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REGISTERED NUMBER: 06537854 (England and Wales)















Backbone Connect Ltd

Unaudited Financial Statements

for the Year Ended 30 June 2024






Backbone Connect Ltd (Registered number: 06537854)

Contents of the Financial Statements
for the year ended 30 June 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Backbone Connect Ltd

Company Information
for the year ended 30 June 2024







Directors: M Cullen
D M McLeod





Registered office: 10 Dominion Street
London
EC2M 2EF





Registered number: 06537854 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

Backbone Connect Ltd (Registered number: 06537854)

Balance Sheet
30 June 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 4 61,922 56,922
Tangible assets 5 1,986,338 1,684,422
Investments 6 368,640 368,640
2,416,900 2,109,984

Current assets
Debtors 7 2,322,134 3,015,297
Cash at bank 778,090 705,842
3,100,224 3,721,139
Creditors
Amounts falling due within one year 8 3,072,191 3,668,724
Net current assets 28,033 52,415
Total assets less current liabilities 2,444,933 2,162,399

Creditors
Amounts falling due after more than one
year

9

(342,325

)

(792,494

)

Provisions for liabilities (511,776 ) (433,857 )
Net assets 1,590,832 936,048

Capital and reserves
Called up share capital 1,000 1,000
Share premium 11 1,752 1,752
Fair value reserve 11 262,594 262,594
Retained earnings 11 1,325,486 670,702
1,590,832 936,048

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Backbone Connect Ltd (Registered number: 06537854)

Balance Sheet - continued
30 June 2024


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 27 March 2025 and were signed on its behalf by:





D M McLeod - Director


Backbone Connect Ltd (Registered number: 06537854)

Notes to the Financial Statements
for the year ended 30 June 2024


1. Statutory information

Backbone Connect Ltd 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 as modified by the revaluation of certain assets.

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 any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings leasehold25 % Straight line
Fixtures, fittings & equipment25% Reducing balance
Computer equipment25% Reducing balance
Motor vehicles20% Straight line

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Backbone Connect Ltd (Registered number: 06537854)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


2. Accounting policies - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment.

3. Employees and directors

The average number of employees during the year was 51 (2023 - 48 ) .

4. Intangible fixed assets
Development
costs
£
Cost
At 1 July 2023 56,922
Additions 5,000
At 30 June 2024 61,922
Net book value
At 30 June 2024 61,922
At 30 June 2023 56,922

Backbone Connect Ltd (Registered number: 06537854)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


5. Tangible fixed assets
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£ £ £ £ £
Cost
At 1 July 2023 4,750 123,969 97,280 3,920,484 4,146,483
Additions - 7,648 - 1,037,807 1,045,455
Disposals - - - 54,738 54,738
At 30 June 2024 4,750 131,617 97,280 5,013,029 5,246,676
Depreciation
At 1 July 2023 4,750 93,061 77,280 2,286,970 2,462,061
Charge for year - 10,307 - 802,017 812,324
Eliminated on disposal - (110 ) - (13,937 ) (14,047 )
At 30 June 2024 4,750 103,258 77,280 3,075,050 3,260,338
Net book value
At 30 June 2024 - 28,359 20,000 1,937,979 1,986,338
At 30 June 2023 - 30,908 20,000 1,633,514 1,684,422

Fixed assets, included in the above, which are held under finance leases are as follows:
Computer
equipment
£
Cost
At 1 July 2023 1,773,879
Additions 76,438
Disposals 72,604
At 30 June 2024 1,922,921
Depreciation
At 1 July 2023 952,705
Charge for year 526,950
Eliminated on disposal (13,937 )
At 30 June 2024 1,465,718
Net book value
At 30 June 2024 457,203
At 30 June 2023 821,174

Backbone Connect Ltd (Registered number: 06537854)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


6. Fixed asset investments
Other
investments
£
Cost or valuation
At 1 July 2023
and 30 June 2024 368,640
Net book value
At 30 June 2024 368,640
At 30 June 2023 368,640

Cost or valuation at 30 June 2024 is represented by:

Other
investments
£
Valuation in 2017 12,206
Valuation in 2019 92,160
Valuation in 2020 40,960
Valuation in 2021 81,920
Valuation in 2022 122,880
Cost 18,514
368,640

7. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 982,614 1,732,643
Bad debt provision (28,806 ) (115,000 )
Other debtors 107,883 113,964
Other debtors - IAXS Ltd 6,932 6,932
Directors' current accounts 591,827 571,833
Tax 199,741 192,994
Called up share capital not paid 252 252
Prepayments and accrued income 461,691 511,679
2,322,134 3,015,297

Backbone Connect Ltd (Registered number: 06537854)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 221,003 264,981
Finance leases (see note 10) 245,689 384,379
Trade creditors 1,027,057 1,138,474
Tax 6,748 65,901
Social security and other taxes 90,242 75,765
VAT 185,850 269,400
Other creditors - 30,892
Accruals and deferred income 1,295,602 1,438,932
3,072,191 3,668,724

9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans - 1-2 years 191,333 211,391
Bank loans - 2-5 years 48,921 215,507
Finance leases (see note 10) 102,071 365,596
342,325 792,494

10. Leasing agreements

Minimum lease payments under finance leases fall due as follows:

Finance leases
2024 2023
£ £
Net obligations repayable:
Within one year 245,689 384,379
Between one and five years 102,071 365,596
347,760 749,975

11. Reserves
Retained Share Fair value
earnings premium reserve Totals
£ £ £ £

At 1 July 2023 670,702 1,752 262,594 935,048
Profit for the year 987,984 987,984
Dividends (333,200 ) (333,200 )
At 30 June 2024 1,325,486 1,752 262,594 1,589,832

Backbone Connect Ltd (Registered number: 06537854)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


12. Related party disclosures

Included within other debtors is £6,932 (2023: £6,932) owed by a company in which the directors have a common interest.

Included within other debtors is £591,827 (2023: £571,834) owed by the company directors, with interest being charged at 2.25%.

13. Charges

During the year the Company entered a fixed and floating charge over all assets.