|
Registered number: 07421503
HOSTED NETWORK SERVICES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2020
|
|
HOSTED NETWORK SERVICES LIMITED
REGISTERED NUMBER: 07421503
BALANCE SHEET
AS AT 30 JUNE 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 6 form part of these financial statements.
Page 1
|
|
HOSTED NETWORK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Hosted Network Services Limited (registered number 07421503) is a limited liability company incorporated in England and Wales under the Companies Act. The address of its registered office and principal place of business is Wessex House, Upper Market Street, Eastleigh, Hampshire, SO50 9FD.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
|
|
|
Exemption from preparing consolidated financial statements
|
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
The Directors have considered the financial position of the Company and Group and believe it to be a going concern on the basis it is profitable and it has significant cash reserves. The COVID-19 outbreak has so far not had a material impact on this assessment and, based on their current knowledge, the Directors do not expect it to do so going forward. Consequently, the financial statements have been prepared on a going concern basis.
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
Investments in subsidiaries are measured at cost less accumulated impairment.
Page 2
|
|
HOSTED NETWORK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.Accounting policies (continued)
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Short term debtors and creditors are measured at the transaction price. Other financial instruments, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form.
|
|
The average monthly number of employees, including directors, during the year was 3 (2019 - 3).
|
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 3
|
|
HOSTED NETWORK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
|
|
|
|
|
|
|
The following were subsidiary undertakings of the Company:
|
|
|
|
|
|
|
|
All subsidiaries are registered at Wessex House, Upper Market Street, Eastleigh, Hampshire, SO50 9FD.
|
|
|
Debtors: Amounts falling due within one year
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
Amounts owed to other participating interests
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 4
|
|
HOSTED NETWORK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
1,044,769 (2019 - 1,044,769) Ordinary shares of £0.000100 each
|
|
|
|
|
|
354,672 (2019 - 354,672) Ordinary A shares of £0.000100 each
|
|
|
|
|
|
60,422 (2019 - 60,422) Ordinary B shares of £0.000416 each
|
|
|
|
|
|
36,996 (2019 - 36,996) Ordinary C shares of £0.000131 each
|
|
|
|
|
|
714,286 (2019 - 714,286) Ordinary D shares of £0.000100 each
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company has established an Enterprise Management Incentives Share Option Plan under which eligible employees may be granted share options at the discretion of the directors. The exercise of the options is not conditional upon the performance of the Company and they may not be exercised later than the tenth anniversary of the date of grant.
|
|
|
|
Weighted average exercise price (pence)
2020
|
|
Weighted average exercise price
(pence)
2019
|
|
|
|
|
|
|
|
|
|
|
Outstanding at the beginning of the year
|
|
|
|
|
|
|
Outstanding at the end of the year
|
|
|
|
|
|
|
Related party transactions
|
|
|
The Company is exempt from disclosing related party transactions with its 100% owned subsidiary by virtue of FRS 102 section 33.1A.
The Company has not entered into material transactions with any related parties that were not concluded under normal market conditions.
|
The Directors believe there is no ultimate controlling party, for the following reasons:
• The institutional investor position is managed by YFM Equity Partners LLP on behalf of three separate investment vehicles,
• All of these investment vehicles are independent of each other,
• None of them has a majority stake,
• The largest of these is BSC VCT which is listed on the LSE and invested in by thousands of retail investors.
Page 5
|
|
HOSTED NETWORK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
The auditors' report on the financial statements for the year ended 30 June 2020 was unqualified.
The audit report was signed on 27 November 2020 by Louise Hallsworth FCA (Senior statutory auditor) on behalf of James Cowper Kreston.
Page 6
|
