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REGISTERED NUMBER: 09026218 (England and Wales)















BLUE PLANET NETWORKS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2024






BLUE PLANET NETWORKS LTD (REGISTERED NUMBER: 09026218)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


BLUE PLANET NETWORKS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: Mr M T Hendrick
Mr S D Taylor
Mr S A Corfe



REGISTERED OFFICE: Ground Floor Front (West)
Stella Building
Windmill Hill Business Park
SWINDON
Wiltshire
SN5 6NX



REGISTERED NUMBER: 09026218 (England and Wales)



ACCOUNTANTS: Morris Owen
Chartered Accountants
43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG



BANKERS: National Westminster Bank Plc
151 High Street
Guildford
Surrey
GU1 3AH

BLUE PLANET NETWORKS LTD (REGISTERED NUMBER: 09026218)

STATEMENT OF FINANCIAL POSITION
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 11,115 3,086
Investments 5 78 78
11,193 3,164

CURRENT ASSETS
Debtors 6 475,428 228,569
Cash at bank 227,872 140,086
703,300 368,655
CREDITORS
Amounts falling due within one year 7 605,479 352,360
NET CURRENT ASSETS 97,821 16,295
TOTAL ASSETS LESS CURRENT
LIABILITIES

109,014

19,459

CREDITORS
Amounts falling due after more than
one year

8

(7,036

)

-

PROVISIONS FOR LIABILITIES (2,693 ) (771 )
NET ASSETS 99,285 18,688

CAPITAL AND RESERVES
Called up share capital 10 125 125
Share premium 1,855 1,855
Share options 2,718 502
Retained earnings 94,587 16,206
SHAREHOLDERS' FUNDS 99,285 18,688

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BLUE PLANET NETWORKS LTD (REGISTERED NUMBER: 09026218)

STATEMENT OF FINANCIAL POSITION - continued
31ST MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th September 2024 and were signed on its behalf by:





Mr M T Hendrick - Director


BLUE PLANET NETWORKS LTD (REGISTERED NUMBER: 09026218)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Blue Planet Networks Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09026218

Registered office: Ground Floor Front (West), Stella Building, Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, SN5 6NX

The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Significant judgements and estimates
In preparing these financial statements, the directors have made the following judgements:
- Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
- Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period.
- Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.
- Determine an appropriate provision for dilapidations by assessing the probable future obligations expected to exist at the end of the property lease.

Turnover
Revenue in respect of installation charges is measured at the fair value of consideration receivable, excluding discounts and value added tax, once the installation has been signed off as complete.

Revenue in respect of recurring service charges is measured at the fair value of consideration receivable, excluding discounts and value added tax, over the term of the contract. In the case of early contract termination, the company's obligation to deliver continued services ceases. Early termination fees are recognised in full at the time of the termination of the contract and measured at the fair value of the consideration receivable, excluding discounts and value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
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.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

BLUE PLANET NETWORKS LTD (REGISTERED NUMBER: 09026218)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 12 (2023 - 12 ) .

BLUE PLANET NETWORKS LTD (REGISTERED NUMBER: 09026218)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1st April 2023 14,522
Additions 10,876
Disposals (512 )
At 31st March 2024 24,886
DEPRECIATION
At 1st April 2023 11,436
Charge for year 2,847
Eliminated on disposal (512 )
At 31st March 2024 13,771
NET BOOK VALUE
At 31st March 2024 11,115
At 31st March 2023 3,086

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 10,084
At 31st March 2024 10,084
DEPRECIATION
Charge for year 709
At 31st March 2024 709
NET BOOK VALUE
At 31st March 2024 9,375

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st April 2023
and 31st March 2024 78
NET BOOK VALUE
At 31st March 2024 78
At 31st March 2023 78

BLUE PLANET NETWORKS LTD (REGISTERED NUMBER: 09026218)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 242,818 61,481
Amounts owed by group undertakings 38,023 31,005
Other debtors 194,587 136,083
475,428 228,569

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 3,257 -
Trade creditors 267,197 119,575
Taxation and social security 277,377 148,933
Other creditors 57,648 83,852
605,479 352,360

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 7,036 -

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 3,257 -
Between one and five years 7,036 -
10,293 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 2,057,655 949,919
Between one and five years 2,872,381 835,609
4,930,036 1,785,528

The above commitments relate to a number of contracts for the procurement of services which form the majority of the company's cost of sales. Each individual contract has been entered into specifically for the facilitation and delivery of an agreed service contract with one of the company's customers. As such, the future income derived from the service contracts with the company's customers will be used to settle these future commitments.

BLUE PLANET NETWORKS LTD (REGISTERED NUMBER: 09026218)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,212 10p Ordinary 10p 87 87
38 A Ordinary £1 38 38
125 125

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2024 and 31st March 2023:

2024 2023
£    £   
Mr M T Hendrick
Balance outstanding at start of year 15,701 -
Amounts advanced - 15,701
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,701 15,701

Mr S D Taylor
Balance outstanding at start of year 32,937 -
Amounts advanced - 32,937
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 32,937 32,937

Mr S A Corfe
Balance outstanding at start of year 22,756 -
Amounts advanced - 22,756
Amounts repaid (312 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,444 22,756

The above loans were proved interest free and repaid on 30 June 2024.

12. SHARE-BASED PAYMENT TRANSACTIONS

On 9 December 2022, the company awarded share options under a Enterprise Management Incentive (EMI) scheme to employees. Options have been granted over a total of 1,032 shares with a weighted average expercise price of £40.98 per share. 23 options were forfeit during the year and no options were exercised or expired during the period leaving 1,009 options at the year end. The options have been measured at their fair value and recognised over their estimated vesting period. An amount of £2,215 has been recognised as an expense in the year ended 31 March 2024. The balance on the share option reserves at 31 March 2024 is £2,718.