Company registration number 06797443 (England and Wales)
INFOSPEED HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
INFOSPEED HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 6
INFOSPEED HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr. M Plakkot
Company number
06797443
Registered office
Discovery Court, Suite 38
551-553 Wallisdown Road
Poole
Dorset
BH12 5AG
Auditor
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
INFOSPEED HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
450,000
450,000
Current assets
Debtors
4
68,369
46,308
Cash at bank and in hand
2,562
254,409
70,931
300,717
Creditors: amounts falling due within one year
5
(67,083)
(294,823)
Net current assets
3,848
5,894
Net assets
453,848
455,894
Capital and reserves
Called up share capital
6
132
132
Capital redemption reserve
66
66
Profit and loss reserves
453,650
455,696
Total equity
453,848
455,894
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 18 September 2024
Mr. M Plakkot
Director
Company Registration No. 06797443
INFOSPEED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Infospeed Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Discovery Court, Suite 38, 551-553 Wallisdown Road, Poole, Dorset, BH12 5AG.
The comparative period was shortened to 31 December 2021 to align with the wider group. Consequently the comparative period financial data is not entirely comparable.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered the current economic climate, including the variability of interest rates and inflation. Group entities will continue to provide support as needed and ensure repayment of group balances if needed for going concern purposes. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
INFOSPEED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
2023
2022
£
£
Investments
450,000
450,000
INFOSPEED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 & 31 December 2023
450,000
Carrying amount
At 31 December 2023
450,000
At 31 December 2022
450,000
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
68,369
46,308
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
65,583
293,323
Accruals and deferred income
1,500
1,500
67,083
294,823
INFOSPEED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
66 Ordinary shares of £1 each
66
66
33 Ordinary B shares of £1 each
33
33
16 Ordinary C shares of £1 each
16
16
8 Ordinary D shares of £1 each
8
8
8 Ordinary E shares of £1 each
8
8
1 Ordinary F shares of £1 each
1
1
132
132
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Dean Pullen FCCA
Statutory Auditor:
TC Group
8
Related party transactions
The company has taken exemption from disclosing transactions with wholly owned entities in the group, in accordance with Section 33.1A of FRS102.
9
Parent company
The company is a wholly owned subsidiary of Embrace Software Inc, a company incorporated in U.S.A. In the director's opinion, the company is ultimately controlled by J McCaleb, by virtue of his controlling interest in the parent of the group.