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Registration number: 08330196

Celfinet UK Telecommunications Consulting Services Ltd

Annual Report and Financial Statements

for the Year Ended 31 December 2021

 

Celfinet UK Telecommunications Consulting Services Ltd

(Registration number: 08330196)
Statement of Financial Position as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

422

496

Current assets

 

Debtors

5

1,866,624

1,959,778

Cash at bank and in hand

 

763,197

298,174

 

2,629,821

2,257,952

Creditors: Amounts falling due within one year

6

(1,371,033)

(1,234,847)

Net current assets

 

1,258,788

1,023,105

Total assets less current liabilities

 

1,259,210

1,023,601

Provisions for liabilities

(80)

(94)

Net assets

 

1,259,130

1,023,507

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

1,259,129

1,023,506

Shareholders' funds

 

1,259,130

1,023,507

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 24 May 2022
 

.........................................

N M Ribeiro
Director

 

Celfinet UK Telecommunications Consulting Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: 12 New Fetter Lane, London, EC4A 1JP,

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions which affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. It is the opinion of the directors that due to the nature of the entity there are no assumptions or judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of consultancy services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Celfinet UK Telecommunications Consulting Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% Reducing balance

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 

Celfinet UK Telecommunications Consulting Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2020 - 8).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2021

1,689

1,689

At 31 December 2021

1,689

1,689

Depreciation

At 1 January 2021

1,193

1,193

Charge for the year

74

74

At 31 December 2021

1,267

1,267

Carrying amount

At 31 December 2021

422

422

At 31 December 2020

496

496

5

Debtors

Note

2021
£

2020
£

Trade debtors

 

872,037

381,354

Amounts owed by group undertakings and undertakings in which the company has a participating interest

-

433,136

Prepayments and accrued income

 

754,742

702,073

Other debtors

 

239,845

443,215

 

1,866,624

1,959,778

Trade debtors are stated after provisions for doubtful debts of £nil (2019: £18,478).

 

Celfinet UK Telecommunications Consulting Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Trade creditors

 

109,113

127,930

Amounts owed to parent company

314,908

-

Taxation and social security

 

419,716

407,960

Accruals and deferred income

 

483,832

670,156

Other creditors

 

43,464

28,801

 

1,371,033

1,234,847

7

Parent and ultimate parent undertaking

The company's immediate parent is Celfinet Consulturia EM Telecomunicações, incorporated in Portugal.

  These financial statements are available upon request from Celfinet Consulturia EM Telecomunicações LDA whose principal place of business is Rua João Chagas, nº 53, 2º Piso, 1495-764 Cruz Quebrada - Dafundo, Lisboa, Portugal.

 

8

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 24 May 2022 was Gary Robinson MSc BSc FCA, who signed for and on behalf of Stewart & Co Accountants LLP. This report has been prepared in connection with the audit of the full annual accounts and director's report. The director's report has not been filed.