Technology Networks Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03958257 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

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

1,368,570

Intangible assets

4

1,033,410

26,730

Tangible assets

5

74,713

1,395,300

1,108,123

CURRENT ASSETS

5,260,296

Debtors

6

1,995,918

1,124,654

Cash at bank and in hand

391,354

6,384,950

2,387,272

CREDITORS

2,405,478

Amounts falling due within one year

7

1,719,788

3,979,472

NET CURRENT ASSETS

667,484

5,374,772

TOTAL ASSETS LESS CURRENT LIABILITIES

1,775,607

5,079

PROVISIONS FOR LIABILITIES

8,913

5,369,693

NET ASSETS

1,766,694

CAPITAL AND RESERVES

25,100

Called up share capital

25,100

1,368,571

Revaluation reserve

1,368,571

3,976,022

Retained earnings

373,023

5,369,693

SHAREHOLDERS' FUNDS

1,766,694

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 21 May 2024 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.

Improvements to property

-

in accordance with the property

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

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.

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 55 (2022 - 49 ) .

4.	INTANGIBLE FIXED ASSETS

Website

development

Totals

Goodwill

Database

costs

£

£

£

£

COST

At 1 October 2022

and 30 September 2023

3,351,601

1,521,601

1,330,000

500,000

AMORTISATION

At 1 October 2022

1,983,031

900,281

786,917

295,833

Amortisation for year

335,160

152,160

133,000

50,000

At 30 September 2023

2,318,191

1,052,441

919,917

345,833

NET BOOK VALUE

At 30 September 2023

1,033,410

469,160

410,083

154,167

At 30 September 2022

1,368,570

621,320

543,083

204,167

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

Totals

property

fittings

equipment

£

£

£

£

COST

At 1 October 2022

206,674

-

49,411

157,263

Additions

77,886

43,860

9,843

24,183

At 30 September 2023

284,560

43,860

59,254

181,446

DEPRECIATION

At 1 October 2022

179,944

-

42,015

137,929

Charge for year

29,903

9,662

6,159

14,082

At 30 September 2023

209,847

9,662

48,174

152,011

NET BOOK VALUE

At 30 September 2023

74,713

34,198

11,080

29,435

At 30 September 2022

26,730

-

7,396

19,334

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Trade debtors

866,797

857,443

Amounts owed by group undertakings

707,339

4,094,366

Amounts owed by associates

259,763

196,460

Other debtors

162,019

112,027

1,995,918

5,260,296

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Trade creditors

20,032

42,543

Amounts owed to associates

-

373,501

Taxation and social security

473,126

423,932

Other creditors

1,226,630

1,565,502

1,719,788

2,405,478