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REGISTERED NUMBER: 04552078 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Advantex Network Solutions Limited

Advantex Network Solutions Limited (Registered number: 04552078)






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


Advantex Network Solutions Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: D J O'Connell
L O'Connell





SECRETARY: D J O'Connell





REGISTERED OFFICE: 16B Follingsby Close
Follingsby Park
GATESHEAD
Tyne and Wear
NE10 8YG





REGISTERED NUMBER: 04552078 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
Durham
DH1 1TW

Advantex Network Solutions Limited (Registered number: 04552078)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 4,710
Tangible assets 5 402,816 336,284
402,816 340,994

CURRENT ASSETS
Stocks 6 152,280 160,287
Debtors 7 2,043,094 1,959,830
Cash at bank 2,518,249 428,977
4,713,623 2,549,094
CREDITORS
Amounts falling due within one year 8 1,942,980 901,000
NET CURRENT ASSETS 2,770,643 1,648,094
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,173,459

1,989,088

CREDITORS
Amounts falling due after more than one
year

9

(291,342

)

(260,636

)

PROVISIONS FOR LIABILITIES 12 (80,414 ) -
NET ASSETS 2,801,703 1,728,452

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 2,801,603 1,728,352
SHAREHOLDERS' FUNDS 2,801,703 1,728,452

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.

Advantex Network Solutions Limited (Registered number: 04552078)

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2025 and were signed on its behalf by:





D J O'Connell - Director


Advantex Network Solutions Limited (Registered number: 04552078)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Advantex Network Solutions 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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and also have been consistently applied within the same accounts.

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

Income recognition
Income is recognised as work is done and any unbilled income is included within work in progress.

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.

Website costs have been amortised over their estimated useful life of three years.

Computer software is being amortised evenly over its estimated life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on cost and 25% on reducing balance
Motor vehicles - 25% on cost and 20% on cost

Tangible fixed assets are measured at cost less any depreciation and impairment.

Government grants
Capital based grants are credited to the profit and loss account in equal instalments, over the estimated useful life of the related asset.

Revenue based grants are credited to the profit and loss account on receipt.

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to sell, after making all due allowances for obsolete and slow moving items.

Work in progress represents unbilled income.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss.


Advantex Network Solutions Limited (Registered number: 04552078)

Notes to the Financial Statements - continued
for the Year Ended 30 June 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 finance lease commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives.

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.

Factored debts
The factoring facility represents amounts received in respect of financed debts. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to the factoring account are recognised in the profit and loss account over the relevant period.

Operating leases
Rentals payable under operating leases are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 60 (2023 - 44 ) .

Advantex Network Solutions Limited (Registered number: 04552078)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. INTANGIBLE FIXED ASSETS
Computer
Website software Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 26,463 23,024 49,487
AMORTISATION
At 1 July 2023 26,463 18,314 44,777
Amortisation for year - 4,710 4,710
At 30 June 2024 26,463 23,024 49,487
NET BOOK VALUE
At 30 June 2024 - - -
At 30 June 2023 - 4,710 4,710

As at the balance sheet date the carrying value of intangible assets held under finance leases was £Nil (2023: £4,710).

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 278,226 47,980 273,418 345,493 945,117
Additions - 18,057 2,993 174,588 195,638
Disposals - - - (44,127 ) (44,127 )
At 30 June 2024 278,226 66,037 276,411 475,954 1,096,628
DEPRECIATION
At 1 July 2023 193,751 35,937 207,449 171,696 608,833
Charge for year 23,470 5,268 34,935 65,433 129,106
Eliminated on disposal - - - (44,127 ) (44,127 )
At 30 June 2024 217,221 41,205 242,384 193,002 693,812
NET BOOK VALUE
At 30 June 2024 61,005 24,832 34,027 282,952 402,816
At 30 June 2023 84,475 12,043 65,969 173,797 336,284

Advantex Network Solutions Limited (Registered number: 04552078)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2023 7,404 60,978 255,433 323,815
Additions 18,057 - 173,628 191,685
Transfer to ownership - (22,000 ) - (22,000 )
At 30 June 2024 25,461 38,978 429,061 493,500
DEPRECIATION
At 1 July 2023 3,007 46,902 83,835 133,744
Charge for year 3,356 12,993 64,734 81,083
Transfer to ownership - (22,000 ) - (22,000 )
At 30 June 2024 6,363 37,895 148,569 192,827
NET BOOK VALUE
At 30 June 2024 19,098 1,083 280,492 300,673
At 30 June 2023 4,397 14,076 171,598 190,071

6. STOCKS
2024 2023
£    £   
Stocks 103,039 113,160
Work-in-progress 49,241 47,127
152,280 160,287

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,938,654 1,921,852
Other debtors 67,823 4,801
Prepayments and accrued income 36,617 33,177
2,043,094 1,959,830

Advantex Network Solutions Limited (Registered number: 04552078)

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 50,000 50,000
Hire purchase contracts and finance leases (see note 10)
88,515

78,835
Trade creditors 503,951 510,488
Taxation and social security 1,107,165 203,951
Other creditors 88,496 25,572
Directors' current accounts 43,040 11,136
Accruals and deferred income 61,813 21,018
1,942,980 901,000

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 50,000 50,000
Bank loans - 2-5 years 16,667 66,667
Hire purchase contracts and finance leases (see note 10)
216,550

128,344
Accruals and deferred income 8,125 15,625
291,342 260,636

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
2024 2023 2024 2023
£    £    £    £   
Net obligations repayable:
Within one year 84,606 73,195 3,909 5,640
Between one and five years 205,290 128,344 11,260 -
289,896 201,539 15,169 5,640

Non-cancellable operating leases
2024 2023
£    £   
Within one year 55,719 76,683
Between one and five years 81,527 137,247
137,246 213,930

Advantex Network Solutions Limited (Registered number: 04552078)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts and finance leases 305,065 207,179
Bank loans 116,667 166,667
421,732 373,846

Hire purchase contracts and finance leases are secured on the assets to which they relate. Some fixed assets on hire purchase are secured by a director's personal guarantee.

Bank loans are secured by way of a fixed and floating charge over the undertaking and property of the company.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 80,414 -

Deferred
tax
£   
Accelerated capital allowances 80,414
Balance at 30 June 2024 80,414

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

14. RELATED PARTY DISCLOSURES

There were no related party transactions other than those concluded under normal market conditions, except for those shown below.
2024 2023
£ £
Amounts due to directors 43,040 11,136

No interest has been charged.

15. POST BALANCE SHEET EVENTS

On 23 December 2024 100% of the share capital was purchased by Advantex Solutions Limited.