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Company registration number: NI621708
Cara Network Solutions Limited
Unaudited filleted financial statements
30 June 2024
Cara Network Solutions Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Cara Network Solutions Limited
Directors and other information
Directors Mr Richard Finlay
Mr Robert Notley (Retired 20 November 2024)
Miss Joanne McSeveney
Company number NI621708
Registered office Unit 1c
4 Westbank Drive
Belfast
BT3 9LA
Business address Unit 1c
4 Westbank Drive
Belfast
BT3 9LA
Accountants David McQuillan & Company
Glendinning House
6 Murray Street
Belfast
BT1 6DN
Bankers AIB
31-35 High Street
Belfast
BT1 2AL
Cara Network Solutions Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Cara Network Solutions Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cara Network Solutions Limited for the year ended 30 June 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Cara Network Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Cara Network Solutions Limited and state those matters that we have agreed to state to the board of directors of Cara Network Solutions Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cara Network Solutions Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Cara Network Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cara Network Solutions Limited. You consider that Cara Network Solutions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Cara Network Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
David McQuillan & Company
Chartered Accountants
Glendinning House
6 Murray Street
Belfast
BT1 6DN
25 March 2025
Cara Network Solutions Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 33,483 44,295
_______ _______
33,483 44,295
Current assets
Stocks 45,384 46,720
Debtors 6 583,905 154,713
Cash at bank and in hand 105,724 299,906
_______ _______
735,013 501,339
Creditors: amounts falling due
within one year 7 ( 495,948) ( 296,101)
_______ _______
Net current assets 239,065 205,238
_______ _______
Total assets less current liabilities 272,548 249,533
Creditors: amounts falling due
after more than one year 8 ( 33,769) ( 48,442)
_______ _______
Net assets 238,779 201,091
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 238,579 200,891
_______ _______
Shareholders funds 238,779 201,091
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr Richard Finlay
Director
Company registration number: NI621708
Cara Network Solutions Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 1c, 4 Westbank Drive, Belfast, BT3 9LA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertaintyAccounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:Amounts recoverable on long term contractsThe company applies its policies on turnover and long term contracts when recognising revenue and profit on partially completed contracts. The application of this policy requires estimates to be made in respect of the percentage of work completed and the total expected costs to complete on each contract. The company has processes in place to ensure that the evaluation of costs and revenues is based upon appropriate estimates.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 or 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 year amounted to 10 (2023: 14 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 July 2023 12,821 91,940 104,761
Additions 656 - 656
_______ _______ _______
At 30 June 2024 13,477 91,940 105,417
_______ _______ _______
Depreciation
At 1 July 2023 7,405 53,061 60,466
Charge for the year 712 10,756 11,468
_______ _______ _______
At 30 June 2024 8,117 63,817 71,934
_______ _______ _______
Carrying amount
At 30 June 2024 5,360 28,123 33,483
_______ _______ _______
At 30 June 2023 5,416 38,879 44,295
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 403,488 117,101
Other debtors 180,417 37,612
_______ _______
583,905 154,713
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 14,965 10,821
Trade creditors 126,355 58,449
Corporation tax 16,525 3,500
Social security and other taxes 60,645 31,626
Other creditors 277,458 191,705
_______ _______
495,948 296,101
_______ _______
The bank loan is an unsecured loan repayable in monthly instalments by July 2026. Interest is charged quarterly in arrears at 2.5% per annum.
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 11,551 21,551
Other creditors 22,218 26,891
_______ _______
33,769 48,442
_______ _______
The bank loan is an unsecured loan repayable in monthly instalments by July 2026. Interest is charged quarterly in arrears at 2.5% per annum.
9. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2024 2023
£ £
Mr Robert Notley 883 883
_______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
FOIS Limited - 40,000 ( 105,647) ( 107,255)
Crown Industries Limited 113,937 326,886 ( 142,217) ( 75,540)
Crown Fire Protection Limited 7,367 2,580 ( 6,293) ( 3,095)
_______ _______ _______ _______
The company has common control with the above companies.
11. Controlling party
The Company is under the control of Mr RW Finlay by virtue of his shareholding in the Company.