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REGISTERED NUMBER: 09359067 (England and Wales)















Financial Statements for the Year Ended 31 May 2022

for

FLEUR TELECOM LIMITED

FLEUR TELECOM LIMITED (REGISTERED NUMBER: 09359067)






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


FLEUR TELECOM LIMITED

Company Information
for the year ended 31 May 2022







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





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





REGISTERED NUMBER: 09359067 (England and Wales)





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

FLEUR TELECOM LIMITED (REGISTERED NUMBER: 09359067)

Balance Sheet
31 May 2022

2022 2021
Notes £    £   
FIXED ASSETS
Intangible assets 4 2,855 202,119
Tangible assets 5 18,348 27,902
21,203 230,021

CURRENT ASSETS
Debtors 6 134,110 216,671
Cash at bank 137,538 353,920
271,648 570,591
CREDITORS
Amounts falling due within one year 7 (2,299,797 ) (1,147,925 )
NET CURRENT LIABILITIES (2,028,149 ) (577,334 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,006,946

)

(347,313

)

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings (2,007,046 ) (347,413 )
SHAREHOLDERS' FUNDS (2,006,946 ) (347,313 )

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


FLEUR TELECOM LIMITED (REGISTERED NUMBER: 09359067)

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

1. STATUTORY INFORMATION

Fleur 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 presentational currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

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 asset 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.

Intangible assets
Customer acquisitions are capitalised at their fair value and are amortised over their useful economic life, which is 4 years.

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.

FLEUR TELECOM LIMITED (REGISTERED NUMBER: 09359067)

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 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 estimated useful life.

Network equipment & infrastructure-1 year on cost
Computer equipment-18 months on cost

Impairment
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.

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.

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


FLEUR TELECOM LIMITED (REGISTERED NUMBER: 09359067)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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
and 31 May 2022 2,079,059
AMORTISATION
At 1 June 2021 1,876,940
Amortisation for year 199,264
At 31 May 2022 2,076,204
NET BOOK VALUE
At 31 May 2022 2,855
At 31 May 2021 202,119

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 June 2021 39,324
Additions 26,394
At 31 May 2022 65,718
DEPRECIATION
At 1 June 2021 11,422
Charge for year 35,948
At 31 May 2022 47,370
NET BOOK VALUE
At 31 May 2022 18,348
At 31 May 2021 27,902

FLEUR TELECOM LIMITED (REGISTERED NUMBER: 09359067)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 58,901 68,470
Amounts owed by group undertakings 18,538 18,538
Other debtors 56,671 129,663
134,110 216,671

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 73 595
Taxation and social security 86,457 18,381
Other creditors 2,213,267 1,128,949
2,299,797 1,147,925

8. SECURED DEBTS

A debenture was created on 30 January 2020 and this was satisfied 27 May 2022. Another debenture was created on 19 May 2022, by Barclays Bank PLC, and this is secured by a fixed and floating charge over the assets of the company.

9. 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.

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

All ordinary shares rank equally with regard to the residual assets of the business.

11. 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.

FLEUR TELECOM LIMITED (REGISTERED NUMBER: 09359067)

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

12. 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 and during the year and it made sales on behalf of the company of £5,119,242 (2021: £6,233,744). Global 4 Communications Limited incurred expenses during the year of £5,119,242 (2021: £6,233,744).

Management services were provided by Global 4 Communications Limited and the company paid management fees of £Nil (2021: £312,000). At the year end Global 4 Communications Limited owed £2,099,024 to Fleur Telecom Limited (2021: £1,003,163).

13. ULTIMATE CONTROLLING PARTY

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

14. 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.