Konnektis Communications Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07555513 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Konnektis Communications Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M Howells

REGISTERED OFFICE:

Avenue Hq

10-12 East Parade

Leeds

LS1 2BH

REGISTERED NUMBER:

07555513 (England and Wales)

ACCOUNTANTS:

Verinder Powell Associates Ltd

Suite 5 Corum 2

Corum Office Park

Crown Way

Warmley

Bristol

BS30 8FJ

FIXED ASSETS

Tangible assets

4

4,574

4,525

CURRENT ASSETS

Debtors

5

25,030

11,647

Cash at bank

16,111

161,127

41,141

172,774

CREDITORS

Amounts falling due within one year

6

166,906

151,677

NET CURRENT (LIABILITIES)/ASSETS

(125,765

)

21,097

TOTAL ASSETS LESS CURRENT LIABILITIES

(121,191

)

25,622

CREDITORS

Amounts falling due after more than one year

7

472,268

386,768

NET LIABILITIES

(593,459

)

(361,146

)

CAPITAL AND RESERVES

Called up share capital

1,251

1,251

Share premium

397,858

397,858

Other reserves

17,159

17,159

Retained earnings

(1,009,727

)

(777,414

)

(593,459

)

(361,146

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 30 March 2024 and were signed by:

M Howells - Director

1.	STATUTORY INFORMATION

Konnektis Communications Ltd 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.

There have been no material departures from the Financial Reporting Standard 102 1A.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Tangible fixed assets

Tangible fixed 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.

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

Computer equipment

- 25% on cost

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.

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.

Going concern

The director is satisfied that the company has adequate resources to continue to operate for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2022

13,277

Additions

2,200

At 31 March 2023

15,477

DEPRECIATION

At 1 April 2022

8,752

Charge for year

2,151

At 31 March 2023

10,903

NET BOOK VALUE

At 31 March 2023

4,574

At 31 March 2022

4,525

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

3,373

7,800

Other debtors

21,657

3,847

25,030

11,647

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

4,774

-

Trade creditors

1,938

6,451

Taxation and social security

18,026

50,068

Other creditors

142,168

95,158

166,906

151,677

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

44,468

48,041

Other creditors

427,800

338,727

472,268

386,768

Included in bank loans in notes 6 and 7 is a combined balance of £49,242 (2022 - £48,041) which is guaranteed by the government and unsecured.

8.	PENSION COMMITMENTS

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. Contributions totalling £277 (2022 - £430) were payable to the fund at the reporting date.

9.	OFF BALANCE SHEET COMMITMENTS

At the year end the company had future minimum lease payments due under non-cancellable operating leases totalling £7,847 (2022 - £29,909).

10.	RELATED PARTY DISCLOSURES

Loans from related parties

Key management

Other related parties

Total

2023

£

£

£

At start of period

21,580

141,914

163,494

Advanced

14,104

70,536

84,640

Repaid

(14,116

(5,000

)

(19,116

)

At end of period

21,568

207,450

229,018

Key management

Other related parties

Total

2022

£

£

£

At start of period

10,706

133,902

144,608

Advanced

13,045

8,012

21,057

Repaid

(2,171

-

(2,171

)

At end of period

21,580

141,914

163,494

The loan from key management is interest free and repayable on demand.

The loans from other related parties are repayable on demand. Of the total loan, £125,000 is charged interest at 8% and the remainder is interest free.