Connected World Communications Limited Filleted accounts for Companies House (small and micro)

CONNECTED WORLD COMMUNICATIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08767002

Connected World Communications Limited

Filleted Financial Statements

30 September 2021

Connected World Communications Limited

Financial Statements

Year ended 30 September 2021

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

Connected World Communications Limited

Officers and Professional Advisers

The board of directors	Mr P Crooks
	Mr D Fish (Resigned 15 February 2022)

Registered office	New Bridgewater House
	Mayfield Avenue
	Worsley
	Manchester
	England
	M28 3JF

Auditor	Riverside Accountancy Lancaster Limited
	Chartered accountants & statutory auditor
	Second Floor, Riverside Offices
	26 St George's Quay
	Lancaster
	LA1 1RD

Connected World Communications Limited

Statement of Financial Position

30 September 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	5	2,979	7,824

Current assets

Debtors	6	72,370	83,215
Cash at bank and in hand		984	1,190
		--------	--------
		73,354	84,405

Creditors: amounts falling due within one year	7	51,764	54,035
		--------	--------
Net current assets		21,590	30,370
		--------	--------
Total assets less current liabilities		24,569	38,194
		--------	--------
Net assets		24,569	38,194
		--------	--------

Capital and reserves

Called up share capital	8	500	500
Share premium account		161,150	161,150
Profit and loss account		( 137,081)	( 123,456)
		---------	---------
Shareholders funds		24,569	38,194
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 30 September 2022 , and are signed on behalf of the board by:

Mr P Crooks
Director

Company registration number: 08767002

Connected World Communications Limited

Notes to the Financial Statements

Year ended 30 September 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Bridgewater House, Mayfield Avenue, Worsley, Manchester, M28 3JF, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements are rounded to the nearest £1.

Going concern

The company has a positive balance sheet at the year end, however this has been created after a large write off of intercompany loans in 2019. The company has ceased to provide support services within the Group and therefore it is unlikely that there will be future income receivable. The parent company has confirmed that it will provide the company with its ongoing support and has assured the Directors that the Parent company will meet all of the Company's liabilities which if reference is made in the notes there is £9,349 owing to external creditors, the rest of the liabilities are inter-group debts. Therefore the Directors believe it is appropriate for the accounts to be prepared as a going concern.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% reducing balance
Computer equipment	-	25% reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).

5. Tangible assets

	Fixtures and fittings	Computer equipment	Total
	£	£	£
Cost
At 1 October 2020 and 30 September 2021	661	16,226	16,887
	----	--------	--------
Depreciation
At 1 October 2020	384	8,679	9,063
Charge for the year	505	4,340	4,845
	----	--------	--------
At 30 September 2021	889	13,019	13,908
	----	--------	--------
Carrying amount
At 30 September 2021	( 228)	3,207	2,979
	----	--------	--------
At 30 September 2020	277	7,547	7,824
	----	--------	--------

6. Debtors

	2021	2020
	£	£
Trade debtors	36,084	37,038
Other debtors	36,286	46,177
	--------	--------
	72,370	83,215
	--------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	2,879	20,843
Amounts owed to group undertakings and undertakings in which the company has a participating interest	42,416	31,042
Other creditors	6,469	2,150
	--------	--------
	51,764	54,035
	--------	--------

8. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 0.10 each	5,000	500	5,000	500
	-------	----	-------	----

Shares issued and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 0.10 each	5,000	500	5,000	500
	-------	----	-------	----

Shares issued and partly paid

2021		2020
No.	£	No.	£

9. Summary audit opinion

The auditor's report for the year dated 30 September 2022 was unqualified.

The senior statutory auditor was Lyndsay Nicholson ACA , for and on behalf of Riverside Accountancy Lancaster Limited .

10. Related party transactions

Included within debtors are amounts owed from a connected party totaling £34,822 (2020: £35,722). Included within creditors are amounts due to connected parties totaling £42,416 (2020: £31,042).

11. Controlling party

The company's immediate parent is Red Seven Technology Group Limited , a company registered in England and Wales. The ultimate controlling party is Red Seven Holdings Limited, a company registered in the Isle of Man, owned by Mr R Booth . The parent company Red Seven Technology Group Limited has prepared consolidated financial statements, it's registered office is New Bridgewater House, Mayfield Avenue, Worsley, Manchester, M28 3FJ.