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Registration number: 12703579

Clear Fibre Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Clear Fibre Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Clear Fibre Limited

Company Information

Directors

Mr Martin Andrew Fenney

Mr Thomas Seddon

Registered office

Northstar
135-141 Oldham Street
Manchester
M4 1LN

Accountants

Williamson & Croft Audit Ltd
Chartered Accountants
York House
20 York Street
Manchester
M2 3BB

 

Clear Fibre Limited

(Registration number: 12703579)
Balance Sheet as at 30 June 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

4,389,656

1,230,887

Current assets

 

Debtors

5

890,745

500,684

Cash at bank and in hand

 

1,629

3,216

 

892,374

503,900

Creditors: Amounts falling due within one year

6

(9,941,294)

(4,098,855)

Net current liabilities

 

(9,048,920)

(3,594,955)

Net liabilities

 

(4,659,264)

(2,364,068)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(4,659,265)

(2,364,069)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 19 March 2024 and signed on its behalf by:
 

 

Clear Fibre Limited

(Registration number: 12703579)
Balance Sheet as at 30 June 2023

.........................................
Mr Martin Andrew Fenney
Director

 

Clear Fibre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Northstar
135-141 Oldham Street
Manchester
M4 1LN
England

These financial statements were authorised for issue by the Board on 19 March 2024.

2

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2022 - 16).

 

Clear Fibre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Infrastructure works
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022 (as restated)

1,251,147

-

1,251,147

Additions

3,919,924

1,092

3,921,016

Disposals

(58,275)

-

(58,275)

At 30 June 2023

5,112,796

1,092

5,113,888

Depreciation

At 1 July 2022 (as restated)

20,260

-

20,260

Charge for the year

703,911

61

703,972

At 30 June 2023

724,171

61

724,232

Carrying amount

At 30 June 2023

4,388,625

1,031

4,389,656

At 30 June 2022 (as restated)

1,230,887

-

1,230,887

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

843,832

140,645

Amounts owed by related parties

9

7,126

4,547

Prepayments

 

39,479

105,560

Other debtors

 

308

249,932

   

890,745

500,684

 

Clear Fibre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

925,494

577,550

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

8,539,242

3,232,396

Taxation and social security

 

114,968

226,687

Accruals and deferred income

 

361,532

49,706

Other creditors

 

58

12,516

 

9,941,294

4,098,855

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Share Capital of £1 each

1

1

1

1

         

8

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 £285,941 (2022 - £168,750). This relates to non-cancellable operating leases.

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.

9

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

10

Parent and ultimate parent undertaking

The company's immediate parent is Telcom Group Limited, incorporated in England and Wales.