Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-312025-03-315true5false2024-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activityfalsefalse 05773442 2024-04-01 2025-03-31 05773442 2023-04-01 2024-03-31 05773442 2025-03-31 05773442 2024-03-31 05773442 c:Director3 2024-04-01 2025-03-31 05773442 d:OfficeEquipment 2024-04-01 2025-03-31 05773442 d:PatentsTrademarksLicencesConcessionsSimilar 2024-04-01 2025-03-31 05773442 d:CurrentFinancialInstruments 2025-03-31 05773442 d:CurrentFinancialInstruments 2024-03-31 05773442 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-31 05773442 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 05773442 d:ShareCapital 2025-03-31 05773442 d:ShareCapital 2024-03-31 05773442 d:SharePremium 2025-03-31 05773442 d:SharePremium 2024-03-31 05773442 d:RetainedEarningsAccumulatedLosses 2025-03-31 05773442 d:RetainedEarningsAccumulatedLosses 2024-03-31 05773442 c:FRS102 2024-04-01 2025-03-31 05773442 c:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 05773442 c:FullAccounts 2024-04-01 2025-03-31 05773442 c:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 05773442 4 2024-04-01 2025-03-31 05773442 e:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure

Registered number: 05773442










WORLD CHANNEL NETWORK LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2025

 
WORLD CHANNEL NETWORK LIMITED
REGISTERED NUMBER: 05773442

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

  

Current assets
  

Cash at bank and in hand
 4 
4,669
78,430

  
4,669
78,430

Creditors: amounts falling due within one year
 5 
(3,838,961)
(4,680,029)

Net current liabilities
  
 
 
(3,834,292)
 
 
(4,601,599)

Total assets less current liabilities
  
(3,834,292)
(4,601,599)

  

Net liabilities
  
(3,834,292)
(4,601,599)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
  
299,300
299,300

Profit and loss account
  
(4,134,592)
(4,901,899)

  
(3,834,292)
(4,601,599)


Page 1

 
WORLD CHANNEL NETWORK LIMITED
REGISTERED NUMBER: 05773442
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025

The director considers 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 director acknowledges his 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 comprehensive income 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 by: 




................................................
Mr R Borras
Director

Date: 25 June 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
WORLD CHANNEL NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

World Channel Network Limited is a private company limited by shares incorporated in England and Wales, registration number 05773442. The registered office is 2 Salar House, Campfield Road, St Albans, Hertfordshire. The principal activity of the company during the year was the provision of video on demand, about fishing, via the Internet to subscribers.

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 financial statements are prepared in £ sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company had net current liabilities of £3,834,292 (2024: £4,601,599) and total net liabilities of £3,834,292 (2024: £4,601,599) at the balance sheet date. The accounts have been prepared on the going concern basis, on the basis that its holding company, World Channel Holdings Limited and its shareholders, have indicated their willingness and ability to support the company for at least twelve months from the date these accounts were approved so that it is able to meet its working capital requirements.
The directors have considered the annual budget, future cashflow forecasts and other relevant information in forming their assessment of the going concern assumption.

Page 3

 
WORLD CHANNEL NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.3

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is 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.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
5
years, amortised on a straight line basis

Page 4

 
WORLD CHANNEL NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

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.

Page 5

 
WORLD CHANNEL NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.10

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.12

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2024 - 5).

Page 6

 
WORLD CHANNEL NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

4.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
4,669
78,430



5.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
27,217
28,048

Amounts owed to related parties
3,485,878
4,332,978

Other taxation and social security
7,909
3,649

Other creditors
258,000
258,138

Accruals and deferred income
59,957
57,216

3,838,961
4,680,029



6.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


7.


Related party transactions

At the year end, the company owed Borras Construction Limited, a company under the control of the directors, £nil (2024: £968,000). The loan is unsecured, interest free and repayable on demand.

At the year end, the company owed £80,000 (2024: £80,000) to Mrs C Borras, the wife of the director Mr R Borras. The loan is unsecured, interest free and repayable on demand.

At the year end, the company owed RBC Property Developments Limited £3,485,878 (2024: £3,364,978). This loan is unsecured, interest free and repayable on demand.

8.


Ultimate parent company

The immediate and ultimate parent company was World Channel Network Holdings Limited, a company incorporated in England and Wales.
The company was under the benefical control of Mr R Borras during the current year and previous year.

 
Page 7