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REGISTERED NUMBER: 07412021 (England and Wales)















Financial Statements for the Year Ended 31 May 2022

for

HOME TELECOM LIMITED

HOME TELECOM LIMITED (REGISTERED NUMBER: 07412021)






Contents of the Financial Statements
for the year ended 31 May 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HOME TELECOM LIMITED

Company Information
for the year ended 31 May 2022







DIRECTORS: N M Barnett
R D Ellis
C N Barnett
A S Gill
F J Tree
R J Barrett
D J Watson





REGISTERED OFFICE: Global House
60B Queen Street
Horsham
West Sussex
RH13 5AD





REGISTERED NUMBER: 07412021 (England and Wales)





AUDITORS: Feist Hedgethorne Limited
Statutory Auditors
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

HOME TELECOM LIMITED (REGISTERED NUMBER: 07412021)

Balance Sheet
31 May 2022

2022 2021
Notes £    £   
FIXED ASSETS
Intangible assets 4 256,951 176,197
Tangible assets 5 153,817 81,746
410,768 257,943

CURRENT ASSETS
Debtors 6 793,925 1,234,033
Cash at bank 139 -
794,064 1,234,033
CREDITORS
Amounts falling due within one year 7 (665,980 ) (688,727 )
NET CURRENT ASSETS 128,084 545,306
TOTAL ASSETS LESS CURRENT
LIABILITIES

538,852

803,249

PROVISIONS FOR LIABILITIES 9 (33,266 ) (10,912 )
NET ASSETS 505,586 792,337

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 505,486 792,237
SHAREHOLDERS' FUNDS 505,586 792,337

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 15 August 2022 and were signed on its behalf by:





N M Barnett - Director


HOME TELECOM LIMITED (REGISTERED NUMBER: 07412021)

Notes to the Financial Statements
for the year ended 31 May 2022

1. STATUTORY INFORMATION

Home Telecom Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principle place of business is Global House, 60B Queen Street, Horsham, West Sussex, RH13 5AD.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates and these estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The items in the financial statements where these judgements and estimates have been made include the useful economic life of intangible and tangible fixed assets, the amortisation and depreciation of these assets, provisions and the recoverability of debtors.

Turnover
Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts, and is recognised as follows:

Revenue is recognised on a monthly basis for all calls and minutes, with advanced rentals for line and broadband deferred and recognised in the Profit and Loss in the relevant month. Any long term contracts are recognised over the term of the contract.

Intangible assets
Customer acquisitions are capitalised at their fair value and are amortised over their useful economic life, which is 18 months.

Included within customer acquisitions are subscriber acquisition costs where they meet the criteria for capitalisation as an intangible asset, to the extent that they are supported by expected future cash inflows. These comprise the direct third-party costs of recruiting and retaining customers, net of incentives from network operators and provision for in-contract churn. They are amortised on a straight-line bases over the shorter of the customer life and the contractual period.

HOME TELECOM LIMITED (REGISTERED NUMBER: 07412021)

Notes to the Financial Statements - continued
for the year ended 31 May 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its useful life or, if held under a finance lease, over the lease term, whichever is the shorter. The effect of not providing for depreciation on short leasehold and improvements to property is not material to the financial statements.

Computer equipment -Straight line over 18 months

Impairment policy
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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 financial statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HOME TELECOM LIMITED (REGISTERED NUMBER: 07412021)

Notes to the Financial Statements - continued
for the year ended 31 May 2022

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are paid by Global 4 Communications Limited and are recharged to the profit and loss in the period to which they relate to.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. INTANGIBLE FIXED ASSETS
Customer
acquisition
£   
COST
At 1 June 2021 305,861
Additions 382,851
At 31 May 2022 688,712
AMORTISATION
At 1 June 2021 129,664
Amortisation for year 302,097
At 31 May 2022 431,761
NET BOOK VALUE
At 31 May 2022 256,951
At 31 May 2021 176,197

HOME TELECOM LIMITED (REGISTERED NUMBER: 07412021)

Notes to the Financial Statements - continued
for the year ended 31 May 2022

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 June 2021 143,736
Additions 224,278
At 31 May 2022 368,014
DEPRECIATION
At 1 June 2021 61,990
Charge for year 152,207
At 31 May 2022 214,197
NET BOOK VALUE
At 31 May 2022 153,817
At 31 May 2021 81,746

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 661,653 463,850
Amounts owed by group undertakings 10,046 10,046
Other debtors 122,226 760,137
793,925 1,234,033

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 21,000 -
Taxation and social security 70,529 237,687
Other creditors 574,451 451,040
665,980 688,727

8. SECURED DEBTS

The Parent company bankers hold a fixed and floating charge covering all the property or undertaking of the company. This charge was created on 23 May 2022.

9. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 33,266 10,912

HOME TELECOM LIMITED (REGISTERED NUMBER: 07412021)

Notes to the Financial Statements - continued
for the year ended 31 May 2022

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 June 2021 10,912
Accelerated capital allowances 27,542
Bad debt provision (5,188 )
Balance at 31 May 2022 33,266

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

As the Directors' report and income statement have been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with section 444(5B) of the Companies Act 2006.

The audit report was unqualified.
The senior statutory auditor was Chris Morey.
The auditor was Feist Hedgethorne Limited.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Global 4 Communications Limited is a related party as it is under the control of N M Barnett. It acted as an agent during the year and made sales on behalf of the company of £5,830,194 (2021: £4,699,096). Global 4 Communications Limited incurred expenses during the year of £5,830,194 (2021: £4,699,097).

Management services were provided by Global 4 Communications Limited and the company paid management fees of £Nil (2021: £225,000). At the year end Home Telecom Limited is owed £97,515 by Global 4 Communications Limited (2021: Home Telecom Limited owed £708,931).

12. ULTIMATE CONTROLLING PARTY

The Parent company is Telecom Acquisitions Limited and the ultimate controlling party is Mr N M Barnett.

13. EQUITY RESERVE

Share capital - This represents the nominal value of shares that have been issued.

Retained earnings - Includes all current and prior period retained profits and losses.