REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Aria Networks Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Aria Networks Limited |
Aria Networks Limited (Registered number: 05604544) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Aria Networks Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Old Post Office |
41-43 Market Place |
Chippenham |
Wiltshire |
SN15 3HR |
Aria Networks Limited (Registered number: 05604544) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Ordinary share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their 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. |
Aria Networks Limited (Registered number: 05604544) |
Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Aria Networks Limited (Registered number: 05604544) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Aria Networks Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Management have prepared detailed forecasts for a period extending beyond 12 months from the date that these financial statements are approved and they consider that the company will continue to operate within its current facilities. |
The company raised finance in December 2020 by the issue of loan notes. The company issued further loan notes in May and December 2022 and in May 2023 enabling the directors to conclude that it continues to be appropriate for the company to adopt the going concern basis in preparing the annual financial statements. |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. In cases where invoices are raised in advance for services, turnover represents the appropriate proportion of the invoice calculated on a month by month basis. Any residual amount is held on the balance sheet as Deferred Income. |
In the case of long term contracts the company recognises revenue on a percentage of completion basis after taking in to account any anticipated losses. |
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. |
Patents and licences are fully amortised. |
Intangible fixed assets |
Software licenses are amortised over the period in which related revenue is generated. This is the estimated useful life of the license and amortisation is charged at 25% on cost. |
Tangible fixed assets |
Plant and machinery etc | - |
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 |
Aria Networks Limited (Registered number: 05604544) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
Aria Networks Limited (Registered number: 05604544) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Other creditors due within one year includes unsecured convertible loan notes of £1,528,924 (2022: £Nil) and secured convertible loan notes of £1,266,046 (2022: £Nil). |
The unsecured convertible loan notes and the secured convertible loan notes are each interest bearing at a rate of 8% per annum and interest has been accrued and is included within other creditors due within one year. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 13,951 | 19,689 |
Other creditors due after more than one year represent unsecured convertible loan notes of £Nil (2022: £904,594) and secured convertible loan notes of £Nil (2022: £1,266,046). |
The unsecured convertible loan notes and the secured convertible loan notes are each interest bearing at a rate of 8% per annum and interest has been accrued and is included within other creditors due within one year. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Secured loan notes | 1,266,046 | 1,266,046 |
The secured convertible loan notes are secured by a debenture dated 26 September 2018 that covers all the property or undertaking of the company. |
10. | CONTINGENT LIABILITIES |
A contingent liability exists where deferred payments were replaced by a success fee arrangement payable upon an exit with a value of 10% of the original deferred payments. The value as at the year end amounts to £189,481. |