Company Registration No. 03372355 (England and Wales)
STRATEGIC NETWORK CONSULTING LIMITED
TRADING AS METHOD IT
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
STRATEGIC NETWORK CONSULTING LIMITED
TRADING AS METHOD IT
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
STRATEGIC NETWORK CONSULTING LIMITED
TRADING AS METHOD IT
BALANCE SHEET
AS AT
29 SEPTEMBER 2024
29 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
182,341
258,309
Current assets
Debtors
5
572,065
614,855
Investments
6
-
0
195,698
Cash at bank and in hand
530,561
473,176
1,102,626
1,283,729
Creditors: amounts falling due within one year
7
(537,074)
(445,489)
Net current assets
565,552
838,240
Total assets less current liabilities
747,893
1,096,549
Creditors: amounts falling due after more than one year
8
(109,883)
(145,878)
Provisions for liabilities
(42,016)
(55,479)
Net assets
595,994
895,192
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
595,794
894,992
Total equity
595,994
895,192
STRATEGIC NETWORK CONSULTING LIMITED
TRADING AS METHOD IT
BALANCE SHEET (CONTINUED)
AS AT
29 SEPTEMBER 2024
29 September 2024
- 2 -

For the financial year ended 29 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 2 May 2025 and are signed on its behalf by:
MP Sullivan
Mrs LE Sullivan
Director
Director
Company registration number 03372355 (England and Wales)
STRATEGIC NETWORK CONSULTING LIMITED
TRADING AS METHOD IT
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 SEPTEMBER 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 30 September 2022
200
691,121
691,321
Year ended 29 September 2023:
Profit and total comprehensive income
-
403,471
403,471
Dividends
-
(199,600)
(199,600)
Balance at 29 September 2023
200
894,992
895,192
Year ended 29 September 2024:
Profit and total comprehensive income
-
405,583
405,583
Dividends
-
(704,781)
(704,781)
Balance at 29 September 2024
200
595,794
595,994
STRATEGIC NETWORK CONSULTING LIMITED
TRADING AS METHOD IT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information

Strategic Network Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, Ash House, Journeymans Way, Southend-on-Sea, Essex, SS2 5TF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Contracts and support services income represents revenue earned under a wide variety of contracts to

provide professional services. Revenue is recognised as earned when, and to the extent that, the firm

obtains the right to consideration in exchange for its performance under these contracts. It is measured at

the fair value of the right to consideration, which represents amounts chargeable to clients, including

expenses and disbursements but excluding value added tax.

 

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects

the partial performance of the contractual obligations. For such contracts the amount of revenue reflects

the value of work performed. Income received in excess of the relevant amount of revenue is included in

creditors as deferred income.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Licenses
3 year straight line per annum
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings improvements
10 year straight line per annum
Fixtures, fittings and equipment
4 year and 3 year straight line per annum
Motor vehicles
Over term of lease agreement

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

STRATEGIC NETWORK CONSULTING LIMITED
TRADING AS METHOD IT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments

Investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

STRATEGIC NETWORK CONSULTING LIMITED
TRADING AS METHOD IT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
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.

 

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

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases
STRATEGIC NETWORK CONSULTING LIMITED
TRADING AS METHOD IT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 7 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
10
3
Intangible fixed assets
Other
£
Cost
At 30 September 2023 and 29 September 2024
204,500
Amortisation and impairment
At 30 September 2023 and 29 September 2024
204,500
Carrying amount
At 29 September 2024
-
0
At 29 September 2023
-
0
STRATEGIC NETWORK CONSULTING LIMITED
TRADING AS METHOD IT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2024
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 30 September 2023
9,085
690,691
699,776
Additions
-
0
5,638
5,638
At 29 September 2024
9,085
696,329
705,414
Depreciation and impairment
At 30 September 2023
2,700
438,767
441,467
Depreciation charged in the year
909
80,697
81,606
At 29 September 2024
3,609
519,464
523,073
Carrying amount
At 29 September 2024
5,476
176,865
182,341
At 29 September 2023
6,385
251,924
258,309
STRATEGIC NETWORK CONSULTING LIMITED
TRADING AS METHOD IT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2024
- 9 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
485,133
487,260
Other debtors
86,932
127,595
572,065
614,855
6
Current asset investments
2024
2023
£
£
Other investments
-
0
195,698
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
162,365
169,046
Taxation and social security
287,844
196,036
Other creditors
86,865
80,407
537,074
445,489

Net obligations under hire purchase contracts included within other creditors, are secured by fixed charges on the assets concerned.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
109,883
145,878

Net obligations under hire purchase contracts included within other creditors, are secured by fixed charges on the assets concerned.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
25,667
39,667
STRATEGIC NETWORK CONSULTING LIMITED
TRADING AS METHOD IT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2024
- 10 -
10
Related party transactions

Included within debtors is an amount totalling £277 owed to a company which is under common control.

 

There is no fixed repayment schedule and no interest payable on this balance.

11
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director 1
-
44,305
221,444
(265,749)
-
Director 2
-
44,338
210,842
(255,180)
-
88,643
432,286
(520,929)
-
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