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REGISTERED NUMBER: 07120589 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

CABVISION NETWORK LIMITED

CABVISION NETWORK LIMITED (REGISTERED NUMBER: 07120589)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 November 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CABVISION NETWORK LIMITED

COMPANY INFORMATION
for the Year Ended 30 November 2023







DIRECTOR: L A J DaCosta





REGISTERED OFFICE: Langley House
Park Road
London
N2 8EY





REGISTERED NUMBER: 07120589 (England and Wales)





ACCOUNTANTS: Accura Accountants Ltd
Langley House
Park Road
East Finchley
London
N2 8EY

CABVISION NETWORK LIMITED (REGISTERED NUMBER: 07120589)

STATEMENT OF FINANCIAL POSITION
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 836,929 367,453
Tangible assets 5 4,551 7,113
841,480 374,566

CURRENT ASSETS
Debtors 6 1,847,117 1,359,995
Cash at bank 666,054 2,267,518
2,513,171 3,627,513
CREDITORS
Amounts falling due within one year 7 1,702,679 1,321,002
NET CURRENT ASSETS 810,492 2,306,511
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,651,972

2,681,077

CREDITORS
Amounts falling due after more than one
year

8

(156,017

)

1,336,083
NET ASSETS 1,807,989 1,344,994

CAPITAL AND RESERVES
Called up share capital 2,700,001 2,700,001
Capital contribution 156,017 156,017
Retained earnings (1,048,029 ) (1,511,024 )
SHAREHOLDERS' FUNDS 1,807,989 1,344,994

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

CABVISION NETWORK LIMITED (REGISTERED NUMBER: 07120589)

STATEMENT OF FINANCIAL POSITION - continued
30 November 2023


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 director and authorised for issue on 18 September 2024 and were signed by:





L A J DaCosta - Director


CABVISION NETWORK LIMITED (REGISTERED NUMBER: 07120589)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Cabvision Network 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.

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.

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 represents net invoiced sales of services, excluding value added tax. Turnover is recognised once the service has been provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010 and it has now been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvement to property - 20% straight line on cost
Plant and machinery - 25% on reducing balance
Computer equipment - 33% on reducing balance

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Taxation
Taxation for the year comprises current and deferred tax. 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 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.

CABVISION NETWORK LIMITED (REGISTERED NUMBER: 07120589)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Research and development
Development costs have been capitalised as they meet the conditions set out in Section 18 of FRS 102. The costs shall be deferred to future periods until they are amortised. Amortisation shall commence with the commercial production or application of the product and shall be allocated on a systematic basis to each accounting period over which they are expected to be sold. The circumstances of deferring the expenditure shall be reviewed at the end of each accounting period to ensure the accounting treatment is still justified.

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.

Impairment of assets
A review of indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversals at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the assets and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any material unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 December 2022 25,000 3,319,889 3,344,889
Additions - 771,279 771,279
At 30 November 2023 25,000 4,091,168 4,116,168
AMORTISATION
At 1 December 2022 24,999 2,952,437 2,977,436
Charge for year - 301,803 301,803
At 30 November 2023 24,999 3,254,240 3,279,239
NET BOOK VALUE
At 30 November 2023 1 836,928 836,929
At 30 November 2022 1 367,452 367,453

CABVISION NETWORK LIMITED (REGISTERED NUMBER: 07120589)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 265,581
Additions 2,118
At 30 November 2023 267,699
DEPRECIATION
At 1 December 2022 258,468
Charge for year 4,680
At 30 November 2023 263,148
NET BOOK VALUE
At 30 November 2023 4,551
At 30 November 2022 7,113

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 24,215 (42,652 )
Amounts owed by group undertakings 1,488,078 1,143,638
Other debtors 334,824 259,009
1,847,117 1,359,995

Within other debtors are prepayments of £16,390 (2022: £9,689 ).

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 118,813 (67,497 )
Amounts owed to group undertakings - 98,171
Taxation and social security 49,160 48,522
Other creditors 1,534,706 1,241,806
1,702,679 1,321,002

Within other creditors are accrued expenses of £119,086 (2022: £190,840 ) and deferred income of £Nil (2022: £6,525).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Other creditors (156,017 ) 1,336,083

CABVISION NETWORK LIMITED (REGISTERED NUMBER: 07120589)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

9. ULTIMATE CONTROLLING PARTY

The company is under the control of parent company, Onmedia Group Limited. Both companies are under the control of ultimate parent company Sterling Intellectual Transportation Systems Limited which is a company incorporated in Jersey.

10. DEVELOPMENT EXPENDITURE

Development expenditure of £771,279 (Period ended November 2022: £213,799 ) has been capitalized during the period as they relate to a clearly defined project which will take approximately 2-5 years to license and sell. The project is technically feasible and has had positive feedback concerning its potential demand from industry experts. Amortisation commenced during the year with the commercial production or application of the product. Amortisation is calculated annually on a systematic basis over which the product is expected to be sold, estimated to be over five years. The entries shall be reviewed at the end of each accounting period to ensure the accounting treatment is still justified.