REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2022 |
for |
TELECOM ACQUISITIONS LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
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 |
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 |
Additions |
At 31 May 2022 |
NET BOOK VALUE |
At 31 May 2022 |
At 31 May 2021 |
During the year the company acquired Eclipse Broadband Limited. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
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 |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
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: | £ | £ |
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 |
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. |