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REGISTERED NUMBER: 09684679 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

THE CABFUSION NETWORK LIMITED

THE CABFUSION NETWORK LIMITED (REGISTERED NUMBER: 09684679)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE CABFUSION NETWORK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: J P Baldwyn
S I Veingard





REGISTERED OFFICE: 1 Canada Square The Office Group
1 Canada Square
London
E14 5AA





REGISTERED NUMBER: 09684679 (England and Wales)





AUDITORS: Platt Rushton LLP
Chartered Accountants
& Statutory Auditors
Sutherland House
1759 London Road
Leigh on Sea
Essex
SS9 2RZ

THE CABFUSION NETWORK LIMITED (REGISTERED NUMBER: 09684679)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,501 2,460
Tangible assets 5 1,678 2,271
4,179 4,731

CURRENT ASSETS
Debtors 6 592,896 906,296
Cash at bank 777,117 578,753
1,370,013 1,485,049
CREDITORS
Amounts falling due within one year 7 613,352 646,716
NET CURRENT ASSETS 756,661 838,333
TOTAL ASSETS LESS CURRENT
LIABILITIES

760,840

843,064

CAPITAL AND RESERVES
Called up share capital 20,440 20,440
Share premium 1,825,560 1,825,560
Retained earnings (1,085,160 ) (1,002,936 )
760,840 843,064

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st January 2025 and were signed on its behalf by:





S I Veingard - Director


THE CABFUSION NETWORK LIMITED (REGISTERED NUMBER: 09684679)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

The Cabfusion Network Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Software/Intellectual Property are being amortised evenly over their estimated useful life of 10 years.

Development costs are being amortised evenly over their estimated useful life of 3 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

THE CABFUSION NETWORK LIMITED (REGISTERED NUMBER: 09684679)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st January 2023 8,200
Additions 1,000
At 31st December 2023 9,200
AMORTISATION
At 1st January 2023 5,740
Charge for year 959
At 31st December 2023 6,699
NET BOOK VALUE
At 31st December 2023 2,501
At 31st December 2022 2,460

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023 5,604
Additions 499
At 31st December 2023 6,103
DEPRECIATION
At 1st January 2023 3,333
Charge for year 1,092
At 31st December 2023 4,425
NET BOOK VALUE
At 31st December 2023 1,678
At 31st December 2022 2,271

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 572,715 920,047
Other debtors 20,181 (13,751 )
592,896 906,296

THE CABFUSION NETWORK LIMITED (REGISTERED NUMBER: 09684679)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 191 -
Trade creditors 30,543 18,285
Amounts owed to group undertakings 41,340 -
Taxation and social security 126,285 89,217
Other creditors 414,993 539,214
613,352 646,716

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 13,600 20,400
Between one and five years - 13,600
13,600 34,000

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Graham Powling (Senior Statutory Auditor)
for and on behalf of Platt Rushton LLP

10. RELATED PARTY DISCLOSURES

At 31st December 2023, included within trade and other creditors, was a balance of £45,960 (2022: £Nil) owed from the parent and other group companies. These balances are interest free and repayable on demand.

The parent company is CabFusion Limited, registered office, Fora, 1 Canada Square, Canary Wharf, London, E14 5AA.

Cabfusion Limited draws up consolidated accounts as parent of a small group.

11. GOING CONCERN

The company has made a trading loss. In making their assessment of going concern the directors have considered a period of at least 12 months from the date of approval of the financial statements. It is their belief that current and future sources of funding or support from its parent company and its majority investors will be adequate for the company's needs. The parent company has made written undertakings to this effect. As a result, the going concern basis of accounting has been adopted.