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REGISTERED NUMBER: NI017362 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Telco Trading Limited

Telco Trading Limited (Registered number: NI017362)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 8


Telco Trading Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: A B Mullan
P O'Donnell





SECRETARY: P O'Donnell





REGISTERED OFFICE: 8A Market Street
Omagh
Co. Tyrone
BT78 1EH





REGISTERED NUMBER: NI017362 (Northern Ireland)





ACCOUNTANTS: Lynn Drake & Co Ltd
Chartered Accountants
1st Floor
34 B-D Main Street
Moira
Co. Armagh
BT67 0LE

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Telco Trading Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 August 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 August 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






Lynn Drake & Co Ltd
Chartered Accountants
1st Floor
34 B-D Main Street
Moira
Co. Armagh
BT67 0LE


12 January 2024

Telco Trading Limited (Registered number: NI017362)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 427,565 451,281

CURRENT ASSETS
Stocks 406,532 324,399
Debtors 6 3,271,607 2,914,227
Cash at bank and in hand 367,601 630,499
4,045,740 3,869,125
CREDITORS
Amounts falling due within one year 7 178,854 165,793
NET CURRENT ASSETS 3,866,886 3,703,332
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,294,451

4,154,613

PROVISIONS FOR LIABILITIES 8 11,215 10,158
NET ASSETS 4,283,236 4,144,455

CAPITAL AND RESERVES
Called up share capital 9 3 3
Retained earnings 4,283,233 4,144,452
SHAREHOLDERS' FUNDS 4,283,236 4,144,455

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Telco Trading Limited (Registered number: NI017362)

Balance Sheet - continued
31 August 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 January 2024 and were signed on its behalf by:




P O'Donnell - Director



A B Mullan - Director


Telco Trading Limited (Registered number: NI017362)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Telco Trading Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment ar recognised in the profit and loss account in other administrative expenses.


Telco Trading Limited (Registered number: NI017362)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Telco Trading Limited (Registered number: NI017362)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 18 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 September 2022
and 31 August 2023 744,944 251,581 3,500 1,000,025
DEPRECIATION
At 1 September 2022 348,314 196,930 3,500 548,744
Charge for year 14,899 8,817 - 23,716
At 31 August 2023 363,213 205,747 3,500 572,460
NET BOOK VALUE
At 31 August 2023 381,731 45,834 - 427,565
At 31 August 2022 396,630 54,651 - 451,281

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 159,961 71,097
Amounts owed by participating interests 881,177 879,542
Other debtors 541,302 281,302
Directors' loan accounts 1,665,513 1,665,513
Prepayments 23,654 16,773
3,271,607 2,914,227

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade creditors 49,150 23,888
Tax 44,776 56,143
Social security and other taxes 5,277 4,257
Machine Gaming Duty 43,811 45,428
VAT 25,319 26,565
Pension Creditor 238 215
Accrued expenses 10,283 9,297
178,854 165,793

Telco Trading Limited (Registered number: NI017362)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

8. PROVISIONS FOR LIABILITIES
31.8.23 31.8.22
£    £   
Deferred tax
Accelerated capital allowances 11,215 10,158

Deferred
tax
£   
Balance at 1 September 2022 10,158
Charge to Statement of Income and Retained Earnings during year 1,057
Balance at 31 August 2023 11,215

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
3 Ordinary £1 3 3

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

31.8.23 31.8.22
£    £   
A B Mullan
Balance outstanding at start of year 1,665,513 865,513
Amounts advanced - 800,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,665,513 1,665,513

In March 2019 the company made an advance to one of its directors. The loan is interest free and is repayable on demand.

11. RELATED PARTY DISCLOSURES

Telco Trading Limited provided a loan to Portrush Sportsland Limited. The two companies are under common ownership. The balance on this interest free loan as at 31 August 2023 was £881,177 (2022: £879,542.