Ping Network Solutions Limited SC365069 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of support and installation of data networks. Digita Accounts Production Advanced 6.30.9574.0 true true true false true SC365069 2024-01-01 2024-12-31 SC365069 2024-12-31 SC365069 bus:Director2 2024-12-31 SC365069 bus:Director3 2024-12-31 SC365069 bus:Consolidated 2024-12-31 SC365069 core:AcceleratedTaxDepreciationDeferredTax 2024-12-31 SC365069 core:ProvisionsDeferredTax 2024-12-31 SC365069 core:CurrentFinancialInstruments 2024-12-31 SC365069 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 SC365069 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 SC365069 core:BetweenTwoFiveYears 2024-12-31 SC365069 core:MoreThanFiveYears 2024-12-31 SC365069 core:WithinOneYear 2024-12-31 SC365069 core:FurnitureFittingsToolsEquipment 2024-12-31 SC365069 core:MotorVehicles 2024-12-31 SC365069 core:OtherPropertyPlantEquipment 2024-12-31 SC365069 core:DeferredTaxation 2024-12-31 SC365069 bus:FRS102 2024-01-01 2024-12-31 SC365069 bus:Audited 2024-01-01 2024-12-31 SC365069 bus:FullAccounts 2024-01-01 2024-12-31 SC365069 bus:RegisteredOffice 2024-01-01 2024-12-31 SC365069 bus:Director1 2024-01-01 2024-12-31 SC365069 bus:Director2 2024-01-01 2024-12-31 SC365069 bus:Director3 2024-01-01 2024-12-31 SC365069 bus:Director4 2024-01-01 2024-12-31 SC365069 bus:Director5 2024-01-01 2024-12-31 SC365069 bus:Consolidated 2024-01-01 2024-12-31 SC365069 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC365069 countries:Europe 2024-01-01 2024-12-31 SC365069 countries:RestWorldOutsideEurope 2024-01-01 2024-12-31 SC365069 countries:UnitedKingdom 2024-01-01 2024-12-31 SC365069 core:LandBuildingsUnderOperatingLeases 2024-01-01 2024-12-31 SC365069 core:FurnitureFittings 2024-01-01 2024-12-31 SC365069 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 SC365069 core:MotorVehicles 2024-01-01 2024-12-31 SC365069 core:OfficeEquipment 2024-01-01 2024-12-31 SC365069 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 SC365069 core:DeferredTaxation 2024-01-01 2024-12-31 SC365069 core:ForeignTax 2024-01-01 2024-12-31 SC365069 core:UKTax 2024-01-01 2024-12-31 SC365069 1 2024-01-01 2024-12-31 SC365069 countries:Scotland 2024-01-01 2024-12-31 SC365069 2023-12-31 SC365069 core:FurnitureFittingsToolsEquipment 2023-12-31 SC365069 core:MotorVehicles 2023-12-31 SC365069 core:OtherPropertyPlantEquipment 2023-12-31 SC365069 core:DeferredTaxation 2023-12-31 SC365069 2023-01-01 2023-12-31 SC365069 2023-12-31 SC365069 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC365069 core:ProvisionsDeferredTax 2023-12-31 SC365069 core:CurrentFinancialInstruments 2023-12-31 SC365069 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 SC365069 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 SC365069 core:BetweenTwoFiveYears 2023-12-31 SC365069 core:MoreThanFiveYears 2023-12-31 SC365069 core:WithinOneYear 2023-12-31 SC365069 core:FurnitureFittingsToolsEquipment 2023-12-31 SC365069 core:MotorVehicles 2023-12-31 SC365069 core:OtherPropertyPlantEquipment 2023-12-31 SC365069 countries:Europe 2023-01-01 2023-12-31 SC365069 countries:RestWorldOutsideEurope 2023-01-01 2023-12-31 SC365069 countries:UnitedKingdom 2023-01-01 2023-12-31 SC365069 core:LandBuildingsUnderOperatingLeases 2023-01-01 2023-12-31 SC365069 core:ForeignTax 2023-01-01 2023-12-31 SC365069 core:UKTax 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC365069

Ping Network Solutions Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Ping Network Solutions Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Statement of Income and Retained Earnings

10

Statement of Financial Position

11

Notes to the Financial Statements

12 to 23

 

Ping Network Solutions Limited

Company Information

Directors

J F Mottard

O Slamenkaite

K Moreton

Registered office

3 Dove Wynd
Strathclyde Business Park
Bellshill
ML4 3FB

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

 

Ping Network Solutions Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is that of support and installation of data networks.

Fair review of the business

The company's turnover fell slightly whilst the gross margin was maintained with a small increase of 1% this year as the company continued to invest in product development and build the technical experience necessary to allow it to help meet its customer's demands.

Whilst the previous year has seen challenging global conditions as a result of economic uncertainty following the conflict in Ukraine, as well as challenging domestic conditions as a result of government economic policy, the company has still performed well and continue to grow. This has been down to the continued growth in remote working and need for enhanced collaboration solutions for businesses.

The business has acquired new customers and grown existing contracts during the last year, which has left us well positioned to continue to grow both turnover and profitability for the foreseeable future, with this business unit.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

25,487,609

25,726,613

Gross Margin

%

26

25

Profit before tax

£

1,428,163

2,435,479

Cash at bank

£

2,901,881

5,122,477

Net assets

£

4,917,829

5,846,707

The company's KPIs have remained at managements expectations as a result of retaining customers and the growth of existing contracts. This has allowed the directors to make dividend payments to its parent undertaking of £2,000,000 this year. These improved results and profitability have enabled the company to maintain a strong net asset position with good cash reserves.

Principal risks and uncertainties

The principal risks facing the company include:

Market performance - the company's sales are dependent on the strength of the Scottish technology market. The company monitors trends in the market closely and resource plans to meet anticipated changes.

Competitive risk - the company operates in a competitive market where there are few barriers to entry. It maintains a dialogue with its customers and continually reviews its products and services to ensure that they remain competitive.

Major disruption/disaster - the company regularly reviews it business continuity plans to minimise the impact of major disruption or disasters.

 

Ping Network Solutions Limited

Strategic Report for the Year Ended 31 December 2024

Financial instruments

Objectives and policies

The company uses basic financial instruments, other than derivatives, comprising bank balances, and various other items such as trade debtors, trade debt factoring and trade creditors. The main purpose of these instruments is to raise funds for and finance the company's operations.

It is, and has been throughout the year under review, the company's policy that no trade in non-basic financial instruments shall be undertaken.

The company does not enter into any formal hedging arrangements.

Price risk, credit risk, liquidity risk and cash flow risk

Liquidity, credit, price and cash flow risks are managed by the directors on a constant basis to ensure the company maintains adequate cash flows to serve its working capital requirements.

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in sterling.

Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimising such losses by authorisation of credit terms to customers who demonstrate an appropriate payments history and satisfy credit worthiness procedures.

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity risk by managing cash generation by its operations and ensuring regular monitoring of amounts outstanding for both time and credit limits in trade debtors.

Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability such as future interest payments on a variable rate debt. The company manages this risk, where significant, and does not maintain any derivatives or complex financial instruments as explained above.

Future developments

The company will continue to monitor market conditions, and the changing landscape that is arising from the current economic uncertainties, but remain confident about the opportunities ahead. Our ability to use our experience and skills to support our existing customers and acquire new clients throughout this difficult economic period.

The company is part of the Sword Worldwide group and the directors believe that this will allow the company to continue with its growth plans and that the principal activities and trading performance is expected to be in line with the directors growth forecasts.

On 1 January 2025 the trade and assets of the company were hived across into Sword IT Solutions Limited at their book value.

Approved by the Board on 4 June 2025 and signed on its behalf by:

.........................................
O Slamenkaite
Director

 

Ping Network Solutions Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

J F Mottard

O Slamenkaite (appointed 10 June 2024)

K Moreton (appointed 10 June 2024)

P Norgate (resigned 30 June 2024)

D Bruce (resigned 30 June 2024)

Dividends

During the year interim dividends amounting to £2,000,000 (2023: £nil) were declared and paid. No final dividend is proposed.

Information included in the Strategic Report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report. It has done so in respect of future developments and financial instruments.

Post balance sheet events

On 1 January 2025 the trade and assets of the company were hived across into Sword IT Solutions Limited at their book value.

Directors' liabilities

As permitted by Articles of Association, the directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the director on 4 June 2025 and signed by:



 

.........................................
O Slamenkaite
Director

 

Ping Network Solutions Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Ping Network Solutions Limited

Independent Auditor's Report to the Members of Ping Network Solutions Limited
for the Year Ended 31 December 2024

Opinion

We have audited the financial statements of Ping Network Solutions Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Ping Network Solutions Limited

Independent Auditor's Report to the Members of Ping Network Solutions Limited
for the Year Ended 31 December 2024

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities (set out on page 5), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Ping Network Solutions Limited

Independent Auditor's Report to the Members of Ping Network Solutions Limited
for the Year Ended 31 December 2024

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws, health and safety legislation and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

We understood how the company is complying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

Ping Network Solutions Limited

Independent Auditor's Report to the Members of Ping Network Solutions Limited
for the Year Ended 31 December 2024

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Darren Bond (Senior Statutory Auditor)
For and on behalf of

Brebners, Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

5 June 2025

 

Ping Network Solutions Limited

Statement of Income and Retained Earnings for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

25,487,609

25,726,613

Cost of sales

 

(18,858,185)

(19,226,486)

Gross profit

 

6,629,424

6,500,127

Administrative expenses

 

(5,233,331)

(4,105,245)

Other operating income

4

23,062

25,163

Operating profit

5

1,419,155

2,420,045

Other interest receivable and similar income

6

9,008

15,434

Profit before tax

 

1,428,163

2,435,479

Taxation

9

(357,041)

(572,492)

Profit for the financial year

 

1,071,122

1,862,987

Retained earnings brought forward

 

5,371,598

3,508,611

Dividends paid

 

(2,000,000)

-

Retained earnings carried forward

 

4,442,720

5,371,598

 

Ping Network Solutions Limited

Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

257,020

326,624

Current assets

 

Stocks

11

57,400

-

Debtors

12

10,801,788

5,888,774

Debtors due in greater than one year

12

531,849

562,278

Cash at bank and in hand

 

2,901,881

5,122,477

 

14,292,918

11,573,529

Creditors: Amounts falling due within one year

14

(8,908,790)

(5,263,433)

Net current assets

 

5,384,128

6,310,096

Total assets less current liabilities

 

5,641,148

6,636,720

Creditors: Amounts falling due after more than one year

14

(678,605)

(744,991)

Provisions for liabilities

15

(44,714)

(45,022)

Net assets

 

4,917,829

5,846,707

Capital and reserves

 

Called up share capital

1,074

1,074

Share premium reserve

18

474,035

474,035

Retained earnings

18

4,442,720

5,371,598

Shareholders' funds

 

4,917,829

5,846,707

Approved and authorised by the Board on 4 June 2025 and signed on its behalf by:

 

......................................................................

O Slamenkaite

Director

Company registration number: SC365069

 

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
3 Dove Wynd
Strathclyde Business Park
Bellshill
ML4 3FB
Scotland

The principal activity of the company is that of support and installation of data networks.

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit before tax for the period ended 31 December 2024 and had net assets of £4,917,829 at that date including cash at bank amounting to £2,901,881.

During the year our business has proven extremely robust and has performed well during this period, our cashflow has remained strong and we hold sufficient cash for our working capital requirements. Furthermore, our pipeline of opportunities has also remained robust and our profitability has increased during this period.

On 1 January 2025 the trade and assets of the company were hived across into Sword IT Solutions Limited at their book value. The business unit continues to trade profitably as a going concern within Sword IT Solutions Limited.

As such, having made enquiries, the directors have a reasonable expectation that the company has adequate resources to continue operating for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Summary of disclosure exemptions

The entity satisfies the criteria of being a qualified entity as defined in FRS 102. Its financial statements are consolidated into the financial statement of Sword Group SE, which can be obtained from sword-group.com/en/investors. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 as FRS 102:

(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
(c) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions in accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future projects

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Work in progress
The timing of revenue recognition on long term projects depends on the stage of completion of the project at the balance sheet date. This assessment requires the expected total project revenues and costs to be valued based on the current progress of the project.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account, trade discounts, settlement discounts, and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been passed to the buyer (usually on dispatch of the goods), the amount of revenue can be reliable measured, it is probable that the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimate reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

 

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Government grants

Government grants have been recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and that the grants will be received. The grants have been recognised based on the accrual model as a grant relating to revenue, which has been recognised in other operating income in the period in which it becomes receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

10% Straight line

Motor vehicles

25% Straight line

Office Equipment

25% Straight Line

 

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Finance leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements with the interest being charged to the profit and loss.

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Objectives and policies

The company's principal financial instruments comprise bank balances, bank overdrafts, trade and other creditors, trade debtors, loan and hire purchase agreements. The main purpose of these instruments is to raise funds for and finance the company's operations.

Price risk, credit risk, liquidity risk and cash flow risk

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of the bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The company has loan facilities which are continually monitored, with the compliance with all relevant covenants prioritised.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts falling due.
 

 

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Hardware and software sales

6,488,013

8,086,233

Support, installation and subscriptions

18,999,596

17,640,380

25,487,609

25,726,613

The analysis of the company's Turnover for the year by market is as follows:

2024
£

2023
£

United Kingdom

25,099,630

25,333,274

Europe

128,092

75,803

Rest of world

259,887

317,536

25,487,609

25,726,613

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
 £

2023
 £

Government grants

23,062

25,163

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

105,212

110,421

Foreign exchange losses

1,115

1,501

Operating lease expense - property

133,257

133,257

239,584

245,179

6

Other interest receivable and similar income

2024
£

2023
£

Other interest receivable

9,008

15,434

 

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

6,753,952

5,757,439

Social security costs

740,787

647,771

Pension costs, defined contribution scheme

228,892

199,884

Other employee expense

11,282

22,103

7,734,913

6,627,197


Staff numbers

The average number of persons employed by the company during the year, analysed by category was as follows:

2024
No.

2023
No.

Engineering staff

63

63

Administration and support

40

33

103

96

8

Auditor's remuneration

2024
 £

2023
 £

Audit of the financial statements

21,000

20,250

Other fees to auditors

Taxation compliance services

2,800

2,675

Half year review engagement services

11,100

10,500

13,900

13,175


 

 

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

359,783

539,584

UK corporation tax adjustment to prior periods

(3,050)

-

356,733

539,584

Subvention payment

-

32,754

Total current income tax

356,733

572,338

Deferred taxation

Arising from changes in tax rates and laws

308

154

Tax expense in the income statement

357,041

572,492

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - lower than the hybrid rate of corporation tax in the UK) of 25%.

The standard rate of UK corporation tax is 25% from 1 April 2023. The hybrid corporation tax for prior financial year 2023 is 23.5%.

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,428,163

2,435,479

Corporation tax at standard rate (2023: hybrid rate)

357,041

572,339

Deferred tax expense from unrecognised temporary difference from a prior period

-

153

Decrease in UK current tax from adjustment for prior periods

(3,050)

-

Other tax effects for reconciliation between accounting profit and tax expense

3,050

-

Total tax charge

357,041

572,492

 

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax

Deferred tax assets and liabilities

31 December 2024

Liability
£

Accelerated capital allowances

84,073

Grant deferred income and other provisions

(39,359)

44,714

31 December 2023

Liability
£

Accelerated capital allowances

84,073

Grant deferred income and other provisions

(39,051)

45,022

10

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 January 2024

411,288

37,473

654,448

1,103,209

Additions

-

-

35,608

35,608

At 31 December 2024

411,288

37,473

690,056

1,138,817

Depreciation

At 1 January 2024

197,275

9,368

569,942

776,585

Charge for the year

42,912

9,369

52,931

105,212

At 31 December 2024

240,187

18,737

622,873

881,797

Carrying amount

At 31 December 2024

171,101

18,736

67,183

257,020

At 31 December 2023

214,013

28,105

84,506

326,624

11

Stocks

2024
£

2023
£

Goods for resale

57,400

-

 

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

12

Debtors

2024
£

2023
£

Trade debtors

1,999,010

2,593,226

Amounts owed by related parties

572

52,102

Other debtors

363,551

-

Prepayments and accrued income

8,258,758

3,064,201

Corporation tax asset

179,897

179,245

 

10,801,788

5,888,774

Non-current

2024
£

2023
£

Prepayments

531,849

562,278

 

531,849

562,278

13

Cash and cash equivalents

2024
£

2023
£

Cash at bank

2,901,881

5,122,477

14

Creditors

2024
£

2023
£

Due within one year

Trade creditors

3,966,573

689,676

Social security and other taxes

209,684

659,975

Other payables

36,418

36,550

Accruals

4,696,115

3,877,232

8,908,790

5,263,433

Due after one year

Deferred income

678,605

744,991

15

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2024

45,022

45,022

Increase (decrease) in existing provisions

(308)

(308)

At 31 December 2024

44,714

44,714

 

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £228,892 (2023 - £199,884).

Contributions totalling £34,893 (2023 - £30,466) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

107,000

1,070

107,000

1,070

Ordinary B shares of £1 each

4

4

4

4

107,004

1,074

107,004

1,074

18

Reserves

The share premium account contains the premium arising on the issue of equity shares, net of issue expenses.

The profit and loss account includes all current and prior retained earnings and accumulated losses.

19

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

55,541

55,541

Later than one year and not later than five years

308,656

297,447

Later than five years

-

66,750

364,197

419,738

The amount of non-cancellable operating lease payments recognised as an expense during the year was £55,541 (2023 - £55,541).

 

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

20

Related party transactions

Amounts due to and from group undertakings at 31 December 2024 are aggregated as permitted by FRS 102 and shown separately in debtors and creditors.

In accordance with FRS 102 paragraph 33.1A, exemption is taken not to disclose transactions in the year between wholly owned group undertakings.

21

Parent and ultimate parent undertaking


 The company's immediate parent is Sword Charteris Limited, incorporated in England and Wales.

Ultimate control vests with Sword Group SE. Sword Group SE produces financial statements available for public use.

Sword Group SE, whose registered office is located at Route d'Arlon 2-4, L-8399 Windhof, Luxembourg, is the parent of the smallest and largest group preparing consolidated financial statements incorporating the results of the company.