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REGISTERED NUMBER: 04631133 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

360 DOT NET LIMITED

360 DOT NET LIMITED (REGISTERED NUMBER: 04631133)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


360 DOT NET LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P Merrigan
U Ozturk
W L Van Rooy





REGISTERED OFFICE: 12-14 Upper Marlborough Road
St. Albans
Hertfordshire
AL1 3UR





REGISTERED NUMBER: 04631133 (England and Wales)





AUDITORS: HB Accountants
Plumpton House
Plumpton Road
Hoddesdon
Hertfordshire
EN11 0LB

360 DOT NET LIMITED (REGISTERED NUMBER: 04631133)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,304,866 2,030,261
Tangible assets 5 16,080 21,125
Investments 6 3,184 3,184
2,324,130 2,054,570

CURRENT ASSETS
Debtors 7 300,619 362,539
Cash at bank and in hand 970,864 68,214
1,271,483 430,753
CREDITORS
Amounts falling due within one year 8 1,755,569 2,110,311
NET CURRENT LIABILITIES (484,086 ) (1,679,558 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,840,044

375,012

PROVISIONS FOR LIABILITIES 10 219,904 211,582
NET ASSETS 1,620,140 163,430

CAPITAL AND RESERVES
Called up share capital 11 134 121
Share premium 3,597,661 1,597,674
Retained earnings (1,977,655 ) (1,434,365 )
SHAREHOLDERS' FUNDS 1,620,140 163,430

360 DOT NET LIMITED (REGISTERED NUMBER: 04631133)

BALANCE SHEET - continued
31 MARCH 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





P Merrigan - Director


360 DOT NET LIMITED (REGISTERED NUMBER: 04631133)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

360 Dot Net 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.

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

The company meets its day to day working capital requirements through loans and advances from its holding company and fellow subsidiaries.

The nature of the company's business is such that considerable investment in development costs are incurred before the generation of income and hence the timing of cash inflows. The directors have prepared profit and loss and cash flow projections to 31 March 2023. On the basis of this information and from the assurance of its holding company and fellow subsidiaries to financially support the company for the next year and for the foreseeable future, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of this support.

The financial statements are prepared in sterling, which is the functional currency of the company. monetary amounts in these financial statements are rounded to the nearest £.

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

Turnover represents income from services derived from its principal activities exclusive of VAT.

Trademarks
Trademarks are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.

Software development costs
Software Development costs are valued at cost based on the employee development time attributable the development of the product less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated lifespan of the different products developed, ranging from 5 to 10 years.

360 DOT NET LIMITED (REGISTERED NUMBER: 04631133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

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 - Over the term of the lease
Plant and machinery etc - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

360 DOT NET LIMITED (REGISTERED NUMBER: 04631133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


360 DOT NET LIMITED (REGISTERED NUMBER: 04631133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of the employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2023 - 36 ) .

360 DOT NET LIMITED (REGISTERED NUMBER: 04631133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023 5,532,634
Additions 709,832
At 31 March 2024 6,242,466
AMORTISATION
At 1 April 2023 3,502,373
Charge for year 435,227
At 31 March 2024 3,937,600
NET BOOK VALUE
At 31 March 2024 2,304,866
At 31 March 2023 2,030,261

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 33,371 158,672 192,043
Additions - 4,089 4,089
At 31 March 2024 33,371 162,761 196,132
DEPRECIATION
At 1 April 2023 33,370 137,548 170,918
Charge for year - 9,134 9,134
At 31 March 2024 33,370 146,682 180,052
NET BOOK VALUE
At 31 March 2024 1 16,079 16,080
At 31 March 2023 1 21,124 21,125

360 DOT NET LIMITED (REGISTERED NUMBER: 04631133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£   
COST
At 1 April 2023
and 31 March 2024 3,184
NET BOOK VALUE
At 31 March 2024 3,184
At 31 March 2023 3,184

The company's investments at the Balance Sheet date in the share capital of companies include the following:

360 Dot Net Turkey Yazilim Limited Sirketi
Registered office: Turkey
Nature of business: Software Developers
%
Class of shares: holding
Ordinary 100.00

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 27,623 1,961
Amounts owed by group undertakings - 132,972
Other debtors 272,996 227,606
300,619 362,539

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 92,691 206,620
Amounts owed to group undertakings 30,788 1,581,216
Taxation and social security 106,405 108,983
Other creditors 1,525,685 213,492
1,755,569 2,110,311

360 DOT NET LIMITED (REGISTERED NUMBER: 04631133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 85,657 85,657
Between one and five years 33,570 119,225
119,227 204,882

10. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax
Accelerated capital allowances 3,055 4,014
Tax losses carried forward (221,076 ) (178,825 )
Other timing differences 437,925 386,393
219,904 211,582

Deferred
tax
£   
Balance at 1 April 2023 211,582
Charge to Statement of Income and Retained Earnings during year 8,322
Balance at 31 March 2024 219,904

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100,000 Ordinary £0.00 1 100 100
34,266 A Ordinary £0.00 1 34 21
134 121

360 DOT NET LIMITED (REGISTERED NUMBER: 04631133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. CALLED UP SHARE CAPITAL - continued

On 9th May 2023:
1. the issued share capital of 10,000 Ordinary shares of £0.01 each was sub-divided into 100,000 Ordinary shares of £0.001 each;
2. the issued share capital of 2,122 A Ordinary shares of £0.01 each was sub-divided into 21,220 A Ordinary shares of £0.001 each;
3. the company received £1,000,000 funding from the allotment of shares as follows:
- 6,364 A Ordinary shares of £0.001 each; and
- 1 B Preference share of £0.001 each.

On 25th March 2024:
The company received the 2nd tranche of £1,000,000 funding from the allotment of shares as follows:
- 6,682 A Ordinary shares of £0.001 each; and
- 1 B Preference share of £0.001 each.
The third tranches of equal amounts will be made on the second anniversary of the first.

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

The Report of the Auditors was unqualified.

Karen Chase (Senior Statutory Auditor)
for and on behalf of HB Accountants

13. CONTINGENT LIABILITIES

There is an unresolved HMRC compliance check into the Research and Development claim in respect of the financial year 31 March 2023. No provision has been made against the tax credit as the directors believe that the outcome will be positive following a meeting with HMRC on 26th March 2025.