REGISTERED NUMBER: 03679291 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

DESTINET LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D M Hepburn

T C Munday

SECRETARY:

T C Munday

REGISTERED OFFICE:

Bradley House

7 Park Five Business Centre

Harrier Way

Exeter

Devon

EX2 7HU

REGISTERED NUMBER:

03679291 (England and Wales)

ACCOUNTANTS:

TC Group

Baird House

Seebeck Place

Knowlhill

Milton Keynes

Buckinghamshire

MK5 8FR

FIXED ASSETS

Intangible assets

4

352,192

372,794

Tangible assets

5

12,311

14,841

364,503

387,635

CURRENT ASSETS

Debtors

6

388,840

467,609

Cash at bank

605,206

563,436

994,046

1,031,045

CREDITORS

Amounts falling due within one year

7

723,455

682,996

NET CURRENT ASSETS

270,591

348,049

TOTAL ASSETS LESS CURRENT LIABILITIES

635,094

735,684

CREDITORS

Amounts falling due after more than one year

8

(250,094

)

(304,033

)

PROVISIONS FOR LIABILITIES

(64,110

)

(64,915

)

NET ASSETS

320,890

366,736

CAPITAL AND RESERVES

Called up share capital

1,177

1,177

Retained earnings

319,713

365,559

SHAREHOLDERS' FUNDS

320,890

366,736

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

T C Munday - Director

D M Hepburn - Director

1.	STATUTORY INFORMATION

Destinet Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on cost

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Work in progress and services invoiced in advance

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Where services which are to be provided after the accounting date have been invoiced prior to that date, an appropriate provision is made.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 January 2024

2,464,952

Additions

166,788

At 31 December 2024

2,631,740

AMORTISATION

At 1 January 2024

2,092,158

Amortisation for year

187,390

At 31 December 2024

2,279,548

NET BOOK VALUE

At 31 December 2024

352,192

At 31 December 2023

372,794

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

13,922

43,307

57,229

Additions

1,046

2,902

3,948

At 31 December 2024

14,968

46,209

61,177

DEPRECIATION

At 1 January 2024

7,610

34,778

42,388

Charge for year

1,634

4,844

6,478

At 31 December 2024

9,244

39,622

48,866

NET BOOK VALUE

At 31 December 2024

5,724

6,587

12,311

At 31 December 2023

6,312

8,529

14,841

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

55,326

152,630

Amounts owed by associates

315,745

301,128

Other debtors

17,769

13,851

388,840

467,609

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

41,616

38,970

Trade creditors

21,073

-

Amounts owed to group undertakings

11,732

10,068

Taxation and social security

139,916

128,909

Other creditors

509,118

505,049

723,455

682,996

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

219,090

268,275

Other creditors

31,004

35,758

250,094

304,033

Amounts falling due in more than five years:

Repayable by instalments

Mortgage over 5 years

197,090

215,903

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

43,583

46,811

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Mortgage

225,590

231,873

The loan is secured by a fixed and floating charge over the assets of the company, and also over the land owned by Beyond Carbon Limited.

11.	ULTIMATE CONTROLLING PARTY

The company's parent undertaking is Carbon Husky Limited.