Complete Networks Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05838904 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 DECEMBER 2019 TO 3 MARCH 2021

FOR

COMPLETE NETWORKS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R E Burke

Mr D A Lee

REGISTERED OFFICE:

The Wharf

Abbey Mill Business Park

Lower Eashing

Godalming

Surrey

GU7 2QN

REGISTERED NUMBER:

05838904 (England and Wales)

ACCOUNTANTS:

Walker Begley Limited

Chartered Accountants

207 Knutsford Road

Grappenhall

Warrington

Cheshire

WA4 2QL

FIXED ASSETS

Intangible assets

4

2

2

Tangible assets

5

35,464

45,979

Investments

6

-

314,473

35,466

360,454

CURRENT ASSETS

Debtors

571,159

350,429

Investments

1,383,584

-

Cash at bank and in hand

1,165,794

974,052

3,120,537

1,324,481

CREDITORS

Amounts falling due within one year

1,860,603

910,648

NET CURRENT ASSETS

1,259,934

413,833

TOTAL ASSETS LESS CURRENT LIABILITIES

1,295,400

774,287

PROVISIONS FOR LIABILITIES

4,152

5,760

NET ASSETS

1,291,248

768,527

CAPITAL AND RESERVES

Called up share capital

8,092

7,857

Share premium

94,629

-

Capital redemption reserve

3,000

2,143

Retained earnings

1,185,527

758,527

SHAREHOLDERS' FUNDS

1,291,248

768,527

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 3 March 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 3 March 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the period ended 3 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2021 and were signed on its behalf by:

Mr D A Lee - Director

1.	STATUTORY INFORMATION

Complete Networks Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, was amortised evenly over its estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 15% on reducing balance

Taxation

Taxation for the period 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 period 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.

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 period was 12 (2019 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 December 2019

and 3 March 2021

40,720

AMORTISATION

At 1 December 2019

and 3 March 2021

40,718

NET BOOK VALUE

At 3 March 2021

2

At 30 November 2019

2

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 December 2019

171,454

Additions

5,868

Disposals

(18,441

)

At 3 March 2021

158,881

DEPRECIATION

At 1 December 2019

125,475

Charge for period

11,136

Eliminated on disposal

(13,194

)

At 3 March 2021

123,417

NET BOOK VALUE

At 3 March 2021

35,464

At 30 November 2019

45,979

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST OR VALUATION

At 1 December 2019

314,473

Additions

1,030,001

Disposals

(1,383,584

)

Revaluations

39,110

At 3 March 2021

-

NET BOOK VALUE

At 3 March 2021

-

At 30 November 2019

314,473

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The director, M Jones, has provided a loan to the company. The balance at the period end was £3,570 (2019 - £8,944 DR). There are no fixed repayment terms.

Dividends of £224,960 were paid to M Jones and family during the period.

M Jones resigned as a director on 2 March 2021.

8.	RELATED PARTY DISCLOSURES

During the year Complete Networks Limited made an unsecured interest free loan of £65,000 to MAJ Aviation Limited, a company of which M Jones is also a director. This was repaid on 2 March 2021.

9.	ULTIMATE CONTROLLING PARTY

During the period, the company was under the control of the director, M Jones.

There was a change in ownership on 2 March 2021, when the company was acquired by Arrow Business Communications Ps Limited. M Jones also resigned as a director.