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REGISTERED NUMBER: 11555611 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

MAPLE NETWORKS LIMITED

MAPLE NETWORKS LIMITED (REGISTERED NUMBER: 11555611)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


MAPLE NETWORKS LIMITED (REGISTERED NUMBER: 11555611)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,897 11,854

CURRENT ASSETS
Debtors 5 1,673,740 1,934,208
Cash at bank 944,230 636,983
2,617,970 2,571,191
CREDITORS
Amounts falling due within one year 6 3,054,903 3,064,811
NET CURRENT LIABILITIES (436,933 ) (493,620 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(419,036

)

(481,766

)

CAPITAL AND RESERVES
Called up share capital 52,173 51,394
Share option reserve - 312
Retained earnings (471,209 ) (533,472 )
SHAREHOLDERS' FUNDS (419,036 ) (481,766 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:





J G Clark - Director


MAPLE NETWORKS LIMITED (REGISTERED NUMBER: 11555611)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Maple Networks Limited 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: 11555611

Registered office: 4 Wharfe Mews
Cliffe Terrace
Wetherby
West Yorkshire
LS22 6LX

The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of the company, rounded to the nearest £1.

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.

The Balance Sheet shows that the company was technically insolvent by £419,036 (2023: £481,766). This was due to UK accounting principles which spreads the profit of £1,753,640 (2023: £1,080,552) over the duration of the contract as explained in the accounting policy for income recognition described in turnover below.

The accounts have therefore been prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

Turnover includes revenue earned from the sale of goods, the rendering of services and the provision of software and support licences.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has taken delivery of the goods.

Turnover from the rendering of services is recognised once the service has been carried out and the contract has been completed.

Turnover from the provision of software and support licences is spread across the length of the licence agreement, being recognised on a monthly basis from the date that the licence was provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.


MAPLE NETWORKS LIMITED (REGISTERED NUMBER: 11555611)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest.

Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

MAPLE NETWORKS LIMITED (REGISTERED NUMBER: 11555611)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 July 2023 3,941 19,842 23,783
Additions 4,490 5,476 9,966
At 30 June 2024 8,431 25,318 33,749
DEPRECIATION
At 1 July 2023 1,604 10,325 11,929
Charge for year 836 3,087 3,923
At 30 June 2024 2,440 13,412 15,852
NET BOOK VALUE
At 30 June 2024 5,991 11,906 17,897
At 30 June 2023 2,337 9,517 11,854

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 656,835 842,353
Other debtors 66,261 10,550
Inter-company loan accounts 37,432 926
Directors' current accounts 147,721 -
Deferred tax asset 131,216 155,526
Prepayments and accrued income 634,275 924,853
1,673,740 1,934,208

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 164,336 448,655
Social security and other taxes 77,968 23,157
VAT 108,788 98,155
Other creditors 6,043 2,681
Directors' current accounts - 339,959
Accruals and deferred income 2,697,768 2,152,204
3,054,903 3,064,811

MAPLE NETWORKS LIMITED (REGISTERED NUMBER: 11555611)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.24 30.6.23
£    £   
Within one year 52,080 -
Between one and five years 54,684 -
106,764 -

8. RELATED PARTY DISCLOSURES

A director of the company has loaned the company £32,812 during the year to 30 June 2024 (2023: £216) and has been repaid £520,491 (2023: £80,358). As at the 30 June 2024 the director owed the company £147,721 (2023: The company owed the director £339,958).

9. EQUITY SETTLED SHARE BASED PAYMENT

On 1 February 2021, the company granted EMI options over 19,129 of its A Ordinary shares to 5 employees.

On 17 June 2022 they granted EMI options over a further 2,596 of its A Ordinary shares to 1 employee.

On 17 March 2023 they granted EMI options over a further 2,596 of its A Ordinary shares to 1 employee.

The options can be exercised by the employees following 12 months of continual employment commencing on the start date as specified in their contracts of employment, although, if the options are not exercised before their 10th anniversary they will lapse. They will also lapse if the employee leaves.

As of the 30 June 2024 6 of the employees have exercised their options over a combined total of 21,725 shares. The remaining option, granted on 17 March 2023, has now lapsed due to the employee leaving the company, meaning there are no options outstanding at the year end.

The total income recognised through the profit and loss in the year to 30 June 2024 was £78 (2023: £78 expense) and the carrying amount at that date is £nil (2023: £312).