Caseware UK (AP4) 2022.0.179 2022.0.179 2022-07-312022-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-03-013falseNo description of principal activity3truetrue 03555437 2021-03-01 2022-07-31 03555437 2020-03-01 2021-02-28 03555437 2022-07-31 03555437 2021-02-28 03555437 c:Director2 2021-03-01 2022-07-31 03555437 c:Director3 2021-03-01 2022-07-31 03555437 d:CurrentFinancialInstruments 2022-07-31 03555437 d:CurrentFinancialInstruments 2021-02-28 03555437 c:FRS102 2021-03-01 2022-07-31 03555437 c:AuditExempt-NoAccountantsReport 2021-03-01 2022-07-31 03555437 c:FullAccounts 2021-03-01 2022-07-31 03555437 c:PrivateLimitedCompanyLtd 2021-03-01 2022-07-31 03555437 2 2021-03-01 2022-07-31 iso4217:GBP xbrli:pure
Registered number: 03555437






TELNIC LIMITED

UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 JULY 2022

 
TELNIC LIMITED
REGISTERED NUMBER: 03555437

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2022

31 July
28 February
2022
2021
Note
£
£

  

Fixed assets
  

Current assets
  

Cash at bank and in hand
 3 
477
677

  
477
677

Creditors: amounts falling due within one year
 4 
(1,316,025)
(670,216)

Net current liabilities
  
 
 
(1,315,548)
 
 
(669,539)

Total assets less current liabilities
  
(1,315,548)
(669,539)

  

  

  

Net assets excluding pension asset
  
(1,315,548)
(669,539)

Net liabilities
  
(1,315,548)
(669,539)


Capital and reserves
  

Called up share capital 
  
17,721
17,721

Share premium account
  
30,933,067
30,933,067

Profit and loss account
  
(32,266,336)
(31,620,327)

  
(1,315,548)
(669,539)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
 
Page 1

 
TELNIC LIMITED
REGISTERED NUMBER: 03555437
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2022


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 income and retained earnings 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: 




F Chalandon
K Mahdavi
Director
Director


Date: 27 October 2023
Date:27 October 2023

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
TELNIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022

1.Accounting policies

 
1.1

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
1.2

Going concern and post balance sheet event

The accounts include the costs of the 2021 Arbitration and related Costs awards.  As last year the going concern basis has not been adopted for the year under review.  In July 2023 the company signed a Settlement Agreement with its former supplier.   Subject to fulfilment of its terms and the terms of a Combined Services Agreement between its former supplier and an associated company of Telnic Limited, the Agreement sets aside all former liabilities including those awarded under the 2021 Aribitration.  

 
1.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.4

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.5

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.

 
1.6

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.

 
1.7

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
Page 3

 
TELNIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022

1.Accounting policies (continued)


1.7
Financial instruments (continued)

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 reporting date.


2.


Employees

The average monthly number of employees, including directors, during the period was 3 (2021 - 3).


3.


Cash and cash equivalents

31 July
28 February
2022
2021
£
£

Cash at bank and in hand
477
677

477
677


Page 4

 
TELNIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022

4.


Creditors: Amounts falling due within one year

31 July
28 February
2022
2021
£
£

Trade creditors
919,208
194,043

Amounts due to associated companies
396,817
317,803

Accruals and deferred income
-
158,370

1,316,025
670,216


 
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