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REGISTERED NUMBER: 02542776 (England and Wales)



















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RMG NETWORKS LIMITED
TRADING AS
KORBYT

RMG NETWORKS LIMITED (REGISTERED NUMBER: 02542776)
TRADING AS KORBYT






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RMG NETWORKS LIMITED
TRADING AS KORBYT

COMPANY INFORMATION
for the Year Ended 31 DECEMBER 2023







DIRECTORS: Mr G Clopp
Mr A Ahlowalia
Mr S J Mitchell





REGISTERED OFFICE: Ground Floor
400 Capability Green
Luton
Bedfordshire
LU1 3LU





REGISTERED NUMBER: 02542776 (England and Wales)





AUDITORS: FKCA Limited
Statutory Auditor
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

RMG NETWORKS LIMITED (REGISTERED NUMBER: 02542776)
TRADING AS KORBYT

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,895 5,581
Investments 5 - 100
3,895 5,681

CURRENT ASSETS
Stocks 12,377 56,412
Debtors 6 1,749,413 1,956,691
Cash at bank 374,451 650,413
2,136,241 2,663,516
CREDITORS
Amounts falling due within one year 7 1,433,778 1,925,492
NET CURRENT ASSETS 702,463 738,024
TOTAL ASSETS LESS CURRENT
LIABILITIES

706,358

743,705

CREDITORS
Amounts falling due after more than one
year

8

169,776

71,076
NET ASSETS 536,582 672,629

CAPITAL AND RESERVES
Called up share capital 11 252,000 252,000
Share premium 183,374 183,374
Capital redemption reserve 51,000 51,000
Retained earnings 50,208 186,255
SHAREHOLDERS' FUNDS 536,582 672,629

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





Mr S J Mitchell - Director


RMG NETWORKS LIMITED (REGISTERED NUMBER: 02542776)
TRADING AS KORBYT

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023

1. STATUTORY INFORMATION

RMG Networks Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Preparation of consolidated financial statements
The financial statements contain information about RMG Networks Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sale related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods). Revenue in respect of annual maintenance contracts and professional services income is recognised on a straight line basis over the life of the contract.

Tangible fixed assets
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short term leasehold improvements- 5 years straight line
Machinery and office equipment- 5 years straight line
Computer equipment - 2 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

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

Stocks
Stock is valued on a first-in, first out basis at the lower of cost incurred in bringing each product to its present location and net realisable value. net realisable value is based upon estimated selling price less further costs expected to be incurred to completing and disposal. Provision is made for slow moving and obsolete stock.


RMG NETWORKS LIMITED (REGISTERED NUMBER: 02542776)
TRADING AS KORBYT

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
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 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.

Hire purchase and leasing commitments
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 10 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Machinery
and
Short Office Computer
leasehold Equipment equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 83,186 7,052 12,432 102,670
DEPRECIATION
At 1 January 2023 83,186 6,696 7,207 97,089
Charge for year - 171 1,515 1,686
At 31 December 2023 83,186 6,867 8,722 98,775
NET BOOK VALUE
At 31 December 2023 - 185 3,710 3,895
At 31 December 2022 - 356 5,225 5,581

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 100
Disposals (100 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 100

RMG NETWORKS LIMITED (REGISTERED NUMBER: 02542776)
TRADING AS KORBYT

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 610,979 1,097,474
Amounts owed by group undertakings 986,422 511,262
Prepayments and accrued income 137,174 318,729
1,734,575 1,927,465

Amounts falling due after more than one year:
Other debtors 14,838 29,226

Aggregate amounts 1,749,413 1,956,691

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 62,277 90,417
Amounts owed to group undertakings - 73,168
Taxation and social security 36,550 94,976
VAT 53,546 -
Other creditors 48,638 42,122
Accruals and deferred income 1,232,767 1,624,809
1,433,778 1,925,492

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Accruals and deferred income 169,776 71,076

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 55,613 79,019
Between one and five years 90,762 193,375
146,375 272,394

10. SECURED DEBTS

Security is provided by way of a debenture grant which included fixed and floating charges, floating charge which covers all the property or undertaking of the company and a negative pledge.

RMG NETWORKS LIMITED (REGISTERED NUMBER: 02542776)
TRADING AS KORBYT

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
252,000 Ordinary shares 1 252,000 252,000

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Tara Aldwin ACA (Senior Statutory Auditor)
for and on behalf of FKCA Limited

13. ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is RMG EMEA Holdings Limited, a company incorporated in the UK.

The company's ultimate parent and controlling party is RMG Networks Holding Corporation, a company incorporated in the USA with a registered address 15301 Dallas Parkway, Addison, Texas, 75001, USA. This the largest and smallest group for which consolidated accounts are prepared.