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Registration number: 06574637

ComOn Network Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

ComOn Network Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 6

 

ComOn Network Limited

Company Information

Director

Mr B Pedersen

Registered office

Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

ComOn Network Limited

(Registration number: 06574637)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Receivables

4

20,097

836

Cash at bank and in hand

 

8,294

37,269

 

28,391

38,105

Payables: Amounts falling due within one year

5

(29,494)

(38,179)

Net liabilities

 

(1,103)

(74)

Equity

 

Called up share capital

6

1

1

Retained earnings

(1,104)

(75)

Shareholders' deficit

 

(1,103)

(74)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 director has not delivered to the registrar a copy of the Income statement.

The financial statements of ComOn Network Limited were approved and authorised for issue by the director on 14 November 2024
 

.........................................

Mr B Pedersen
Director

 

ComOn Network Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

1

General information

ComOn Network Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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 were prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with 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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

These financial statements have been prepared under the going concern concept on the basis that the director has agreed to continue to provide adequate funds to enable the company to meet its liabilities as they fall due.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax.

 

ComOn Network Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the statement of income and retained earnings 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and at bank.

Trade receivables

Receivables 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 receivables 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.

Payables

Trade payables 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.

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

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

 

ComOn Network Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Receivables

2023
£

2022
£

Other receivables

20,097

836

5

Payables

2023
£

2022
£

Due within one year

Trade payable

18,073

18,474

Social security and other taxes

811

-

Corporation tax

5,285

14,380

Accruals

5,325

5,325

29,494

38,179

6

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1

1

1

1

1

         

The company has one class of share capital which carries no right to fixed income.

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

 

ComOn Network Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

7

Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102- Small Entities not to disclose transactions with entities that are wholly owned members of the group.

There were no other related party transactions to disclose.

8

Parent and ultimate parent undertaking

The company's immediate and ultimate parent undertaking is Form71 APS, incorporated in Denmark.

 The ultimate controlling party is B Pedersen.