REGISTERED NUMBER: |
BLUE PLANET NETWORKS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST MARCH 2024 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
43-45 Devizes Road |
SWINDON |
Wiltshire |
SN1 4BG |
BANKERS: |
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 |
Investments | 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 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Share options |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
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 |
Additions |
Disposals | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 31st March 2024 |
DEPRECIATION |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
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 |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 9) |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
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: | £ | £ |
10p Ordinary | 10p | 87 | 87 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |