Flexenet Ltd 31/12/2024 iXBRL

Company registration number: 06987926

Flexenet Ltd

Unaudited filleted financial statements

31 December 2024

Flexenet Ltd

Contents

Directors and other information

Accountant's report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Flexenet Ltd

Directors and other information


	Directors	J Williams
		C Rose
		G Wilkins


	Company number	06987926


	Registered office	Top Lane Cottage
		Blacksmiths Lane
		Abbotsley
		Huntingdonshire
		PE19 6UG


	Accountant	Hyde & Lewis
		1 Cambridge Road
		Sandy
		Bedfordshire
		SG19 1JE

Flexenet Ltd

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Flexenet Ltd

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Flexenet Ltd for the year ended 31 December 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the board of directors of Flexenet Ltd, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Flexenet Ltd and state those matters that we have agreed to state to the board of directors of Flexenet Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Flexenet Ltd and its board of directors as a body for my work or for this report.

It is your duty to ensure that Flexenet Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Flexenet Ltd. You consider that Flexenet Ltd is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of Flexenet Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.

Hyde & Lewis

Chartered Certified Accountants

1 Cambridge Road

Sandy

Bedfordshire

SG19 1JE

12 September 2025

Flexenet Ltd

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	5	4,074		8,550
Investments	6	579		579
		_______		_______
			4,653		9,129

Current assets
Debtors	7	532,229		246,950
Cash at bank and in hand		600,930		1,011,976
		_______		_______
		1,133,159		1,258,926
Creditors: amounts falling due
within one year	8	( 735,848)		( 339,948)
		_______		_______
Net current assets			397,311		918,978
			_______		_______
Total assets less current liabilities			401,964		928,107


Provisions for liabilities			( 652)		( 3,385)

			_______		_______
Net assets			401,312		924,722
			_______		_______

Capital and reserves
Called up share capital			339,838		339,838
Share premium account			57,562		57,562
Profit and loss account			3,912		527,322
			_______		_______
Shareholders funds			401,312		924,722
			_______		_______

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

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 12 September 2025 , and are signed on behalf of the board by:

C Rose

Director

Company registration number: 06987926

Flexenet Ltd

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£


At 1 January 2023	339,838	57,562	832,216	1,229,616

Profit for the year			695,106	695,106
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	695,106	695,106

Dividends paid and payable			( 1,000,000)	( 1,000,000)
	_______	_______	_______	_______
Total investments by and distributions to owners	-	-	( 1,000,000)	( 1,000,000)

	_______	_______	_______	_______
At 31 December 2023 and 1 January 2024	339,838	57,562	527,322	924,722

Profit for the year			1,096,840	1,096,840
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	1,096,840	1,096,840

Dividends paid and payable			( 1,620,250)	( 1,620,250)
	_______	_______	_______	_______
Total investments by and distributions to owners	-	-	( 1,620,250)	( 1,620,250)

	_______	_______	_______	_______
At 31 December 2024	339,838	57,562	3,912	401,312
	_______	_______	_______	_______

Flexenet Ltd

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Top Lane Cottage, Blacksmiths Lane, Abbotsley, Huntingdonshire, PE19 6UG.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

The company recognises revenue on the issue of invoices, net of VAT, for services consumed or goods delivered in respect of the development of new gateway and telecoms for private wires.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for 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 reversal 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 asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).

5. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 January 2024	455,051	455,051
Additions	1,452	1,452
	_______	_______
At 31 December 2024	456,503	456,503
	_______	_______
Depreciation
At 1 January 2024	446,501	446,501
Charge for the year	5,928	5,928
	_______	_______
At 31 December 2024	452,429	452,429
	_______	_______
Carrying amount
At 31 December 2024	4,074	4,074
	_______	_______
At 31 December 2023	8,550	8,550
	_______	_______

6. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	579	579
	_______	_______
Impairment
At 1 January 2024 and 31 December 2024	-	-
	_______	_______
Carrying amount
At 31 December 2024	579	579
	_______	_______
At 31 December 2023	579	579
	_______	_______

Investments in group undertakings
	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Flexenet Inc.	244 5th Avenue, New York, NY10001, USA	Ordinary $1US	100

Flexenet PTE. Ltd.	c/o Paul Hype Page & Co, 10 Anson Road, International Plaza, #22-15, Singapore, 079903.	Ordinary $1SNG	100

Flexenet Hongkong Ltd.	Unit 2401, Dominion Centre, Nos.43-59 Queen's Road East, Hong Kong	Ordinary $1HK	100

Flexenet Japan K.K.	Otemachi Building 1F, 1-6-1 Otemachi, Chiyoda-ku, Tokyo	Ordinary ¥1000	100

7. Debtors

	2024	2023
	£	£
Trade debtors	453,816	165,928
Amounts owed by group undertakings and undertakings in which the company has a participating interest	-	1,659
Other debtors	78,413	79,363
	_______	_______
	532,229	246,950
	_______	_______

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	10,892	34,910
Amounts owed to group undertakings and undertakings in which the company has a participating interest	250,000	-
Corporation tax	307,123	154,591
Social security and other taxes	94,759	80,419
Other creditors	73,074	70,028
	_______	_______
	735,848	339,948
	_______	_______

9. Operating leases

At the balance sheet date the company had outstanding commitments to June 2025 for future minimum lease payments under non-cancellable operating leases of £32,000 (2023 : £68,000).

10. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	C Rose	( 1,000)	63	( 937)
		_______	_______	_______

2023
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	C Rose	( 1,000)	-	( 1,000)
		_______	_______	_______

The above loans are interest free and no repayment period has been set.

11. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
Flexenet Inc.	380,368	10,368	120,000	1,659
	_______	_______	_______	_______

Flexenet Ltd is the parent of the above named company to whom loans and income have been made and received. Loans are on flexible terms and no repayment period has been set.

12. Controlling party

The company was controlled throughout the period by C Rose and G Wilkins , the directors of the company acting in concert.