Silverfin false false 31/08/2024 01/09/2023 31/08/2024 J R T Dickinson 10/02/2025 07/05/2019 A Learned 10/02/2025 D Nettesheim 10/02/2025 22 May 2025 The principal activity of the Company during the financial year was wireless network design and consultancy, and software development. 09188537 2024-08-31 09188537 bus:Director1 2024-08-31 09188537 bus:Director2 2024-08-31 09188537 bus:Director3 2024-08-31 09188537 2023-08-31 09188537 core:CurrentFinancialInstruments 2024-08-31 09188537 core:CurrentFinancialInstruments 2023-08-31 09188537 core:Non-currentFinancialInstruments 2024-08-31 09188537 core:Non-currentFinancialInstruments 2023-08-31 09188537 core:ShareCapital 2024-08-31 09188537 core:ShareCapital 2023-08-31 09188537 core:SharePremium 2024-08-31 09188537 core:SharePremium 2023-08-31 09188537 core:CapitalRedemptionReserve 2024-08-31 09188537 core:CapitalRedemptionReserve 2023-08-31 09188537 core:RetainedEarningsAccumulatedLosses 2024-08-31 09188537 core:RetainedEarningsAccumulatedLosses 2023-08-31 09188537 core:PatentsTrademarksLicencesConcessionsSimilar 2023-08-31 09188537 core:PatentsTrademarksLicencesConcessionsSimilar 2024-08-31 09188537 core:LandBuildings 2023-08-31 09188537 core:Vehicles 2023-08-31 09188537 core:OfficeEquipment 2023-08-31 09188537 core:LandBuildings 2024-08-31 09188537 core:Vehicles 2024-08-31 09188537 core:OfficeEquipment 2024-08-31 09188537 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-08-31 09188537 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-08-31 09188537 bus:OrdinaryShareClass1 2024-08-31 09188537 2023-09-01 2024-08-31 09188537 bus:FilletedAccounts 2023-09-01 2024-08-31 09188537 bus:SmallEntities 2023-09-01 2024-08-31 09188537 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 09188537 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 09188537 bus:Director1 2023-09-01 2024-08-31 09188537 bus:Director2 2023-09-01 2024-08-31 09188537 bus:Director3 2023-09-01 2024-08-31 09188537 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-09-01 2024-08-31 09188537 core:Vehicles core:TopRangeValue 2023-09-01 2024-08-31 09188537 core:OfficeEquipment core:TopRangeValue 2023-09-01 2024-08-31 09188537 2022-09-01 2023-08-31 09188537 core:PatentsTrademarksLicencesConcessionsSimilar 2023-09-01 2024-08-31 09188537 core:LandBuildings 2023-09-01 2024-08-31 09188537 core:Vehicles 2023-09-01 2024-08-31 09188537 core:OfficeEquipment 2023-09-01 2024-08-31 09188537 core:Non-currentFinancialInstruments 2023-09-01 2024-08-31 09188537 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 09188537 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 09188537 1 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09188537 (England and Wales)

CONNECTED ID LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

CONNECTED ID LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

CONNECTED ID LIMITED

BALANCE SHEET

As at 31 August 2024
CONNECTED ID LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1,736 2,084
Tangible assets 4 93,230 75,724
94,966 77,808
Current assets
Stocks 9,000 9,000
Debtors 5 2,305,886 1,541,585
Cash at bank and in hand 499,981 1,929,160
2,814,867 3,479,745
Creditors: amounts falling due within one year 6 ( 1,652,106) ( 2,799,760)
Net current assets 1,162,761 679,985
Total assets less current liabilities 1,257,727 757,793
Creditors: amounts falling due after more than one year 7 ( 325,968) ( 276,463)
Provision for liabilities ( 17,321) ( 16,362)
Net assets 914,438 464,968
Capital and reserves
Called-up share capital 8 1,000 1,000
Share premium account 109,775 109,775
Capital redemption reserve 130 130
Profit and loss account 803,533 354,063
Total shareholder's funds 914,438 464,968

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Connected ID Limited (registered number: 09188537) were approved and authorised for issue by the Board of Directors on 22 May 2025. They were signed on its behalf by:

A Learned
Director
CONNECTED ID LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
CONNECTED ID LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Connected ID Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Digital Id Highbank Court, 3 High Bank Side, Stockport, SK1 1HG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Revenue for the sale of goods is recognised at the point in which the risks and rewards of ownership are transferred to the customer. Revenue for the provision of services is recognised when the services are delivered.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Vehicles 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 7

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 September 2023 3,475 3,475
At 31 August 2024 3,475 3,475
Accumulated amortisation
At 01 September 2023 1,391 1,391
Charge for the financial year 348 348
At 31 August 2024 1,739 1,739
Net book value
At 31 August 2024 1,736 1,736
At 31 August 2023 2,084 2,084

4. Tangible assets

Land and buildings Vehicles Office equipment Total
£ £ £ £
Cost
At 01 September 2023 3,309 91,996 18,236 113,541
Additions 0 48,167 7,142 55,309
Disposals 0 ( 23,865) 0 ( 23,865)
At 31 August 2024 3,309 116,298 25,378 144,985
Accumulated depreciation
At 01 September 2023 514 26,850 10,453 37,817
Charge for the financial year 661 26,259 3,426 30,346
Disposals 0 ( 16,408) 0 ( 16,408)
At 31 August 2024 1,175 36,701 13,879 51,755
Net book value
At 31 August 2024 2,134 79,597 11,499 93,230
At 31 August 2023 2,795 65,146 7,783 75,724
Leased assets included above:
Net book value
At 31 August 2024 0 15,497 0 15,497
At 31 August 2023 0 21,496 0 21,496

5. Debtors

2024 2023
£ £
Trade debtors 1,568,201 1,306,070
Amounts owed by related parties 239,005 0
Prepayments and accrued income 22,440 15,939
Other debtors 476,240 219,576
2,305,886 1,541,585

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,576 6,414
Trade creditors 1,219,539 1,173,750
Other loans 0 15,000
Accruals and deferred income 75,552 1,156,669
Corporation tax 163,974 135,701
Other taxation and social security 182,613 308,196
Obligations under finance leases and hire purchase contracts 2,877 2,877
Other creditors 975 1,153
1,652,106 2,799,760

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 3,152 9,730
Other loans 310,033 251,074
Obligations under finance leases and hire purchase contracts 12,783 15,659
325,968 276,463

Bank borrowings are guaranteed by Government under the Bounce Bank Loan Scheme.

Hire purchase and finance lease liabilities are secured against the assets to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100,000 Ordinary Shares shares of £ 0.01 each 1,000 1,000

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 46,667 68,250

10. Related party transactions

During the year the company advanced £193,418 to a director, and repayments by the director of £2,068 were made.

At the year end the entity's director owed £284,065 (2023 - £92,715) to the company. Interest on the loan is charged at 2.25% per annum.

At the year end the company was owed £239,005 from an entity connected by virtue of common control.

11. Events after the Balance Sheet date

On 10 February 2025, 100,000 Ordinary shares were acquired by Digital ID Limited, a company incorporated in England and Wales.