Registration number:
Airfox Networks Limited
for the Year Ended 30 June 2022
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 Unaudited Financial Statements |
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Detailed Profit and Loss Account |
Airfox Networks Limited
Company Information
Directors |
Mr S Tune Mr GA Brewer |
Registered office |
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Accountants |
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Airfox Networks Limited
Directors' Report for the Year Ended 30 June 2022
The directors present their report and the financial statements for the year ended 30 June 2022.
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 and authorised by the
......................................... |
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 2022
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 2022 as set out on pages 4 to 13 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 loss 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
Airfox Networks Limited
Profit and Loss Account for the Year Ended 30 June 2022
Note |
2022 |
2021 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating (loss)/profit |
(52,585) |
10,151 |
|
Other interest receivable and similar income |
|
|
|
(Loss)/profit before tax |
( |
|
|
Tax on (loss)/profit |
- |
( |
|
(Loss)/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.
Airfox Networks Limited
Statement of Comprehensive Income for the Year Ended 30 June 2022
2022 |
2021 |
|
(Loss)/profit for the year |
( |
|
Total comprehensive income for the year |
( |
|
Airfox Networks Limited
(Registration number: 05476612)
Balance Sheet as at 30 June 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
( |
|
|
( |
|
||
Creditors: Amounts falling due within one year |
|
|
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,000 |
1,000 |
|
Retained earnings |
55,076 |
107,654 |
|
Shareholders' funds |
56,076 |
108,654 |
For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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
......................................... |
Airfox Networks Limited
Statement of Changes in Equity for the Year Ended 30 June 2022
Share capital |
Retained earnings |
Total |
|
At 1 July 2021 |
|
|
|
Loss for the year |
- |
( |
( |
At 30 June 2022 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 July 2020 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 30 June 2021 |
|
|
|
Airfox Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Going concern
The financial statements have been prepared on a going concern basis.
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 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.
Airfox Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Tangible assets
Tangible 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
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 |
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.
Airfox Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss/profit before tax |
Arrived at after charging/(crediting)
2022 |
2021 |
|
Depreciation expense |
|
|
Airfox Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Tangible assets |
Fixtures and fittings |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
||||
At 1 July 2021 |
|
|
|
|
Additions |
|
- |
|
|
At 30 June 2022 |
|
|
|
|
Depreciation |
||||
At 1 July 2021 |
|
|
|
|
Charge for the year |
|
- |
|
|
At 30 June 2022 |
|
|
|
|
Carrying amount |
||||
At 30 June 2022 |
|
- |
|
|
At 30 June 2021 |
|
- |
|
|
Stocks |
2022 |
2021 |
|
Finished goods and goods for resale |
|
|
Debtors |
Current |
2022 |
2021 |
Trade debtors |
- |
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Airfox Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Note |
2022 |
2021 |
|
Due within one year |
|||
Loans and borrowings |
( |
( |
|
Trade creditors |
|
|
|
Taxation and social security |
- |
|
|
Other creditors |
( |
( |
|
( |
( |
Creditors: amounts falling due after more than one year
2022 |
2021 |
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
250 |
|
250 |
|
|
250 |
|
250 |
|
|
249 |
|
249 |
|
|
249 |
|
249 |
|
|
2 |
|
2 |
|
|
|
|
Loans and borrowings |
2022 |
2021 |
|
Current loans and borrowings |
||
Bank borrowings |
( |
( |
Related party transactions |
Airfox Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Directors' remuneration
The directors' remuneration for the year was as follows:
2022 |
2021 |
|
Remuneration |
|
|
Airfox Networks Limited
Detailed Profit and Loss Account for the Year Ended 30 June 2022
2022 |
2021 |
|
Turnover (analysed below) |
44,433 |
141,629 |
Cost of sales (analysed below) |
(7,626) |
(4,001) |
Gross profit |
36,807 |
137,628 |
Gross profit (%) |
82.84% |
97.18% |
Administrative expenses |
||
Employment costs (analysed below) |
(29,061) |
(37,741) |
Establishment costs (analysed below) |
(18,659) |
(19,934) |
General administrative expenses (analysed below) |
(33,456) |
(55,645) |
Finance charges (analysed below) |
(269) |
(8,187) |
Depreciation costs (analysed below) |
(7,947) |
(5,970) |
(89,392) |
(127,477) |
|
Operating (loss)/profit |
(52,585) |
10,151 |
Other interest receivable and similar income (analysed below) |
7 |
1 |
(Loss)/profit before tax |
(52,578) |
10,152 |
Airfox Networks Limited
Detailed Profit and Loss Account for the Year Ended 30 June 2022
2022 |
2021 |
Turnover |
||
Sales GB |
1,549 |
116 |
Sales Europe |
14,390 |
11,983 |
Sales USA Other |
18,494 |
129,530 |
Government Grants |
10,000 |
- |
44,433 |
141,629 |
Cost of sales |
||
Materials - chemicals |
(7,909) |
(2,620) |
Miscellaneous Purchases |
(88) |
(219) |
Packaging |
(347) |
(103) |
Tools & Equipment |
(1,282) |
(59) |
Opening Stock |
(3,000) |
(4,000) |
Closing Stock |
5,000 |
3,000 |
(7,626) |
(4,001) |
Employment costs |
||
Sub-Contractors |
(3,921) |
- |
Gross Wages |
- |
(12,518) |
Directors Remuneration |
(25,140) |
(25,035) |
Employers Pensions |
- |
(188) |
(29,061) |
(37,741) |
Establishment costs |
||
Rent |
(15,500) |
(15,500) |
General Rates |
(764) |
(2,262) |
Premises Insurance |
(801) |
(624) |
Gas |
(1,594) |
(1,548) |
(18,659) |
(19,934) |
General administrative expenses |
||
Advertising |
(1,634) |
(476) |
Miscellaneous Motor Expenses |
(369) |
(265) |
Travelling |
(2,122) |
88 |
Postage and Carriage |
(9,453) |
(25,935) |
Telephone |
(11) |
(71) |
Computer expenses |
(4,242) |
(4,507) |
Office Equipment (7525) |
- |
(71) |
Audit and Accountancy Fees |
(2,656) |
(2,699) |
Professional Fees |
(7,603) |
(17,889) |
Repairs and Renewals |
(2,965) |
(1,342) |
Waste Service |
(365) |
(243) |
Airfox Networks Limited
Detailed Profit and Loss Account for the Year Ended 30 June 2022
2022 |
2021 |
Security |
(1,143) |
(1,057) |
Miscellaneous Expenses |
(504) |
- |
Subscriptions |
(389) |
(1,178) |
(33,456) |
(55,645) |
Finance charges |
||
Bank Charges |
(269) |
(8,187) |
Depreciation costs |
||
Plant/Machinery Depreciation |
(4,776) |
(3,019) |
Furniture/Fitting Depreciation |
(364) |
(485) |
Office Equipment Depreciation (8004) |
(2,807) |
(2,466) |
(7,947) |
(5,970) |
Other interest receivable and similar income |
||
Bank Interest Received |
7 |
1 |