ComOn Network Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Registration number:
ComOn Network Limited
for the Year Ended 31 December 2024
ComOn Network Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
ComOn Network Limited
Company Information
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Director |
Mr B Pedersen |
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Registered office |
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Accountants |
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ComOn Network Limited
(Registration number: 06574637)
Statement of Financial Position as at 31 December 2024
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2024 |
2023 |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
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Net assets/(liabilities) |
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Equity |
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Called up share capital |
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Retained earnings |
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Shareholders' funds/(deficit) |
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For the financial 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.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
The financial statements of ComOn Network Limited were approved and authorised for issue by the
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Director
ComOn Network Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024
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General information |
ComOn Network Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
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Accounting policies |
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.
Statement of compliance
These financial statements were prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Going concern
These financial statements have been prepared under the going concern concept on the basis that the director has agreed to continue to provide adequate funds to enable the company to meet its liabilities as they fall due.
Critical judgements and key sources of estimation uncertainties
There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax.
ComOn Network Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current tax. Tax is recognised in the statement of income and retained earnings except that a change 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and at bank.
Trade receivables
Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of
impairment.
Payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.
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.
ComOn Network Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Receivables |
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2024 |
2023 |
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Trade receivables |
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Amounts owed by fellow subsidiary undertaking |
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Other receivables |
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The amounts owed by fellow subsidiary undertaking disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.
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Payables |
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2023 |
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Due within one year |
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Trade payable |
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Social security and other taxes |
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Corporation tax |
11,221 |
5,285 |
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Accruals |
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ComOn Network Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
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Share capital and reserves |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
The company has one class of share capital which carries no right to fixed income.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
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Related party transactions |
The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102- Small Entities not to disclose transactions with entities that are wholly owned members of the group.
There were no other related party transactions to disclose.
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Parent and ultimate parent undertaking |
The company's immediate and ultimate parent undertaking is
The ultimate controlling party is