REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2022 |
for |
Trilogy Communications Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2022 |
for |
Trilogy Communications Limited |
Trilogy Communications Limited (Registered number: 01897343) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Trilogy Communications Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Eldo House |
Kempson Way |
Suffolk Business Park |
Bury St Edmunds |
Suffolk |
IP32 7AR |
Trilogy Communications Limited (Registered number: 01897343) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 4,426,858 |
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 |
Trilogy Communications Limited (Registered number: 01897343) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Trilogy Communications Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the |
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the |
consideration received or receivable, excluding discounts, rebates, value added tax and other sales |
taxes. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied |
- the Company has transferred the significant risks and rewards of ownership to the buyer; |
- the Company retains neither continuing managerial involvement to the degree usually |
associated with ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Tangible fixed assets |
Plant and machinery | - |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less |
costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in |
progress and finished goods include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying |
amount is reduced to its selling price less costs to complete and sell. The impairment loss is |
recognised immediately in profit or loss. |
Trilogy Communications Limited (Registered number: 01897343) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instrument 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, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans |
and other accounts receivable and payable, are initially measured at present value of the future cash |
flows and subsequently at amortised cost using the effective interest method. Debt instruments that |
are payable or receivable within one year, typically trade debtors and creditors, are measured, initially |
and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid |
or received. However, if the arrangements of a short-term instrument constitute a financing |
transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an |
out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially |
at the present value of future cash flows discounted at a market rate of interest for a similar debt |
instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the |
case of a small company, or a public benefit entity concessionary loan. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each |
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an |
impairment loss is recognised in the Statement of Income and Retained Earnings. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference |
between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate |
for measuring any impairment loss is the current effective interest rate determined under the |
contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the |
difference between an asset's carrying amount and best estimate of the recoverable amount, which is |
an approximation of the amount that the Company would receive for the asset if it were to be sold at |
the balance sheet date. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when |
there is an 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. |
Trilogy Communications Limited (Registered number: 01897343) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 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. |
Foreign currency translation |
Functional and presentation currency |
The Company's functional and presentational currency is GBP. |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange |
rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary |
items measured at historical cost are translated using the exchange rate at the date of the |
transaction and non-monetary items measured at fair value are measured using the exchange rate |
when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the |
translation at period-end exchange rates of monetary assets and liabilities denominated in foreign |
currencies are recognised in profit or loss except when deferred in other comprehensive income as |
qualifying cash flow hedges. |
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are |
presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All |
other foreign exchange gains and losses are presented in profit or loss within 'other operating |
income'. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Operating leases: the company as lessee |
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the |
lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a |
straight-line basis over the lease term, unless another systematic basis is representative of the time |
pattern of the lessee's benefit from the use of the leased asset. |
Trilogy Communications Limited (Registered number: 01897343) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
In the research phase of an internal project it is not possible to demonstrate that the project will |
generate future economic benefits and hence all expenditure on research shall be recognised as an |
expense when it is incurred. Intangible assets are recognised from the development phase of a |
project if and only if certain specific criteria are met in order to demonstrate the asset will generate |
probable future economic benefits and that its cost can be reliably measured. The capitalised |
development costs are subsequently amortised on a straight line basis over their useful economic |
lives, which range from 3 to 6 years. |
If it is not possible to distinguish between the research phase and the development phase of an |
internal project, the expenditure is treated as if it were all incurred in the research phase only. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Trilogy Communications Limited (Registered number: 01897343) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
as restated |
£ | £ |
Within one year |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | as restated |
£ | £ |
Ordinary | £1 | 52,002 | 52,002 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent company is Trilogy Communications Holdings Limited, a company |
incorporated in England & Wales. The registered office address is 2000 Beach Drive, Cambridge |
Research Park, Cambridge, England, CB25 9TP. |
Trilogy Communications Holdings Limited has a parent company, Clear-Com LLC, which is incorporated |
in the USA. Clear-Com LLC is itself owned by HM Electronics Inc which is also incorporated in the USA. |
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