Registration number:
Muso TNT Limited
for the Year Ended 31 March 2025
Muso TNT Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Muso TNT Limited
Company Information
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Directors |
Mr A V J Chatterley Mr J Mason Mr D B French Mrs J Marcus Mr H L Songeur |
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Registered office |
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Muso TNT Limited
(Registration number: 07351174)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
919 |
919 |
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Share premium reserve |
9,729,762 |
9,729,762 |
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Retained earnings |
(10,454,742) |
(9,991,919) |
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Shareholders' deficit |
(724,061) |
(261,238) |
For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Muso TNT Limited
(Registration number: 07351174)
Balance Sheet as at 31 March 2025
Approved and authorised by the
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Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Group accounts not prepared
Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Going concern
The financial statements have been prepared on a going concern basis. At 31 March 2025 the Company had net liabilities of £724,061 and net current liabilities of £333,141. Cash at bank was £269,260. Current borrowings totalled £198,893 and non-current borrowings £394,564.
The Company’s borrowings comprise (i) a Capchase facility (carrying amount £116,667) with a final instalment due by 31 October 2025, (ii) an Innovate UK loan (carrying amount £459,290) with a final instalment due 31 January 2030, and (iii) a BounceBack Loan (carrying amount £17,500) with a final instalment due 23 June 2026.
The Directors have prepared cash-flow forecasts covering at least twelve months from the date of approval of these financial statements (the “assessment period”). The forecasts reflect: (i) cost reductions implemented during FY25 of approximately £250,000 per annum, (ii) annual contracted revenue of approximately £2.1 million, and (iii) a sales pipeline of approximately £1.5 million. On this basis, the Directors forecast ongoing positive EBITDA from Q1 FY26.
The forecasts are sensitive to the timing of pipeline conversion, debtor collections, and the scheduled repayment of the Capchase facility by October 2025. The previously planned CLN did not proceed. While the Company is exploring alternative funding options and maintains supportive investor relationships, no binding financing agreements are in place at the date ofapproval of these financial statements.
These events and conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern, such that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. Notwithstanding this material uncertainty, the Directors consider that, taking into account the mitigating actions available to them, the Company will have sufficient resources to continue in operational existence for the assessment period and therefore continue to adopt the going concern basis of preparation.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.
The Research and Development credit is reported in the year in which the credit is received.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Computer Equipment |
3 Years Straight Line |
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Office Equipment |
3 Years Straight Line |
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Fixtures and Fittings |
5 Years Straight Line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2024 |
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Additions |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Investments |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 April 2024 |
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Provision |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2025 |
2024 |
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Subsidiary undertakings |
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Apartament 21
Romania |
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Debtors |
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Current |
2025 |
2024 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals |
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Other creditors |
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Deferred sales income |
414,363 |
389,919 |
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Creditors include deferred income of £414,363 which will unwind within the next 12 months.
Creditors: amounts falling due after more than one year
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Note |
2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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Deferred sales income |
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- |
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Creditors include deferred income of £8,759 which will unwind during the year to 31st March 2027.
Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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240.80 |
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240.80 |
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197.11 |
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197.11 |
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99.22 |
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99.22 |
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382.00 |
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382.00 |
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Other borrowings |
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Current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Other borrowings |
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Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Bank borrowings
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Other borrowings
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Innovate UK R&D loan is denominated in GBP with a nominal interest rate of 10%, and the final instalment is due on 31 January 2030. The carrying amount at year end is £459,290 (2024 - £500,726). |
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Capchase is denominated in GBP with a nominal interest rate of 9%, and the final instalment is due on 31 October 2025. The carrying amount at year end is £116,667 (2024 - £Nil). |
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Related party transactions |
Expenditure with and payables to related parties
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2025 |
Subsidiary |
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Rendering of services |
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2024 |
Subsidiary |
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Rendering of services |
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Loans to related parties
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2025 |
Key management |
Total |
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At start of period |
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Advanced |
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Repaid |
( |
( |
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At end of period |
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2024 |
Key management |
Total |
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Advanced |
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Repaid |
( |
( |
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At end of period |
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Muso TNT Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Terms of loans to related parties