Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-10-01falsetelephony and internet provision55true 08985999 2023-10-01 2024-09-30 08985999 2022-10-01 2023-09-30 08985999 2024-09-30 08985999 2023-09-30 08985999 c:Director1 2023-10-01 2024-09-30 08985999 c:Director2 2023-10-01 2024-09-30 08985999 c:Director3 2023-10-01 2024-09-30 08985999 c:Director4 2023-10-01 2024-09-30 08985999 c:Director5 2023-10-01 2024-09-30 08985999 c:RegisteredOffice 2023-10-01 2024-09-30 08985999 d:FreeholdInvestmentProperty 2024-09-30 08985999 d:FreeholdInvestmentProperty 2023-09-30 08985999 d:CurrentFinancialInstruments 2024-09-30 08985999 d:CurrentFinancialInstruments 2023-09-30 08985999 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 08985999 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 08985999 d:ShareCapital 2024-09-30 08985999 d:ShareCapital 2023-09-30 08985999 d:RetainedEarningsAccumulatedLosses 2024-09-30 08985999 d:RetainedEarningsAccumulatedLosses 2023-09-30 08985999 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-09-30 08985999 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-09-30 08985999 c:OrdinaryShareClass1 2023-10-01 2024-09-30 08985999 c:OrdinaryShareClass1 2024-09-30 08985999 c:OrdinaryShareClass1 2023-09-30 08985999 c:OrdinaryShareClass2 2023-10-01 2024-09-30 08985999 c:OrdinaryShareClass2 2024-09-30 08985999 c:OrdinaryShareClass2 2023-09-30 08985999 c:OrdinaryShareClass3 2023-10-01 2024-09-30 08985999 c:OrdinaryShareClass3 2024-09-30 08985999 c:OrdinaryShareClass3 2023-09-30 08985999 c:OrdinaryShareClass4 2023-10-01 2024-09-30 08985999 c:OrdinaryShareClass4 2024-09-30 08985999 c:OrdinaryShareClass4 2023-09-30 08985999 c:OrdinaryShareClass5 2023-10-01 2024-09-30 08985999 c:OrdinaryShareClass5 2024-09-30 08985999 c:OrdinaryShareClass5 2023-09-30 08985999 c:FRS102 2023-10-01 2024-09-30 08985999 c:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 08985999 c:FullAccounts 2023-10-01 2024-09-30 08985999 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08985999 2 2023-10-01 2024-09-30 08985999 e:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08985999










RED 5 NETWORKS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
RED 5 NETWORKS LTD
 
 
COMPANY INFORMATION


Directors
Mr T Leaney 
Mr P Denny 
Mr D Pitcher 
Mr I Konash 
Mr J Forster 




Registered number
08985999



Registered office
102 Hellesdon Park Road
Drayton High Road

Norwich

Norfolk

NR6 5DR




Accountants
MA Partners LLP
Chartered Accountants

12 Church Street

Cromer

Norfolk

NR27 9ER





 
RED 5 NETWORKS LTD
 

CONTENTS



Page
Accountants' report
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 9


 
RED 5 NETWORKS LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RED 5 NETWORKS LTD
FOR THE YEAR ENDED 30 SEPTEMBER 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 Red 5 Networks Ltd for the year ended 30 September 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Red 5 Networks Ltd, 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 Red 5 Networks Ltd and state those matters that we have agreed to state to the Board of directors of Red 5 Networks Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Red 5 Networks Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Red 5 Networks Ltd 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 Red 5 Networks Ltd. You consider that Red 5 Networks Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Red 5 Networks Ltd. 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.

  



MA Partners LLP
 
Chartered Accountants
  
12 Church Street
Cromer
Norfolk
NR27 9ER
15 April 2025
Page 1

 
RED 5 NETWORKS LTD
REGISTERED NUMBER: 08985999

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
264,225
264,225

  
264,225
264,225

Current assets
  

Debtors: amounts falling due within one year
 5 
41,251
40,100

Cash at bank and in hand
  
197,051
162,148

  
238,302
202,248

Creditors: amounts falling due within one year
 6 
(99,246)
(80,533)

Net current assets
  
 
 
139,056
 
 
121,715

Total assets less current liabilities
  
403,281
385,940

  

Net assets
  
403,281
385,940


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
403,181
385,840

  
403,281
385,940


Page 2

 
RED 5 NETWORKS LTD
REGISTERED NUMBER: 08985999
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 April 2025.




Mr J Forster
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
RED 5 NETWORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Red 5 Networks Ltd  is a private company, limited by shares, incorporated and domiciled in England and Wales. The registered office is 102 Hellesdon Park Road, Drayton High Road,Norwich, Norfolk, NR6 5DR.
The Company's principal activities continue to be that of telephony and internet provision.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide telephony and internet services are recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
 - the amount of revenue can be measured reliably;
 - it is probable that the Company will receive the consideration due under the contract;
 - the stage of completion of the contract at the end of the reporting period can be measured reliably; and
 - the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
RED 5 NETWORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
RED 5 NETWORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 6

 
RED 5 NETWORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
264,225



At 30 September 2024
264,225

The 2024 valuations were made by the directors, on an open market value for existing use basis.



At 30 September 2024



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
264,225
264,225

264,225
264,225


5.


Debtors

2024
2023
£
£


Trade debtors
35,811
35,162

Prepayments and accrued income
5,440
4,938

41,251
40,100


Page 7

 
RED 5 NETWORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
45,279
44,488

Corporation tax
32,456
25,028

Other taxation and social security
7,143
8,318

Other creditors
1,392
1,392

Accruals and deferred income
12,976
1,307

99,246
80,533



7.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
197,051
162,147




Financial assets measured at fair value through profit or loss comprise of cash and cash equivalents.


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10 (2023 - 10) Ordinary A shares of £1.00 each
10
10
10 (2023 - 10) Ordinary B shares of £1.00 each
10
10
10 (2023 - 10) Ordinary C shares of £1.00 each
10
10
10 (2023 - 10) Ordinary D shares of £1.00 each
10
10
60 (2023 - 60) Ordinary E shares of £1.00 each
60
60

100

100



9.


Related party transactions

Rent of £14,942 (2023: £14,000) was paid by Red 5 Networks Ltd to the SIPP of Mr T Leaney, a director and shareholder. The rent was paid at market value.

Page 8

 
RED 5 NETWORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Controlling party

Red 5 Networks Ltd is a 60% owned subsidiary of Digital Network Solutions Ltd, a company incorporated within the UK.

 
Page 9