Company registration number 14886951 (England and Wales)
COMBINED NETWORKS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
COMBINED NETWORKS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
COMBINED NETWORKS LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
Notes
£
£
Fixed assets
Intangible assets
3
1,229
Tangible assets
4
3,459
4,688
Current assets
Debtors
5
9,469
Cash at bank and in hand
5
9,474
Creditors: amounts falling due within one year
6
(129,945)
Net current liabilities
(120,471)
Net liabilities
(115,783)
Capital and reserves
Called up share capital
100
Profit and loss reserves
(115,883)
Total equity
(115,783)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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 by the board of directors and authorised for issue on 23 October 2024 and are signed on its behalf by:
Mr C P Collett
Director
Company registration number 14886951 (England and Wales)
COMBINED NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Combined Networks Limited is a private company limited by shares incorporated in England and Wales. The registered office is Estuary House, Rydon Lane, Peninsula Park, Exeter, Devon, EX2 7XE.

1.1
Reporting period

These financial statements represent the period from incorporation on 23 May 2023 to the first reporting date of 31 May 2024 and therefore cover a period of more than a year. Due to this, future comparative amounts, including the related notes may not be entirely comparable.

1.2
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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The director's commentary on the results are as follows: "The company has had significant turnover improvements as well as a capital injection, which provides it with good working capital and an ever-increasing monthly revenue. With recent strategic hiring and the victory of a major account, the directors have projected a breakeven date of March 2025. On top of the improved turnover and cash flow forecast the Director's payments have reduced dramatically. The company goes into the next quarter stronger than ever and is growing at a healthy rate. The Director and Shareholders will continue to financially support the company."

 

On the basis of the continued support of the director and shareholders, the board consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the facilities provided.

1.4
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 sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

COMBINED NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation.

 

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Software
10% per annum on cost
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computers
15% per annum on cost

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 profit or loss.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
3
COMBINED NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 4 -
3
Intangible fixed assets
Software
£
Cost
At 23 May 2023
-
0
Additions
1,250
At 31 May 2024
1,250
Amortisation and impairment
At 23 May 2023
-
0
Amortisation charged for the period
21
At 31 May 2024
21
Carrying amount
At 31 May 2024
1,229
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 23 May 2023
-
0
Additions
3,891
At 31 May 2024
3,891
Depreciation and impairment
At 23 May 2023
-
0
Depreciation charged in the period
432
At 31 May 2024
432
Carrying amount
At 31 May 2024
3,459
5
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
1,798
Other debtors
7,671
9,469
COMBINED NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
£
Taxation and social security
44,860
Other creditors
85,085
129,945
7
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

 

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
One Director
2.25
-
77,962
31
(77,349)
644
-
77,962
31
(77,349)
644

The aforementioned advances and credits are unsecured and repayable on demand.

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