Net (liabilities)/assets

 

(261,238)

1,026,433

Capital and reserves

 

Called up share capital

8

919

919

Share premium reserve

9,729,762

9,729,762

Retained earnings

(9,991,919)

(8,704,248)

Shareholders' (deficit)/funds

 

(261,238)

1,026,433

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Muso TNT Limited

(Registration number: 07351174)
Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
Mr A V J Chatterley
Director

 

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
England

These financial statements were authorised for issue by the Board on 19 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The Company has not prepared consolidated accounts on the basis that it is the parent of a small group. It is also exempt from audit as the parent of a small group.

 

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Going concern

The financial statements have been prepared on a going concern basis. The directors are satisfied, having made all necessary enquiries, that the going concern basis of preparation remains appropriate. A new line of credit worth £200,000 from Capchase has been secured, providing additional liquidity to support operations. Discussions with existing investors regarding a potential CLN investment in Q3 for circa £1-2m to support liquidity and company growth are underway. The company has developed comprehensive cash flow forecasts for the next 12 months, considering various scenarios and stress tests, and has implemented monthly budget reviews and variance analysis to ensure prompt identification and correction of any financial discrepancies. Management has undertaken a thorough review of all operational expenses, resulting in an estimated annual cost saving of £500,000 through renegotiation of supplier contracts and reduction of non-essential expenses. The company has introduced annual upfront payments for all new Enterprise customers, helping to improve the cash conversion cycle. The company has a very strong sales pipeline of circa £1.5m. Management anticipate EBITDA being positive in this financial year. Since the year end, the company has continued to meet its liabilities as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

The Research and Development credit is reported in the year in which the credit is received.

 

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

3 Years Straight Line

Office Equipment

3 Years Straight Line

Fixtures and Fittings

5 Years Straight Line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 14).

 

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

54,855

54,855

Additions

1,529

1,529

Disposals

(20,276)

(20,276)

At 31 March 2024

36,108

36,108

Depreciation

At 1 April 2023

44,464

44,464

Charge for the year

4,391

4,391

Eliminated on disposal

(20,277)

(20,277)

At 31 March 2024

28,578

28,578

Carrying amount

At 31 March 2024

7,530

7,530

At 31 March 2023

10,391

10,391

 

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Investments

Subsidiaries

£

Cost or valuation

At 1 April 2023

34

Provision

Carrying amount

At 31 March 2024

34

At 31 March 2023

34

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Muso Technologies SRL

Apartament 21
Bulevardul Eroilor nr.14
400129
Cluj-Napoca

Romania

Ordinary

100%

100%

6

Debtors

Current

2024
£

2023
£

Trade debtors

204,948

310,725

Prepayments

24,498

52,277

Other debtors

12,344

18,503

 

241,790

381,505

 

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

44,317

76,667

Trade creditors

 

50,565

101,297

Amounts owed to group undertakings

10

59,957

49,701

Taxation and social security

 

47,273

55,867

Accruals and deferred income

 

444,507

420,877

Other creditors

 

11,824

16,204

 

658,443

720,613


Creditors include bank loans and overdrafts which are secured of £10,000 (2023 - £10,000).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

483,909

460,834

Creditors include bank loans and overdrafts which are secured of £17,500 (2023 - £27,500).

 

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £0.0001 each

2,408,025

240.80

2,408,025

240.80

Ordinary A Shares of £0.0001 each

1,971,095

197.11

1,971,095

197.11

Ordinary B Shares of £0.0001 each

992,224

99.22

992,224

99.22

Ordinary C Shares of £0.0001 each

3,820,000

382.00

3,820,000

382.00

 

9,191,344

919

9,191,344

919

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

17,500

27,500

Other borrowings

466,409

433,334

483,909

460,834

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Other borrowings

34,317

66,667

44,317

76,667

 

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Bank borrowings

Coutts Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 23 June 2026. The carrying amount at year end is £27,500 (2023 - £37,500).

Other borrowings

Innovate UK R&D loan is denominated in GBP with a nominal interest rate of 10%, and the final instalment is due on 31 July 2027. The carrying amount at year end is £500,726 (2023 - £500,000).

10

Related party transactions

Expenditure with and payables to related parties

2024

Subsidiary
£

Rendering of services

786,320

2023

Subsidiary
£

-

Loans to related parties

2024

Director
£

Total
£

Advanced

11,000

11,000

Repaid

(7,660)

(7,660)

At end of period

3,340

3,340

Terms of loans to related parties

Two interest-free loans were made to a director during the year. One has been repaid and the other is being repaid monthly.