Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-312022-08-01trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.3falsefalseNo description of principal activity2true 03555437 2022-08-01 2023-07-31 03555437 2021-03-01 2022-07-31 03555437 2023-07-31 03555437 2022-07-31 03555437 c:Director2 2022-08-01 2023-07-31 03555437 c:Director3 2022-08-01 2023-07-31 03555437 d:CurrentFinancialInstruments 2023-07-31 03555437 d:CurrentFinancialInstruments 2022-07-31 03555437 c:FRS102 2022-08-01 2023-07-31 03555437 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 03555437 c:FullAccounts 2022-08-01 2023-07-31 03555437 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03555437 2 2022-08-01 2023-07-31 03555437 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure
Registered number: 03555437






TELNIC LIMITED

UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JULY 2023

 
TELNIC LIMITED
REGISTERED NUMBER: 03555437

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

  

Fixed assets
  

Current assets
  

Cash at bank and in hand
 3 
480
477

  
480
477

Creditors: amounts falling due within one year
 4 
(1,437,846)
(1,316,025)

Net current liabilities
  
 
 
(1,437,366)
 
 
(1,315,548)

Total assets less current liabilities
  
(1,437,366)
(1,315,548)

  

  

  

Net assets excluding pension asset
  
(1,437,366)
(1,315,548)

Net liabilities
  
(1,437,366)
(1,315,548)


Capital and reserves
  

Called up share capital 
  
17,721
17,721

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

Profit and loss account
  
(32,388,154)
(32,266,336)

  
(1,437,366)
(1,315,548)


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 year 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.

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: 



Page 1

 
TELNIC LIMITED
REGISTERED NUMBER: 03555437
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023


F Chalandon
K Mahdavi
Director
Director


Date: 25 July 2024
Date: 25 July 2024

The notes on pages 3 to 4 form part of these financial statements.

Page 2

 
TELNIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
1.4

Interest income

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

Page 3

 
TELNIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.Accounting policies (continued)

 
1.5

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.

 
1.6

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.

 
1.7

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.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 3).


3.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
480
477

480
477



4.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,019,101
919,208

Amounts due to associated companies
418,745
396,817

1,437,846
1,316,025


 
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