Company Registration No. 01556954 (England and Wales)
INFOSPEED LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
BH23 1EF
INFOSPEED LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 8
INFOSPEED LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr. M Plakkot
Company number
01556954
Registered office
Discovery Court, Suite 38
551-553 Wallisdown Road
Poole
Dorset
BH12 5AG
Auditor
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
INFOSPEED LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
733
Current assets
Debtors
4
312,243
249,121
Cash at bank and in hand
614,070
1,011,733
926,313
1,260,854
Creditors: amounts falling due within one year
5
(629,492)
(635,796)
Net current assets
296,821
625,058
Total assets less current liabilities
296,821
625,791
Creditors: amounts falling due after more than one year
6
(68,030)
Net assets
296,821
557,761
Capital and reserves
Called up share capital
7
20,400
20,400
Share premium account
500
500
Capital redemption reserve
5,100
5,100
Profit and loss reserves
270,821
531,761
Total equity
296,821
557,761
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 28 July 2025
Mr. M Plakkot
Director
Company registration number 01556954 (England and Wales)
INFOSPEED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Infospeed Limited is a private company limited by shares incorporated in England and Wales. The registered office is Discovery Court, Suite 38, 551-553 Wallisdown Road, Poole, Dorset, BH12 5AG.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered the current economic climate, including the variability of interest rates and inflation. Group entities will continue to provide support as needed and ensure repayment of group balances if needed for going concern purposes. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
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.
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 estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, 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.
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:
Fixtures, fittings & equipment
3-5 years straight line
INFOSPEED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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.
1.7
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.
1.8
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.
INFOSPEED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
INFOSPEED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Leases
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.
1.11
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
7
6
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2024 and 31 December 2024
173,016
Depreciation and impairment
At 1 January 2024
172,283
Depreciation charged in the year
733
At 31 December 2024
173,016
Carrying amount
At 31 December 2024
At 31 December 2023
733
INFOSPEED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
96,455
90,035
Amounts owed by group undertakings
208,150
151,993
Other debtors
2,774
2,881
Prepayments and accrued income
4,864
4,212
312,243
249,121
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan (secured)
68,030
47,273
Trade creditors
4,376
1,065
Corporation tax
76,153
124,778
Other taxation and social security
12,706
11,816
Other creditors
2,301
1,710
Accruals and deferred income
465,926
449,154
629,492
635,796
Included within bank loans is £36,364 provided under a government guarantee. The remaining £31,666 is secured by fixed and floating charges over the assets of the company.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan (secured)
68,030
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
20,400
20,400
20,400
20,400
INFOSPEED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Dean Pullen FCCA
Statutory Auditor:
TC Group
Date of audit report:
30 July 2025
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
£
£
4,264
4,062
10
Related party transactions
The company has taken exemption from disclosing transactions with wholly owned entities in the group, in accordance with Section 33.1A of FRS102.
11
Parent company
The company is a wholly owned subsidiary of Infospeed Holdings Limited. The registered office and business address is Discovery Court, Suite 38, 551-553 Wallisdown Road, Poole, Dorset, BH12 5AG. In the director's opinion, the company is ultimately controlled by J McCaleb, by virtue of his controlling interest in the parent of the group.