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

REGISTERED NUMBER: 03958257 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

TECHNOLOGY NETWORKS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R A Kafato

REGISTERED OFFICE:

Unit 6 Woodview

Bull Lane Industrial Estate

Bull Lane, Acton

Sudbury

Suffolk

CO10 0FD

REGISTERED NUMBER:

03958257 (England and Wales)

ACCOUNTANTS:

Seago and Stopps

Chartered Certified Accountants

61 Station Road

Sudbury

Suffolk

CO10 2SP

FIXED ASSETS

2,038,891

Intangible assets

4

1,703,731

54,414

Tangible assets

5

34,501

2,093,305

1,738,232

CURRENT ASSETS

2,397,468

Debtors

6

3,833,853

149,852

Cash at bank and in hand

375,531

2,547,320

4,209,384

CREDITORS

1,284,758

Amounts falling due within one year

7

1,551,005

1,262,562

NET CURRENT ASSETS

2,658,379

3,355,867

TOTAL ASSETS LESS CURRENT LIABILITIES

4,396,611

11,406

PROVISIONS FOR LIABILITIES

6,555

3,344,461

NET ASSETS

4,390,056

CAPITAL AND RESERVES

25,100

Called up share capital

25,100

2,044,231

Revaluation reserve

8

1,703,731

1,275,130

Retained earnings

2,661,225

3,344,461

SHAREHOLDERS' FUNDS

4,390,056

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

The financial statements were approved by the director and authorised for issue on 17 February 2022 and were signed by:

R A Kafato - Director

1.	STATUTORY INFORMATION

Technology 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover represents the value of services provided during the year, by reference to invoiced sales and the movement between opening and closing deferred income.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Database are being amortised evenly over their estimated useful life of ten years.

Website development costs is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

With effect from 1st October 2018 the depreciation policies for fixtures and fittings and computer equipment were amended from 25% reducing balance basis to 25% on cost basis.

A review of the prior year calculation has been carried out and there is no restatement required.

Financial instruments

The company enters into basic financial instrument transactions, as appropriate and as and when required, that result in the recognition of financial assets and liabilities within the financial statements such as trade and other accounts receivable and payable, bank loans and hire purchase and lease contracts.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 year was 41 (2020 - 41 ) .

4.	INTANGIBLE FIXED ASSETS

Website

development

Totals

Goodwill

Database

costs

£

£

£

£

COST

At 1 October 2020

and 30 September 2021

3,351,601

1,521,601

1,330,000

500,000

AMORTISATION

At 1 October 2020

1,312,710

595,960

520,917

195,833

Amortisation for year

335,160

152,160

133,000

50,000

At 30 September 2021

1,647,870

748,120

653,917

245,833

NET BOOK VALUE

At 30 September 2021

1,703,731

773,481

676,083

254,167

At 30 September 2020

2,038,891

925,641

809,083

304,167

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

Totals

fittings

equipment

£

£

£

COST

At 1 October 2020

162,821

34,619

128,202

Additions

27,724

14,792

12,932

At 30 September 2021

190,545

49,411

141,134

DEPRECIATION

At 1 October 2020

108,407

25,963

82,444

Charge for year

47,637

12,353

35,284

At 30 September 2021

156,044

38,316

117,728

NET BOOK VALUE

At 30 September 2021

34,501

11,095

23,406

At 30 September 2020

54,414

8,656

45,758

Previously the company has revalued its tangible fixed assets. The surplus on revaluation has been moved to the revaluation reserve.

If fixed assets had not been revalued they would be included at a historical cost of £285,051 (2020 - £257,326) and accumulated depreciation of £244,277 (2020 - £230,685).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Trade debtors

846,831

707,583

Amounts owed by group undertakings

1,587,544

1,587,544

Amounts owed by associates

1,252,502

1,049

Other debtors

146,976

101,292

3,833,853

2,397,468

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Trade creditors

31,113

54,971

Amounts owed to associates

-

166,599

Taxation and social security

376,015

174,107

Other creditors

1,143,877

889,081

1,551,005

1,284,758

8.

RESERVES

Revaluation

reserve

£

At 1 October 2020

2,044,231

Deferred tax adjustment

1,252

Transfer for depreciation

(6,592

)

Transfer for amortisation

(335,160

)

At 30 September 2021

1,703,731