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Firetext Communications Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 06280579

 

Firetext Communications Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Firetext Communications Limited

Company Information

Directors

Mr J P Huff

Mr D J Parker

Registered office

Tremough Innovation Centre
Penryn Campus
Penryn
Cornwall
TR10 9TA

Accountants

PKF Francis Clark
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

Firetext Communications Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,470

-

Current assets

 

Debtors

5

1,808,413

1,963,069

Cash at bank and in hand

 

2,434,274

540,379

 

4,242,687

2,503,448

Creditors: Amounts falling due within one year

6

(2,093,126)

(844,525)

Net current assets

 

2,149,561

1,658,923

Net assets

 

2,152,031

1,658,923

Capital and reserves

 

Called up share capital

103

103

Profit and loss account

2,151,928

1,658,820

Shareholders' funds

 

2,152,031

1,658,923

 

Firetext Communications Limited

Balance Sheet

31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 October 2024 and signed on its behalf by:
 

.........................................
Mr J P Huff
Director

Company Registration Number: 06280579

 

Firetext Communications Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Tremough Innovation Centre
Penryn Campus
Penryn
Cornwall
TR10 9TA

These financial statements were authorised for issue by the Board on 22 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Firetext Communications Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

20% reducing balance

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

 

Firetext Communications Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 7).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

3,087

3,087

At 31 March 2024

3,087

3,087

Depreciation

Charge for the year

617

617

At 31 March 2024

617

617

Carrying amount

At 31 March 2024

2,470

2,470

5

Debtors

2024
£

2023
£

Trade debtors

1,477,219

1,654,588

Prepayments

15,775

8,875

Other debtors

315,419

299,606

1,808,413

1,963,069

 

Firetext Communications Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

52,191

48,241

Taxation and social security

437,070

373,211

Accruals and deferred income

1,601,065

404,372

Other creditors

2,800

18,701

2,093,126

844,525

7

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr J P Huff

Director loan account, repayable on demand

(8,711)

254,925

(90,000)

156,214

Mr D J Parker

Director loan account, repayable on demand

(6,486)

254,922

(90,000)

158,436

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr J P Huff

Director loan account, repayable on demand

(26,284)

257,573

(240,000)

(8,711)

Mr D J Parker

Director loan account, repayable on demand

(24,036)

257,550

(240,000)

(6,486)