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Registered number: 13433533









VEA TELECOMS UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 28 FEBRUARY 2023

 
VEA TELECOMS UK LIMITED
REGISTERED NUMBER: 13433533

BALANCE SHEET
AS AT 28 FEBRUARY 2023

28 February
30 November
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
97,778
78,382

  
97,778
78,382

Current assets
  

Debtors: amounts falling due after more than one year
 6 
18,522
8,222

Debtors: amounts falling due within one year
 6 
1,149,516
727,103

Cash at bank and in hand
 7 
423,775
146,988

  
1,591,813
882,313

Creditors: amounts falling due within one year
 8 
(1,639,393)
(1,399,586)

Net current liabilities
  
 
 
(47,580)
 
 
(517,273)

Total assets less current liabilities
  
50,198
(438,891)

Provisions for liabilities
  

Deferred tax
 9 
(12,979)
(19,596)

  
 
 
(12,979)
 
 
(19,596)

Net assets/(liabilities)
  
37,219
(458,487)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
37,119
(458,587)

  
37,219
(458,487)


Page 1

 
VEA TELECOMS UK LIMITED
REGISTERED NUMBER: 13433533
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

S Kitching
Director

Date: 17 October 2023

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
VEA TELECOMS UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 FEBRUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Loss for the period

-
(458,587)
(458,587)

Shares issued during the period
100
-
100



At 1 December 2022
100
(458,587)
(458,487)


Comprehensive income for the period

Profit for the period

-
495,706
495,706


At 28 February 2023
100
37,119
37,219


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
VEA TELECOMS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

1.


General information

Vea Telecoms UK Limited is a company limited by shares and incorporated in England & Wales
under the Companies Act 2006 on 2 June 2021. Trade commenced on 1 September 2021. The address
of the registered office is given on the Company information page. The nature of the Company's
operations and its principal activities are set out in the Directors’ report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

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 comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
VEA TELECOMS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

Revenue

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
3 years Straight Line
Fixtures and fittings
-
5 years Straight line
Computer equipment
-
3 years Straight Line
Computer software
-
1 year Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
VEA TELECOMS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.10

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.

Page 6

 
VEA TELECOMS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and
the amounts reported for revenues and expenses during the period. The nature of estimation means the
actual outcomes could differ from those estimates. 
The directors consider the stage of completion of each job to be a key estimate in the financial
statements. The stage of completion is used in the calculation of the accrued income. 


4.


Employees

The average monthly number of employees, including directors, during the period was 54 (2022 - 23).


5.


Tangible fixed assets







Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2022
95,895
-
8,892
104,787


Additions
25,757
1,534
3,005
30,296


Disposals
(1,532)
-
-
(1,532)



At 28 February 2023

120,120
1,534
11,897
133,551



Depreciation


At 1 December 2022
21,494
-
4,911
26,405


Charge for the period on owned assets
8,873
26
542
9,441


Disposals
(73)
-
-
(73)



At 28 February 2023

30,294
26
5,453
35,773



Net book value



At 28 February 2023
89,826
1,508
6,444
97,778



At 30 November 2022
74,401
-
3,981
78,382

Page 7

 
VEA TELECOMS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

6.


Debtors

28 February
30 November
2023
2022
£
£

Due after more than one year

Other debtors
18,522
8,222

18,522
8,222


28 February
30 November
2023
2022
£
£

Due within one year

Trade debtors
938,287
607,022

Other debtors
11,910
11,645

Prepayments and accrued income
199,319
108,436

1,149,516
727,103



7.


Cash and cash equivalents

28 February
30 November
2023
2022
£
£

Cash at bank and in hand
423,775
146,988

423,775
146,988


Page 8

 
VEA TELECOMS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

8.


Creditors: Amounts falling due within one year

28 February
30 November
2023
2022
£
£

Trade creditors
386,403
227,412

Amounts owed to group undertakings
696,200
733,010

Other taxation and social security
342,103
232,667

Other creditors
35,662
62,971

Accruals and deferred income
179,025
143,526

1,639,393
1,399,586



9.


Deferred taxation






2023


£






At beginning of year
(19,596)


Charged to profit or loss
6,617



At end of year
(12,979)

The provision for deferred taxation is made up as follows:

28 February
30 November
2023
2022
£
£


Accelerated capital allowances
(24,445)
(19,596)

Tax losses carried forward
10,356
-

Other short term timing differences
1,110
-

(12,979)
(19,596)

Page 9

 
VEA TELECOMS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

10.


Share capital

28 February
30 November
2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



11.


Pension commitments

Pension commitments paid in the period totalled £11,111 (2022: £9,092). At the period end pension commitments of £10,640 (2022: £5,795) were outstanding. 


12.


Commitments under operating leases

At 28 February 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

28 February
30 November
2023
2022
£
£


Not later than 1 year
111,898
77,804

Later than 1 year and not later than 5 years
66,700
-

178,598
77,804


13.


Related party transactions

There is an intercompany loan of £599,016 (2022: £630,203) due to the parent company. There is no repayment terms on this loan and it is repayable upon demand. The rest of the intercompany creditor is made up of a trade creditor balance.
There were transactions with Vea Group Holdings (Pty) during the year. These transactions were carried out at arms length and therefore the directors have elected not to disclose.

Page 10

 
VEA TELECOMS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

14.


Controlling party

VEA Telecoms UK Limited is a subsidiary of VEA Group Holdings (Pty), which is the ultimate controlling party.
Consolidated financial statements are prepared by Vea Group Holdings (Pty). Its registered address in South Africa is:
Plot 107
3 Erasmus Street
Mnandi AH
Centurion
0157


15.


Auditors' information

The auditors' report on the financial statements for the period ended 28 February 2023 was unqualified.

The audit report was signed on 17 October 2023 by Elizabeth Wicks (Senior statutory auditor) on behalf of WMT.

 
Page 11