Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31true0truefalsetrue2022-01-01IT equipment sales & services0truetrue 04126435 2022-01-01 2022-12-31 04126435 2021-01-01 2021-12-31 04126435 2022-12-31 04126435 2021-12-31 04126435 c:Director1 2022-01-01 2022-12-31 04126435 d:ComputerSoftware 2022-12-31 04126435 d:ComputerSoftware 2021-12-31 04126435 d:CurrentFinancialInstruments 2022-12-31 04126435 d:CurrentFinancialInstruments 2021-12-31 04126435 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04126435 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 04126435 d:ShareCapital 2022-12-31 04126435 d:ShareCapital 2021-12-31 04126435 d:RetainedEarningsAccumulatedLosses 2022-12-31 04126435 d:RetainedEarningsAccumulatedLosses 2021-12-31 04126435 c:OrdinaryShareClass1 2022-01-01 2022-12-31 04126435 c:OrdinaryShareClass1 2022-12-31 04126435 c:OrdinaryShareClass1 2021-12-31 04126435 c:FRS102 2022-01-01 2022-12-31 04126435 c:Audited 2022-01-01 2022-12-31 04126435 c:FullAccounts 2022-01-01 2022-12-31 04126435 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 04126435 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 04126435 d:ComputerSoftware d:OwnedIntangibleAssets 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04126435









TELNET INTERNATIONAL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
TELNET INTERNATIONAL LIMITED
REGISTERED NUMBER: 04126435

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
6,613
20,769

  
6,613
20,769

Current assets
  

Stocks
  
-
4,705

Debtors: amounts falling due within one year
 5 
932,402
661,073

Cash at bank and in hand
 6 
38,471
90,367

  
970,873
756,145

Creditors: amounts falling due within one year
 7 
(203,140)
(174,839)

Net current assets
  
 
 
767,733
 
 
581,306

Total assets less current liabilities
  
774,346
602,075

  

Net assets
  
774,346
602,075


Capital and reserves
  

Called up share capital 
 8 
102
102

Profit and loss account
  
774,244
601,973

  
774,346
602,075


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 on 18 April 2024.




A Tillisch
Director

The notes on pages 2 to 9 form part of these financial statements.
Page 1

 
TELNET INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Telnet International Limited is a private company, limited by shares, domiciled in England and Wales, registration number 04126435. The registered office and principal place of business is 6th Floor 9 Appold Street, London, United Kingdom, EC2A 2AP. The principal activity of the company continued to be that of wired telecommunications activites.

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 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound sterling.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Hook Topco Limited as at 31 December 2022 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The Company relies on the financial support of the Company’s bankers as a consequence of a loan taken out by the Parent Company. A cross guarantee exists with this Company.
The Group’s ultimate controlling party, Inflexion Enterprise Fund V GP Guernsey Limited, has also indicated that it will continue to support the group. As a result, there is no material uncertainty in the company’s ability to continue as a going concern.
For this reason, the Company continues to adopt the going concern basis for preparing these financial statements.

Page 2

 
TELNET INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

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:

Sale of IT Hardware
Revenue from the sale of goods is recognised when the following conditions are satisfied:
    - the Company has transferred the significant risks and rewards of ownership to the buyer;
    - the Company has dispatched the goods; and
    - the costs incurred and the costs to complete the transaction can be measured reliably.
Sale of IT 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 the following conditions are satisfied:
    - the amount of revenue received at the end of the reporting period can be measured reliably;
    - the stage of completion of the contract at the end of the reporting period can be measured using
      the life if the contract reliably;
    - the costs incurred and the costs to complete the transaction can be measured reliably.
 

 
2.5

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.

 
2.6

Finance costs

Finance costs are charged to profit or loss 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.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
TELNET INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

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.

 
2.11

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 4

 
TELNET INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are
Page 5

 
TELNET INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.15
Financial instruments (continued)

initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2021 - £NIL).

The average monthly number of employees, including directors, during the year was 0 (2021 - 0).

Page 6

 
TELNET INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Intangible assets




Computer software

£



Cost


At 1 January 2022
192,964



At 31 December 2022

192,964



Amortisation


At 1 January 2022
172,195


Charge for the year on owned assets
14,156



At 31 December 2022

186,351



Net book value



At 31 December 2022
6,613



At 31 December 2021
20,769




5.


Debtors

2022
2021
£
£


Trade debtors
7,677
41,611

Amounts owed by group undertakings
922,623
612,322

Other debtors
70
4,944

Prepayments and accrued income
1,321
1,485

Deferred taxation
711
711

932,402
661,073


Page 7

 
TELNET INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
38,471
90,367

38,471
90,367



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
61,556
26,112

Amounts owed to group undertakings
82,301
20,539

Corporation tax
19,088
47,088

Other taxation and social security
2,780
26,811

Accruals and deferred income
37,415
54,289

203,140
174,839



8.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



102 (2021 - 102) Ordinary shares of £1.00 each
102
102



9.Other financial commitments

Cross guarantees to secure loan note borrowings in Hook Topco Limited and Hook Midco 1 Limited exists between Hook Topco Limited, Hook Midco 1 Limited, Hook Midco 2 Limited, Hook Bidco Limited, Ridgewall Limited, Connecting London Limited, Telnet International Limited and Nomis Connections Limited. The amounts outstanding at the balance sheet date totalled £53,057,127 (2021: £47,188,057).
A cross guarantee to secure bank loan borrowings in Ridgewall Limited exists between Ridgewall Limited, Connecting London Limited, Telnet International Limited and Nomis Connections Limited. The amount outstanding at the balance sheet date totalled £6,243,807 (2021: £6,026,646).


10.


Related party transactions

The company has taken the exemption to not disclose group transactions as permitted under FRS 102 Section 33.

Page 8

 
TELNET INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Controlling party

The directors consider the ultimate parent undertaking to be Hook Topco Limited, a company incorporated in the United Kingdom.
Hook Topco Limited is the smallest and largest group for which consolidated accounts are prepared. The consolidated accounts are available from its registered office, 6th Floor 9 Appold Street, London, United Kingdom, EC2A 2AP.
The ultimate controlling entity is Inflexion Enterprise Fund V GP Guernsey Limited. In the opinion of the directors there is deemed to be no one controlling party.

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 18 April 2024 by Charalambos Patsalides (Senior Statutory Auditor) on behalf of Haslers.

 
Page 9