Company registration number 05801757 (England and Wales)
BOUNDLESS NETWORKS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
BOUNDLESS NETWORKS LIMITED
COMPANY INFORMATION
Directors
D R Hood
P A Howard
(Appointed 30 July 2021)
S M Royce
(Appointed 25 March 2022)
Company number
05801757
Registered office
Southside Aviation Centre
Leeds Bradford International Airport
Yeadon
Leeds
LS19 7UG
Accountants
M J Goldman (Chartered Accountants)
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
Business address
Southside Aviation Centre
Leeds Bradford International Airport
Yeadon
Leeds
LS19 7UG
BOUNDLESS NETWORKS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BOUNDLESS NETWORKS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,150
8,625
Tangible assets
4
991,138
889,440
1,009,288
898,065
Current assets
Stocks
118,832
277,905
Debtors
5
232,831
254,090
Cash at bank and in hand
105,152
42,857
456,815
574,852
Creditors: amounts falling due within one year
6
(522,010)
(531,752)
Net current (liabilities)/assets
(65,195)
43,100
Total assets less current liabilities
944,093
941,165
Creditors: amounts falling due after more than one year
7
(4,323,286)
(5,013,892)
Net liabilities
(3,379,193)
(4,072,727)
Capital and reserves
Called up share capital
8
1,255,025
15,000
Share premium account
474,950
474,950
Profit and loss reserves
(5,109,168)
(4,562,677)
Total equity
(3,379,193)
(4,072,727)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 December 2021 the company was entitled to exemption from audit under section 47
9A
of the Companies Act 2006 relating to
subsidiary
companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BOUNDLESS NETWORKS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 December 2022 and are signed on its behalf by:
S M Royce
Director
Company Registration No. 05801757
BOUNDLESS NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Boundless Networks Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Southside Aviation Centre, Leeds Bradford International Airport, Yeadon, Leeds, LS19 7UG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, except for modification to a fair value basis where specified in the accounting policies below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The directors of the company have chosen to change the company's Accounting Reference Date to the 31 December to be in line with the company's parent company. Therefore the current accounting period reflected in these accounts is for 8 months, whilst the comparative figures cover a 12 month period.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue is recognised as earned when, and to the extent that, the company obtains the right for consideration in exchange for
its performance as a broadband provider.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of incorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.6
Intangible fixed assets other than goodwill
Intangible assets
developed
separately from
acquisition of
a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
20% straight line
BOUNDLESS NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
25% straight line
Plant and equipment
25-33% reducing balance
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include debtors and cash, together with basic financial liabilities, including creditors, are initially recognised at transaction cost and not amortised as they are either receivable or payable within one year.
Creditors payable after one year constitute a commercial business loan with a market rate of interest being applied. This is recognised in full.
BOUNDLESS NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
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 in which they relate.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
BOUNDLESS NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
31.12.2021
30.04.2021
Number
Number
Total
28
26
3
Intangible fixed assets
Goodwill
Website
Total
£
£
£
Cost
At 1 May 2021
517,520
517,520
Additions
18,150
18,150
At 31 December 2021
517,520
18,150
535,670
Amortisation and impairment
At 1 May 2021
508,895
508,895
Amortisation charged for the period
8,625
8,625
At 31 December 2021
517,520
517,520
Carrying amount
At 31 December 2021
18,150
18,150
At 30 April 2021
8,625
8,625
BOUNDLESS NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2021
15,249
2,108,377
2,123,626
Additions
296,325
296,325
Disposals
(13,757)
(13,757)
At 31 December 2021
15,249
2,390,945
2,406,194
Depreciation and impairment
At 1 May 2021
15,186
1,218,998
1,234,184
Depreciation charged in the period
63
193,993
194,056
Eliminated in respect of disposals
(13,184)
(13,184)
At 31 December 2021
15,249
1,399,807
1,415,056
Carrying amount
At 31 December 2021
991,138
991,138
At 30 April 2021
63
889,377
889,440
5
Debtors
31.12.2021
30.04.2021
Amounts falling due within one year:
£
£
Trade debtors
69,333
107,221
Amounts owed by group undertakings
53,374
Other debtors
110,124
146,869
232,831
254,090
6
Creditors: amounts falling due within one year
31.12.2021
30.04.2021
£
£
Trade creditors
149,145
133,591
Taxation and social security
42,279
39,039
Other creditors
330,586
359,122
522,010
531,752
BOUNDLESS NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 8 -
7
Creditors: amounts falling due after more than one year
2021
2021
Notes
£
£
Obligations under finance leases
9,260
13,892
Amounts owed to group undertakings
2,264,026
Other creditors
2,050,000
5,000,000
4,323,286
5,013,892
As at the 3
1
December
2021, the company had outstanding net hire purchase liabilities totalling £
16,132
(
April
202
1
: £
20,465
), which are secured by a fixed charge over the assets under the relevant agreements.
8
Called up share capital
31.12.2021
30.04.2021
31.12.2021
30.04.2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,255,025
15,000
1,255,025
15,000
On 16 July 2021, 1,240,025 £1 Ordinary shares were allotted at nominal value.
9
Parent company
The immediate parent undertaking is QCL Holdings Limited and the ultimate parent undertaking is QCL Topco Limited, both of which are registered in England and Wales. QCL Holdings Limited is the ultimate controlling party.
The Company is a subsidiary undertaking of QCL Topco Limited. The parent undertaking of the smallest group for which consolidated financial statements are drawn up of which the Company is a member is QCL Topco Limited. The consolidated financial statements of this group are available to the public and may be obtained from 3 Priory Court, Saxon Way, Priory Park, Hessle, HU13 9PB.
2021-12-31
2021-05-01
false
02 December 2022
CCH Software
CCH Accounts Production 2022.200
No description of principal activity
D P Burns
D R Hood
D R Hood
A J Hall
C A Moscardini
S W Hayhurst
S M Jagger
P A Howard
P A Howard
For the financial period ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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