Registration number:
Muso TNT Limited
for the Year Ended 31 March 2024
Muso TNT Limited
Contents
Company Information |
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Profit and Loss Account |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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 |
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Muso TNT Limited
Profit and Loss Account for the Year Ended 31 March 2024
Note |
2024 |
2023 |
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Turnover |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating loss |
(1,423,215) |
(1,482,706) |
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Income from shares in group undertakings |
- |
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Interest payable and similar expenses |
( |
( |
|
(54,208) |
(117,748) |
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Loss before tax |
( |
( |
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Corporation Tax |
|
- |
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Loss for the financial year |
( |
( |
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 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
919 |
919 |
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Share premium reserve |
9,729,762 |
9,729,762 |
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Retained earnings |
(9,991,919) |
(8,704,248) |
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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:
• |
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• |
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
......................................... |
Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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Disposals |
( |
( |
At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Investments |
Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2023 |
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Provision |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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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 |
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2024 |
2023 |
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Subsidiary undertakings |
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Apartament 21
Romania |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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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
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
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240.80 |
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240.80 |
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197.11 |
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197.11 |
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99.22 |
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99.22 |
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382.00 |
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382.00 |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Bank borrowings
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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). |
Related party transactions |
Expenditure with and payables to related parties
2024 |
Subsidiary |
Rendering of services |
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2023 |
Subsidiary |
- |
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Loans to related parties
2024 |
Director |
Total |
Advanced |
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Repaid |
( |
( |
At end of period |
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Terms of loans to related parties