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REGISTERED NUMBER: 12101755 (England and Wales)















Financial Statements for the Year Ended 31 May 2022

for

TELECOM ACQUISITIONS LTD

TELECOM ACQUISITIONS LTD (REGISTERED NUMBER: 12101755)






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


TELECOM ACQUISITIONS LTD

Company Information
for the year ended 31 May 2022







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





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





REGISTERED NUMBER: 12101755 (England and Wales)





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

TELECOM ACQUISITIONS LTD (REGISTERED NUMBER: 12101755)

Balance Sheet
31 May 2022

2022 2021
Notes £    £   
FIXED ASSETS
Investments 4 1,153,197 1,148,056

CURRENT ASSETS
Debtors 5 2,719 288,298

CREDITORS
Amounts falling due within one year 6 (1,270,450 ) (31,084 )
NET CURRENT (LIABILITIES)/ASSETS (1,267,731 ) 257,214
TOTAL ASSETS LESS CURRENT
LIABILITIES

(114,534

)

1,405,270

CREDITORS
Amounts falling due after more than one
year

7

-

(1,424,616

)
NET LIABILITIES (114,534 ) (19,346 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (114,634 ) (19,446 )
SHAREHOLDERS' FUNDS (114,534 ) (19,346 )

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


TELECOM ACQUISITIONS LTD (REGISTERED NUMBER: 12101755)

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

1. STATUTORY INFORMATION

Telecom Acquisitions Ltd 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.

Preparation of consolidated financial statements
The financial statements contain information about Telecom Acquisitions Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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 valuation on investments.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Telecom Acquisitions Limited owns 100% of the share capital of Home Telecom Limited, Fleur Telecom Limited and Eclipse Broadband Limited.

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.

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.


TELECOM ACQUISITIONS LTD (REGISTERED NUMBER: 12101755)

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

2. ACCOUNTING POLICIES - continued
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.

Government assistance
Included in bank loans in the year to 31 May 2021 is a coronavirus business interruption loan (CBIL) which is guaranteed by the government. As part of the CBIL scheme the government paid the first year of interest on the loan. The interest paid by the government is shown in other operating income. The loan has now been repaid.

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.

3. EMPLOYEES AND DIRECTORS

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

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2021 1,148,056
Additions 5,141
At 31 May 2022 1,153,197
NET BOOK VALUE
At 31 May 2022 1,153,197
At 31 May 2021 1,148,056

During the year the company acquired Eclipse Broadband Limited.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 2,719 288,298

TELECOM ACQUISITIONS LTD (REGISTERED NUMBER: 12101755)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed to group undertakings 28,585 28,584
Other creditors 1,241,865 2,500
1,270,450 31,084

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans - 1,424,616

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans - 1,424,616

The bank loan is secured by way of the bankers holding a fixed and floating charge over the assets of a subsidiary company.

The bank loan of £1,500,000 was repaid in the year and has been guaranteed by Global 4 Communications Ltd. Interest on the loan of £72,648 (2021: £17,205) has been paid by the government and has been included on the income statement.

9. CALLED UP SHARE CAPITAL


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

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.

TELECOM ACQUISITIONS LTD (REGISTERED NUMBER: 12101755)

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

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. At the balance sheet date £1,239,365 was owed by the company to Global 4 Communications Limited. Included in other debtors as at 31 May 2021 is £288,198 owed by Global 4 Communications Ltd.

Global 4 Communications Limited acts as a guarantor on the bank loan.

12. ULTIMATE CONTROLLING PARTY

The controlling party is 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.