Company No: 12892466 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
				Restated - note 2
Fixed assets
Intangible assets	4	6,315		5,097
Tangible assets	5	2,363		3,451
		8,678		8,548
Current assets
Debtors	6	228,375		487,702
Cash at bank and in hand		323,699		34,281
		552,074		521,983
Creditors: amounts falling due within one year	7	( 83,996)		( 126,250)
Net current assets		468,078		395,733
Total assets less current liabilities		476,756		404,281
Net assets		476,756		404,281
Capital and reserves
Called-up share capital	8	1		1
Share premium account		2,153,969		836,142
Profit and loss account		( 1,677,214 )		( 431,862 )
Total shareholders' funds		476,756		404,281

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Crucible Networks Limited (registered number: 12892466) were approved and authorised for issue by the Director. They were signed on its behalf by:

R A Gill Director

26 September 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Crucible Networks Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

The company will cease trading on 30 September 2025 and the financial statements have been prepared on a basis other than the going concern basis. This basis includes, where applicable, writing the company’s assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover 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. Turnover 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:

Turnover 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 turnover 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.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

not amortised

Other intangible assets

Intangible assets are originally recognised at cost stated at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment

3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Financial assets
Basic financial assets, including trade and other debtors, and amounts owed by related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial assets and liabilities are offset and 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.

Financial assets and liabilities are offset and 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.

2. Prior year adjustment

During the current year, the Company identified adjustments relating to prior periods that have resulted in a restatement of comparative figures. These adjustments pertain to:

A review of the Company's capital and reserves revealed amounts misallocated within reserves accounts, along with previously unrecorded amounts from prior periods. This adjustment has led to an increase in reported debtors and share premium account, and a decrease in other reserves.

These corrections have been accounted for retrospectively in accordance with Financial Reporting Standard 102 Section 10: Accounting Policies, Estimates and Errors, and comparative amounts have been restated accordingly. A summary of these adjustments is included below.

		As previously reported		Adjustment		As restated
Year ended 30 September 2023		£		£		£
Share premium		81		836,061		836,142
Other reserves		710,029		(710,029)		0
Debtors		361,670		126,032		487,702

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including the director	4		3

4. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 October 2023	5,097		5,097
Additions	6,248		6,248
Disposals	( 5,030)		( 5,030)
At 30 September 2024	6,315		6,315
Accumulated amortisation
At 01 October 2023	0		0
At 30 September 2024	0		0
Net book value
At 30 September 2024	6,315		6,315
At 30 September 2023	5,097		5,097

5. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 October 2023	6,824		6,824
Additions	1,252		1,252
At 30 September 2024	8,076		8,076
Accumulated depreciation
At 01 October 2023	3,373		3,373
Charge for the financial year	2,340		2,340
At 30 September 2024	5,713		5,713
Net book value
At 30 September 2024	2,363		2,363
At 30 September 2023	3,451		3,451

6. Debtors

	2024		2023
	£		£
Trade debtors	150,289		226,495
Other debtors	78,086		261,207
	228,375		487,702

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	57,909		31,017
Other taxation and social security	10,955		5,338
Other creditors	15,132		89,895
	83,996		126,250

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
119,688 Ordinary shares of £ 0.00001 each (2023: 114,786 shares of £ 0.00001 each)	1.20		1.15
5,000 Non-Voting B ordinary shares of £ 0.00001 each	0.05		0.05
	1.25		1.20
8,313 Preference shares of £ 0.00001 each (2023: nil shares)	0.08		0
	1.33		1.20

On 6 October 2023, the Company issued 4,902 £0.00001 Ordinary shares at par.

On 11 October 2023, the Company issued 5,196 £0.00001 Preferred shares at par for a value of £823,700.

On 29 April 2024, the Company issued 2,598 £0.00001 Preferred shares at par for a value of £411,861.

On 19 July 2024, the Company issued 519 £0.00001 Preferred shares at par for a value of £82,277.

9. Related party transactions

Included within debtors due within one year are amounts owed by the director of £1,730.36 (2023: £3,921). This balance is unsecured, repayable on demand and no interest charged.

10. Events after the Balance Sheet date

Subsequent to the balance sheet date, the directors undertook a strategic review of the company’s operations and financial position. As a result of this review, the directors resolved to cease trading and initiate steps to wind down the business.