Registration number:
Airfox Networks Limited
for the Year Ended 30 June 2017
24 Southfield
Polegate
East Sussex
BN26 5LX
Airfox Networks Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Airfox Networks Limited
Company Information
Directors |
Mr GA Brewer Mr S Tune |
Registered office |
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Accountants |
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Page 1 |
Airfox Networks Limited
Directors' Report for the Year Ended 30 June 2017
The directors present their report and the financial statements for the year ended 30 June 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is Mail order retail sales
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mr GA Brewer
Director
Page 2 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Airfox Networks Limited
for the Year Ended 30 June 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Airfox Networks Limited for the year ended 30 June 2017 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Airfox Networks Limited, as a body, in accordance with the terms of our engagement letter dated 10 October 2010. Our work has been undertaken solely to prepare for your approval the accounts of Airfox Networks Limited and state those matters that we have agreed to state to the Board of Directors of Airfox Networks Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Airfox Networks Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Airfox Networks Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Airfox Networks Limited. You consider that Airfox Networks Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Airfox Networks Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Polegate
East Sussex
BN26 5LX
Page 3 |
Airfox Networks Limited
Profit and Loss Account for the Year Ended 30 June 2017
Note |
Total |
Total |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
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Administrative expenses |
( |
( |
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Operating profit |
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|
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Other interest receivable and similar income |
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|
|
4 |
5 |
||
Profit before tax |
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|
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Taxation |
( |
- |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
Airfox Networks Limited
Statement of Comprehensive Income for the Year Ended 30 June 2017
Note |
2017 |
2016 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 5 |
Airfox Networks Limited
(Registration number: 05476612)
Balance Sheet as at 30 June 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Mr S Tune
Director
Page 6 |
Airfox Networks Limited
Statement of Changes in Equity for the Year Ended 30 June 2017
Share capital |
Profit and loss account |
Total |
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At 1 July 2016 |
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|
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Profit for the year |
- |
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|
Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 30 June 2017 |
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|
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Share capital |
Profit and loss account |
Total |
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At 1 July 2015 |
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|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 30 June 2016 |
|
|
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Page 7 |
Airfox Networks Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position 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
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and Machinery |
25% reducing balance |
Page 8 |
Airfox Networks Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Furniture and Fittings |
25% reducing balance |
Motor Vehicles |
25% reducing balance |
Office Equipment |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 9 |
Airfox Networks Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 July 2016 |
|
|
|
|
Additions |
|
- |
- |
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At 30 June 2017 |
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|
|
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Depreciation |
||||
At 1 July 2016 |
|
|
|
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Charge for the year |
|
- |
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At 30 June 2017 |
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|
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Carrying amount |
||||
At 30 June 2017 |
|
- |
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At 30 June 2016 |
|
- |
|
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Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of freehold land and buildings.
Stocks |
2017 |
2016 |
|
Finished goods and goods for resale |
- |
|
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Other debtors |
|
|
Total current trade and other debtors |
|
|
Creditors |
Page 10 |
Airfox Networks Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Note |
2017 |
2016 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
- |
|
Trade creditors |
|
|
|
Taxation and social security |
( |
|
|
Other creditors |
|
( |
|
|
( |
Loans and borrowings |
2017 |
2016 |
|
Current loans and borrowings |
||
Bank borrowings |
|
- |
Dividends |
Interim dividends paid
2017 |
2016 |
|
Interim dividend of £
|
|
|
Page 11 |
Airfox Networks Limited
Detailed Profit and Loss Account for the Year Ended 30 June 2017
2017 |
2016 |
|
Turnover (analysed below) |
167,204 |
156,546 |
Cost of sales (analysed below) |
(11,018) |
(28,179) |
Gross profit |
156,186 |
128,367 |
Gross profit (%) |
93.41% |
82% |
Administrative expenses |
||
Employment costs (analysed below) |
(25,637) |
(22,650) |
Establishment costs (analysed below) |
(23,838) |
(24,576) |
General administrative expenses (analysed below) |
(51,830) |
(46,259) |
Finance charges (analysed below) |
(6,547) |
(3,283) |
Depreciation costs (analysed below) |
(3,748) |
(4,466) |
(111,600) |
(101,234) |
|
Operating profit |
44,586 |
27,133 |
Other interest receivable and similar income (analysed below) |
4 |
5 |
Profit before tax |
44,590 |
27,138 |
Page 12 |
Airfox Networks Limited
Detailed Profit and Loss Account for the Year Ended 30 June 2017
2017 |
2016 |
Turnover |
||
Sales GB |
2,855 |
130 |
Sales Europe |
1,428 |
12,839 |
Sales USA Other |
162,921 |
109,442 |
Sale of Assets |
- |
34,135 |
167,204 |
156,546 |
Cost of sales |
||
Materials |
4,484 |
20,215 |
Packaging |
3,027 |
2,464 |
Import Duty |
7 |
- |
Opening Stock |
3,500 |
9,000 |
Closing Stock |
- |
(3,500) |
11,018 |
28,179 |
Employment costs |
||
Sub-Contractors |
(8,114) |
(6,520) |
Directors Remuneration |
(17,523) |
(16,130) |
(25,637) |
(22,650) |
Establishment costs |
||
Rent |
(15,500) |
(15,568) |
General Rates |
(5,929) |
(7,022) |
Premises Insurance |
(514) |
(454) |
Heat and Light |
(1,895) |
(1,532) |
(23,838) |
(24,576) |
General administrative expenses |
||
Advertising |
(3,841) |
(4,164) |
Motor Expenses |
(239) |
- |
Travelling and entertainment |
(6,525) |
(7,145) |
Printing, postage and stationery |
(18,576) |
(12,553) |
Telephone |
(1,487) |
(968) |
Computer expenses |
(11,361) |
(9,951) |
Office Equipment |
(228) |
(280) |
Audit and Accountancy Fees |
(2,526) |
(2,000) |
Legal & professional Fees |
(1,362) |
(930) |
Office equipment |
- |
(134) |
Repairs and Renewals |
(1,287) |
(2,130) |
Cleaning |
(2,791) |
(2,639) |
Security |
(299) |
(482) |
General Expenses |
- |
(1,120) |
Page 13 |
Airfox Networks Limited
Detailed Profit and Loss Account for the Year Ended 30 June 2017
Subscriptions |
(1,296) |
(1,758) |
Clothing Costs |
(12) |
(5) |
(51,830) |
(46,259) |
Finance charges |
||
Bank Charges |
(6,547) |
(3,283) |
Depreciation costs |
||
Plant/Machinery Depreciation |
(1,901) |
(2,482) |
Furniture/Fitting Depreciation |
(1,488) |
(1,984) |
Office Equipment Depreciation |
(359) |
- |
(3,748) |
(4,466) |
Other interest receivable and similar income |
||
Bank Interest Received |
4 |
5 |
Page 14 |