REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
FOR |
| CABVISION NETWORK LIMITED |
REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
FOR |
| CABVISION NETWORK LIMITED |
CABVISION NETWORK LIMITED (REGISTERED NUMBER: 07120589) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
CABVISION NETWORK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
INDEPENDENT AUDITORS: | Accura LtdAccountants | (Statutory Auditor) |
Langley House |
Park Road |
East Finchley |
London |
N2 8EY |
CABVISION NETWORK LIMITED (REGISTERED NUMBER: 07120589) |
STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2024 |
30.11.24 | 30.11.23 |
as restated |
(Unaudited) |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( | ) | (1,273,799 | ) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
CABVISION NETWORK LIMITED (REGISTERED NUMBER: 07120589) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
1. | STATUTORY INFORMATION |
Cabvision Network Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
| The financial statements contain information about Cabvision Network Limited as an individual company and do not contain consolidated financial information as the subsidiary of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: |
| Provisions |
| Provisions (liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
Turnover |
| Turnover represents net invoiced sales of services, excluding value added tax. Turnover is recognised once the service has been provided. |
Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2010 and it has now been fully amortised. |
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. |
Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Improvement to property - 20% straight line on cost |
| Plant and machinery - 25% on reducing balance |
| Computer equipment - 33% on reducing balance |
CABVISION NETWORK LIMITED (REGISTERED NUMBER: 07120589) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Research and development |
| Development costs have been capitalised as they meet the conditions set out in Section 18 of FRS 102. The costs shall be deferred to future periods until they are amortised. Amortisation shall commence with the commercial production or application of the product and shall be allocated on a systematic basis to each accounting period over which they are expected to be sold. The circumstances of deferring the expenditure shall be reviewed at the end of each accounting period to ensure the accounting treatment is still justified. |
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. |
Impairment of assets |
| A review of 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 reversals 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 assets and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. |
CABVISION NETWORK LIMITED (REGISTERED NUMBER: 07120589) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Functional and presentation currency |
The company's functional and presentational current is £ sterling. |
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. |
| The cost of any material unused holiday entitlement is recognised in the period in which the employee's services are received. |
| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment or to provide termination benefits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 December 2023 |
Additions |
At 30 November 2024 |
AMORTISATION |
At 1 December 2023 |
Charge for year |
At 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
CABVISION NETWORK LIMITED (REGISTERED NUMBER: 07120589) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2023 |
Additions |
At 30 November 2024 |
DEPRECIATION |
At 1 December 2023 |
Charge for year |
At 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.24 | 30.11.23 |
as restated |
(Unaudited) |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
| Within other debtors are prepayments of £16,155 (2023: £16,390) relating to rent and insurance. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.24 | 30.11.23 |
as restated |
(Unaudited) |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
CABVISION NETWORK LIMITED (REGISTERED NUMBER: 07120589) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| Included in other creditors £1,363,516 is owed to the director L A J DaCosta (2023 £1,414,016). |
| Other creditors also include accrued expenses of £138,289 (2023: £119,086) and a VAT provision of £130,400 (2023 £65,400) and pension liablity of £2,174 for November 2024. |
| Provisions for VAT liability |
| The company is currently undergoing a VAT investigation into the different classification of purchases in particular a class of exempt input VAT company have claimed in the past two years. The management have based their estimation on their records and calculations and provided £130,400 in 2024 financial statements for last two years (2023 £65,400) for the additional liability that may arise as a result of this enquiry.This VAT provision is included in other creditors. |
8. | PROVISIONS FOR LIABILITIES |
30.11.24 | 30.11.23 |
as restated |
(Unaudited) |
£ | £ |
Deferred tax | 212,335 | 210,370 |
Deferred |
tax |
£ |
Balance at 1 December 2023 |
Prior year adjustment |
As restated | 210,370 |
Provided during year |
Balance at 30 November 2024 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| Within other creditors a balance of £1,363,516 is owed to the director L A J DaCosta (2023 £1,414,016). |
11. | RELATED PARTY DISCLOSURES |
Included in debtors is £1,678,300 owed by companies within the group (in 2023 £1,488,078). All companies are related to Cabvision Network Ltd by virtue of being members of the same group. |
CABVISION NETWORK LIMITED (REGISTERED NUMBER: 07120589) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
| The ultimate parent undertaking, who held 100% of the share capital during this period, is Onmedia Group Limited, registered in England and Wales, registration number 07137556 and registered office address is at |
| Langley House, Park Road, London N2 8EY, England. This company is controlled by the director of Cabvision Network Limited, Mr L DaCosta by virtue of share holding. |
13. | DEVELOPMENT EXPENDITURE |
Development expenditure of £273,523 (Period ended November 2023: £817,944) has been capitalised during the period as they relate to clearly defined projects, one of which the company believe will complete developing within the current year, the management will then proceed to licensing the products to sell. The project is technically feasible and has had positive feedback concerning its potential demand from industry experts. For that development amortisation will commence next year with the commercial production or application of the product. Amortisation is calculated annually on a systematic basis over which the product is expected to be sold, estimated to be over five years. The entries shall be reviewed at the end of each accounting period to ensure the accounting treatment is still justified. |
14. | FINANCIAL RISK MANAGEMENT AND INDUSTRY UPDATE |
The company has exposures to two areas of risks: liquidity risk and customer credit exposure. |
Liquidity risk |
The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows. The company is required to report capital adequacy to the FCA on a regular basis. |
FCA requirements |
As per new requirements introduced by the Financial Conduct Authority for electronic money institutions in the payment processing industry, the company is required to submit periodical reports to the FCA to remain compliant with client assets rules. Breaching any applicable FCA regulations will result in losing the FCA licence to operate their business. |
Industry information |
The London Black Taxi industry is contracting around 4% a year due to newer and innovative competitors such as Uber and Lyft etc. However Cabvision is very competitive in its' industry where it controls 20% of black cab industry and have a very strong client retention percentage. |