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Registration number: SC299422

Network ROI Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Network ROI Ltd

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Network ROI Ltd

Company Information

Chief executive

Mr Keith Bevan

Directors

Mr Colin Grant

Mr Neil John Douglas

Mr Robert Sean Elliot

Mr Alastair William Hoey

Registered office

Stobo House
Roslin
Midlothian
EH25 9RE

Accountants

Stewart & Cumming Ltd
31-33 Bridge Street
Musselburgh
Midlothian
EH21 6AA

 

Network ROI Ltd

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

 

5,143,455

4,910,105

Cost of sales

 

(2,462,420)

(2,436,934)

Gross profit

 

2,681,035

2,473,171

Administrative expenses

 

(2,603,388)

(2,394,056)

Operating profit

 

77,647

79,115

Other interest receivable and similar income

 

12

4

Interest payable and similar expenses

 

(23,709)

(40,967)

   

(23,697)

(40,963)

Profit before tax

53,950

38,152

Tax on profit

 

85,161

61,829

Profit for the financial year

 

139,111

99,981

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Network ROI Ltd

(Registration number: SC299422)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

10,916

Other financial assets

5

1

1

 

1

10,917

Current assets

 

Stocks

6

69,811

68,900

Debtors

7

249,649

241,742

Cash at bank and in hand

 

320,538

457,732

 

639,998

768,374

Creditors: Amounts falling due within one year

8

(557,669)

(652,072)

Net current assets

 

82,329

116,302

Total assets less current liabilities

 

82,330

127,219

Creditors: Amounts falling due after more than one year

8

(48,000)

(96,000)

Net assets

 

34,330

31,219

Capital and reserves

 

Called up share capital

9

6

6

Share premium reserve

999

999

Retained earnings

33,325

30,214

Shareholders' funds

 

34,330

31,219

For the financial year ending 30 June 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 

 

Network ROI Ltd

(Registration number: SC299422)
Balance Sheet as at 30 June 2024

.........................................
Mr Keith Bevan
Chief executive

 

Network ROI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Stobo House
Roslin
Midlothian
EH25 9RE

The principal place of business is:
Stobo House
Roslin
Midlothian
EH25 9RE

These financial statements were authorised for issue by the Board on 29 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

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.

 

Network ROI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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 income 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.

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

Fixtures and fittings

15% Straight line

Plant and machinery

33% Straight line

Motor vehicles

25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Network ROI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Network ROI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 44 (2023 - 44).

 

Network ROI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

44,104

234,240

-

278,344

At 30 June 2024

44,104

234,240

-

278,344

Depreciation

At 1 July 2023

43,445

223,331

-

266,776

Charge for the year

659

10,909

-

11,568

At 30 June 2024

44,104

234,240

-

278,344

Carrying amount

At 30 June 2024

-

-

-

-

At 30 June 2023

659

10,909

(652)

10,916

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 July 2023

1

1

At 30 June 2024

1

1

Impairment

Carrying amount

At 30 June 2024

1

1

6

Stocks

2024
£

2023
£

Work in progress

65,869

65,869

Other inventories

3,942

3,031

69,811

68,900

 

Network ROI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

180,220

144,307

Prepayments

12,250

35,376

Other debtors

57,179

62,059

 

249,649

241,742

 

Network ROI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

48,000

50,877

Trade creditors

 

239,379

284,852

Taxation and social security

 

174,880

177,300

Accruals and deferred income

 

83,778

123,895

Other creditors

 

11,632

15,148

 

557,669

652,072

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

48,000

96,000

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £0.00 each

51,000

5.10

51,000

5.10

         

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

48,000

96,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

48,000

48,000

Finance lease liabilities

-

2,877

48,000

50,877

 

Network ROI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

11

Related party transactions

 

Network ROI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

310,120

237,669

Contributions paid to money purchase schemes

27,306

6,092

337,426

243,761

Summary of transactions with other related parties

On 29 September 2017, 100% of the issued share capital of Network ROI Ltd was sold and the Company is now an "employee owned" company. To achieve this aim a new trustee company named Network ROI EOT Limited ("EOT") was incorporated.

The funding of this transaction was achieved through loans from the majority shareholders of £935,499, Network ROI Ltd of £327,970, and other third-party lenders of £1M.These loans were held with the EOT, with the funding of the repayments made by Network ROI Ltd. Payment to the EOT in relation to these loans during the year amounted to £136,000 (2022 - £366,000)).

Payments to the EOT have been disclosed as gifts of profit from the Company. Disclosure is made through the Statement of Changes of Equity at page 7 and is not tax deductible.

It has been determined that the EOT has legal and beneficial ownership of the shares of Network ROI Ltd as a result of the influence that it has over the future decisions of the Company. As a result of this fact, the above-mentioned loans have not been recognised as a liability within the Network ROI Limited financial statements.