MS3 Networks Limited - Accounts to registrar (filleted) - small 18.2
MS3 Networks Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31st October 2019 |
| for |
| MS3 Networks Limited |
| MS3 Networks Limited (Registered number: 08190151) |
| Contents of the Financial Statements |
| for the year ended 31st October 2019 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 7 |
| MS3 Networks Limited |
| Company Information |
| for the year ended 31st October 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Princes House |
| Wright Street |
| Hull |
| East Yorkshire |
| HU2 8HX |
| BANKERS: |
| P O Box 11 |
| Trinity House Lane |
| Hull |
| HU1 2JB |
| MS3 Networks Limited (Registered number: 08190151) |
| Abridged Balance Sheet |
| 31st October 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Revaluation reserve | 8 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| MS3 Networks Limited (Registered number: 08190151) |
| Abridged Balance Sheet - continued |
| 31st October 2019 |
| 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 |
| MS3 Networks Limited (Registered number: 08190151) |
| Notes to the Financial Statements |
| for the year ended 31st October 2019 |
| 1. | STATUTORY INFORMATION |
| MS3 Networks Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounts are prepared on a going concern basis. The Directors are aware that the company has a deficit on the profit and loss account as a result of losses incurred since the company started to trade. The development of the Network is now substantially complete and the Directors are confident that the company will now be able to trade profitably. In view of this the Directors have revalued the Network and details are shown in the accounts. |
| Significant judgements and estimates |
| In preparing the accounts the Directors have revalued the Network at £4m. This is an estimated value based in the Director's knowledge of the telecommunications industry. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| 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. |
| MS3 Networks Limited (Registered number: 08190151) |
| Notes to the Financial Statements - continued |
| for the year ended 31st October 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST OR VALUATION |
| At 1st November 2018 |
| Additions |
| At 31st October 2019 |
| DEPRECIATION |
| At 1st November 2018 |
| Charge for year |
| Eliminated on disposal |
| At 31st October 2019 |
| NET BOOK VALUE |
| At 31st October 2019 |
| At 31st October 2018 |
| Cost or valuation at 31st October 2019 is represented by: |
| Totals |
| £ |
| Valuation in 2018 | 4,000,000 |
| Cost | 63,107 |
| 4,063,107 |
| If plant and machinery had not been revalued it would have been included at the following historical cost: |
| 2019 | 2018 |
| £ | £ |
| Cost | 1,640,712 | 1,640,712 |
| Aggregate depreciation | 739,305 | 625,172 |
| The Network was valued on an open market basis on 31st October 2018 by the directors . |
| The directors have revalued the Network in the accounts at £4m and estimate it has a useful life of 40 years. |
| MS3 Networks Limited (Registered number: 08190151) |
| Notes to the Financial Statements - continued |
| for the year ended 31st October 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Other debtors |
| 6. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Loan from Compass Infrastructure UK (CI UK) Limited |
| The loan is secured by a debenture over the assets of the company and carries interest at 5%. The interest charge has been suspended for the foreseeable future. |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Ordinary | £1 | 5,000 | 5,000 |
| 8. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1st November 2018 |
| and 31st October 2019 |
| 9. | RELATED PARTY DISCLOSURES |
| MS3 Networks Limited is 43% owned by RDS Telecoms Limited which is a company registered in England and Wales. At 31 October 2019 the company was owed £2,150 (2018: £2,150) in relation to unpaid share capital. |
| MS3 Networks Limited is 36% owned by Welch Civils (Mid Wales) Limited, a company registered in England and Wales. At 31 October 2019 the company was owed £1,800 (2018: £1,800) in relation to unpaid share capital. |
| Mr H van Domelle is a director of Compass Infrastructure UK (CI UK) Limited. This company has made a loan of £944,000 (2018: £884,000) and is owed £2,488,529 (2018: £2,488,529) as a trade creditor. Both amounts have been included as amounts due after more than one year. Interest payable on the loan of 5% has been waived for the foreseeable future. |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| MS3 Networks Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MS3 Networks Limited for the year ended 31st October 2019 which comprise the Statement of Comprehensive Income, Abridged Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of MS3 Networks Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MS3 Networks Limited and state those matters that we have agreed to state to the Board of Directors of MS3 Networks Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MS3 Networks Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that MS3 Networks Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of MS3 Networks Limited. You consider that MS3 Networks Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of MS3 Networks Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants |
| Princes House |
| Wright Street |
| Hull |
| East Yorkshire |
| HU2 8HX |