Registration number:
Clear Fibre Limited
for the Year Ended 30 June 2023
Clear Fibre Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Clear Fibre Limited
Company Information
Directors |
Mr Martin Andrew Fenney Mr Thomas Seddon |
Registered office |
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Accountants |
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Clear Fibre Limited
(Registration number: 12703579)
Balance Sheet as at 30 June 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
(4,659,265) |
(2,364,069) |
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Shareholders' deficit |
(4,659,264) |
(2,364,068) |
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Profit and Loss Account and Directors' Report has been taken.
Approved and authorised by the
Clear Fibre Limited
(Registration number: 12703579)
Balance Sheet as at 30 June 2023
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Clear Fibre Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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 presented in sterling which is the functional currency of the company.
Summary of disclosure exemptions
The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.
Clear Fibre Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Going concern
The company reports net liabilities of £4,659,264 as at 30 June 2023.
The company requires the support of the group's parent entity, Gresham House, in order to meet its financial obligations as they fall due. Management have prepared cashflows for the next 12 months from the date of signing these financial statements for the group as a whole and have reviewed these to determine the level of support which would be required from the parent entity based on various scenarios.
The directors are confident following discussions with the management of the parent entity that Gresham House is both willing and able to provide such financial support as is required to ensure that the group and company can meet their day-to-day obligations for the foreseeable future.
On this basis, the financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Therefore they continue to adopt the going concern basis of accounting in the preparation of the financial statements.
Changes in accounting estimate
Depreciation of fixed assets
During the year management have re-assessed the period of depreciation of the some sub-categories of infrastructure works tangible fixed assets, changing the depreciation rate from 4% per annum to 20% per annum to more accurately reflect the useful economic life and replacement timeline of these specific components.
Prior period adjustments
Fixed assets with a total cost of £433,200 as at 30 June 2022 have been reclassified from intangible assets to tangible assets in the comparatives as in management's opinion this better reflects the nature of the asset to which these costs relate, being infrastructure works.
Associated amortisation costs of £7,980 were also reclassified as tangible fixed asset depreciation within the profit and loss account and balance sheet in the comparatives for 2022.
There is no impact on the total net liabilities of the company as previously reported in the 30 June 2022 financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.
Clear Fibre Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Furniture, fittings, and equipment |
Straight line 33.3% |
Infrastructure works |
Straight line 4 - 20% |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Other intangible assets |
Straight line 10% |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Clear Fibre Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Clear Fibre Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Tangible assets |
Infrastructure works |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 July 2022 (as restated) |
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- |
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Additions |
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Disposals |
( |
- |
( |
At 30 June 2023 |
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Depreciation |
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At 1 July 2022 (as restated) |
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- |
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Charge for the year |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 (as restated) |
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Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Clear Fibre Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The total amount of guarantees not included in the balance sheet is £45,351,584 (2022 - £20,751,584). This relates to a cross guarantee in respect of the parent company Telcom Group Ltd.
Related party transactions |
The company has taken advantage of the exemption under FRS 102 (Section 1A) from disclosing transactions with other wholly owned subsidiaries of the group headed by Telcom Group Limited.
Clear Fibre Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Parent and ultimate parent undertaking |
The company's immediate parent is