Company registration number 05801757 (England and Wales)
BOUNDLESS NETWORKS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BOUNDLESS NETWORKS LIMITED
COMPANY INFORMATION
Directors
P A Howard
S M Royce
(Appointed 25 March 2022)
M C Fairey
(Appointed 24 January 2023)
Company number
05801757
Registered office
The Mill House
Albion Mills
Albion Lane
Willerby
HU10 6DN
Accountants
M J Goldman (Chartered Accountants)
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
Business address
The Mill House
Albion Mills
Albion Lane
Willerby
HU10 6DN
BOUNDLESS NETWORKS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BOUNDLESS NETWORKS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,150
18,150
Tangible assets
4
961,819
991,138
979,969
1,009,288
Current assets
Stocks
238,734
118,832
Debtors
5
229,360
232,831
Cash at bank and in hand
58,189
105,152
526,283
456,815
Creditors: amounts falling due within one year
6
(598,205)
(522,010)
Net current liabilities
(71,922)
(65,195)
Total assets less current liabilities
908,047
944,093
Creditors: amounts falling due after more than one year
7
(4,468,197)
(4,323,286)
Net liabilities
(3,560,150)
(3,379,193)
Capital and reserves
Called up share capital
8
1,255,025
1,255,025
Share premium account
474,950
474,950
Profit and loss reserves
(5,290,125)
(5,109,168)
Total equity
(3,560,150)
(3,379,193)
BOUNDLESS NETWORKS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
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 year ended 31 December 2022 the company was entitled to exemption from audit under section 479A 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.
The members have not required the company to obtain an audit of its financial statements for the year 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.
The financial statements were approved by the board of directors and authorised for issue on 26 September 2023 and are signed on its behalf by:
M C Fairey
Director
Company Registration No. 05801757
BOUNDLESS NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 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 The Mill House, Albion Mills, Albion Lane, Willerby, HU10 6DN.
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 amounts 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
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The directors of the company chose 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 12 months, whilst the comparative figures cover an 8 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 YEAR ENDED 31 DECEMBER 2022
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 YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.11
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.
1.12
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.
1.13
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
28
28
3
Intangible fixed assets
Goodwill
Website
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
517,520
18,150
535,670
Amortisation and impairment
At 1 January 2022 and 31 December 2022
517,520
517,520
Carrying amount
At 31 December 2022
18,150
18,150
At 31 December 2021
18,150
18,150
BOUNDLESS NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022
15,249
2,390,945
2,406,194
Additions
278,211
278,211
At 31 December 2022
15,249
2,669,156
2,684,405
Depreciation and impairment
At 1 January 2022
15,249
1,399,807
1,415,056
Depreciation charged in the year
307,530
307,530
At 31 December 2022
15,249
1,707,337
1,722,586
Carrying amount
At 31 December 2022
961,819
961,819
At 31 December 2021
991,138
991,138
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
81,987
69,333
Amounts owed by group undertakings
59,472
53,374
Other debtors
87,901
110,124
229,360
232,831
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
78,026
149,145
Taxation and social security
61,693
42,279
Other creditors
458,486
330,586
598,205
522,010
BOUNDLESS NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Obligations under finance leases
1,914
9,260
Other borrowings
4,466,283
2,264,026
Other creditors
2,050,000
4,468,197
4,323,286
As at the 31 December 2022, the company had outstanding net hire purchase liabilities totalling £9,260 (2021: £16,132), which are secured by a fixed charge over the assets under the relevant agreements.
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,255,025
1,255,025
1,255,025
1,255,025
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 Topco 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 The Mill House, Albion Mills, Albion Lane, Willerby, HU10 6DN.