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COMPANY REGISTRATION NUMBER: 08767002
Connected World Communications Limited
Filleted Financial Statements
30 November 2023
Connected World Communications Limited
Financial Statements
Period from 1 October 2022 to 30 November 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
Connected World Communications Limited
Officers and Professional Advisers
The board of directors
Mr P Crooks (Resigned 6 December 2023)
Mr J Brady (Appointed 17 March 2024)
Ms J I Tuffs (Appointed 17 March 2024)
Registered office
New Bridgewater House
Mayfield Avenue
Worsley
Manchester
England
M28 3JF
Auditor
Crossley & Davis Chartered Accountants
Chartered accountants & statutory auditor
Ground Floor, Seneca House
Links Point
Amy Johnson Way
Blackpool
Lancashire
FY4 2FF
Connected World Communications Limited
Statement of Financial Position
30 November 2023
30 Nov 23
30 Sep 22
Note
£
£
Current assets
Debtors
5
30,778
67,875
Cash at bank and in hand
739
898
--------
--------
31,517
68,773
Creditors: amounts falling due within one year
6
27,734
59,087
--------
--------
Net current assets
3,783
9,686
-------
-------
Total assets less current liabilities
3,783
9,686
-------
-------
Net assets
3,783
9,686
-------
-------
Capital and reserves
Called up share capital
7
500
500
Share premium account
161,150
161,150
Profit and loss account
( 157,867)
( 151,964)
---------
---------
Shareholders funds
3,783
9,686
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
Ms J I Tuffs
Director
Company registration number: 08767002
Connected World Communications Limited
Notes to the Financial Statements
Period from 1 October 2022 to 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Bridgewater House, Mayfield Avenue, Worsley, Manchester, M28 3JF, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements are rounded to the nearest £1.
Going concern
The company has a positive balance sheet at the year end, however this has been created after a large write off of intercompany loans in 2019. The company has ceased to provide support services within the Group and therefore it is unlikely that there will be future income receivable. The parent company has confirmed that it will provide the company with its ongoing support and has assured the Directors that the Parent company will meet all of the Company's liabilities which if reference is made in the notes there is £3,781 owing to external creditors, the rest of the liabilities are inter-group debts. Therefore the Directors believe it is appropriate for the accounts to be prepared as a going concern.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
25% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2022: 1 ).
5. Debtors
30 Nov 23
30 Sep 22
£
£
Trade debtors
34,822
Amounts owed by group undertakings and undertakings in which the company has a participating interest
29,964
26,547
Other debtors
814
6,506
--------
--------
30,778
67,875
--------
--------
6. Creditors: amounts falling due within one year
30 Nov 23
30 Sep 22
£
£
Trade creditors
418
3,264
Amounts owed to group undertakings and undertakings in which the company has a participating interest
23,953
53,323
Other creditors
3,363
2,500
--------
--------
27,734
59,087
--------
--------
7. Called up share capital
Issued, called up and fully paid
30 Nov 23
30 Sep 22
No.
£
No.
£
Ordinary shares of £ 0.10 each
5,000
500
5,000
500
-------
----
-------
----
8. Summary audit opinion
The auditor's report dated 27 November 2024 was unqualified .
The senior statutory auditor was Peter Swarbrick BSc FCA , for and on behalf of Crossley & Davis Chartered Accountants .
9. Related party transactions
Included within debtors are amounts owed from a connected party totaling £29,964 (2022: £26,547). Included within creditors are amounts due to connected parties totaling £23,953 (2022: £53,323).
10. Controlling party
At the balance sheet date the company's immediate parent was Red Seven Technology Group Limited, a company registered in England and Wales. The ultimate controlling party was Red Seven Holdings Limited, a company registered in the Isle of Man, owned by Mr R Booth. The parent company Red Seven Technology Group Limited has prepared consolidated financial statements, it's registered office is New Bridgewater House, Mayfield Avenue, Worsley, Manchester, M28 3FJ. On 6 December 2023, the Group was purchased by Dura Software UK Ltd.