Cornet Switching Systems Limited

(Registration number: 03331669)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Current assets
Debtors	5	676,056	398,930
Cash at bank and in hand		1,263,861	1,586,328
		1,939,917	1,985,258
Creditors: Amounts falling due within one year	6	(408,974)	(593,529)
Net assets		1,530,943	1,391,729
Capital and reserves
Called up share capital		2	2
Retained earnings		1,530,941	1,391,727
Shareholders' funds		1,530,943	1,391,729

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 November 2025 and signed on its behalf by:
 

......................................... A Clinton-Watkins Director

Cornet Switching Systems Limited

Statement of Changes in Equity for the Year Ended 31 March 2025

	Share capital £	Retained earnings £	Total £
At 1 April 2024	2	1,391,727	1,391,729
Profit for the year	-	139,214	139,214
At 31 March 2025	2	1,530,941	1,530,943

	Share capital £	Retained earnings £	Total £
At 1 April 2023	2	1,303,214	1,303,216
Profit for the year	-	88,513	88,513
At 31 March 2024	2	1,391,727	1,391,729

Cornet Switching Systems Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
De Salis House De Salis Drive
Hampton Lovett
Droitwich
Worcestershire
WR9 0QE

2	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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements have been rounded to the nearest £.

Going concern

These financial statements are prepared on the going concern basis. The Directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The parent company and group have confirmed in writing they intend to support the company over the next 12 months.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 5 November 2025 was Adrian Sidaway BFP ACA, who signed for and on behalf of Ballards LLP.

Cornet Switching Systems Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Key sources of estimation uncertainty

Revenue from contracts to provide technical support services is recognised over time using the stage of completion method, based on the proportion of total expected service hours completed at the reporting date. This requires management to make estimates regarding:

The level of completion at the reporting date

These estimates are reviewed regularly and updated as necessary. Changes in these estimates could have a material impact on the amount of revenue recognised in the period. Where the outcome of a contract cannot be reliably estimated, revenue is recognised only to the extent of recoverable costs incurred.

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.

For contracts spanning the period end, the company recognises revenue from the point at which goods are delivered to the customer based on a stage of completion basis. The stage of completion is calculated with reference to the costs incurred to date compared to the total costs expected under the contract. Costs incurred on goods that have not been delivered to the customer's site are recorded as work-in-progress.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

Cornet Switching Systems Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	Straight line over 3 years

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 merchandise sold or 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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2024 - 0).

Cornet Switching Systems Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Office equipment £	Total £
Cost or valuation
At 1 April 2024	24,353	24,353
At 31 March 2025	24,353	24,353
Depreciation
At 1 April 2024	24,353	24,353
At 31 March 2025	24,353	24,353
Carrying amount
At 31 March 2025	-	-
At 31 March 2024	-	-

5

Debtors

Current	2025 £	2024 £
Prepayments	-	5,986
Other debtors	-	2
	-	5,988

Non-current	Note	2025 £	2024 £
Amounts owed by related parties	7	676,056	392,942
		676,056	392,942

Amounts owed by related parties includes amounts receivable in respect of sales made by the company. All sales invoices are raised and collected by a group company.

Cornet Switching Systems Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

6

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Corporation tax	46,154	29,178
Accruals and deferred income	362,820	564,351
	408,974	593,529

7	Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

8	Parent and ultimate parent undertaking

The company's immediate parent is GGR Communication Group Limited, incorporated in England and Wales.

  These financial statements are available from Companies House.

 The ultimate controlling party is A Clinton-Watkins.

The parent of the largest group in which these financial statements are consolidated is GGR Communication Group Limited, incorporated in England and Wales.