Registered number: 04780952 (England and Wales)
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
The directors present the Strategic Report and audited consolidated financial statements of the Company and its subsidiary ("the Group") for the year ended 31 October 2023.
The Group reported a turnover for the year of £27,939,429 (2022: £29,044,775) and an operational profit of £4,641,607 (2022: £12,640,504) reflecting a year of consolidation in terms of revenue and orders received but a noteworthy decrease in profit due to the consolidation of historical royalty licencing with a supplier. Sales orders performance was once again strong in all regions, continuing to reflect on the positive response to the Group’s strategy for 5G roll-out.
The results are in-line with expectations of the directors as the business continued to manage the uncertainties of the international supply chain supply chain along with the delivery of the new product introductions. Stock levels continue to grow to address these uncertainties and it is believed that the larger order book which is apparent at the end of the financial year will be delivered within the next twelve months. Key territories of UK and Europe remained buoyant during FY23 as the market continued to react favourably to the Group’s new product introduction and existing product portfolio. Additionally, the Group has seen an upturn in revenue from the ROW as the new markets switch on to the product solutions. The Group strategy remains focused on cellXion’s technological market lead in the key geographical markets it currently deals in and to build upon early successes in the North America market. The directors believe that the Group technology remains robust and is ideally positioned to address the continually changing technology market with its 5G roadmap which remains well received by the customer base. The Group’s ongoing strategy of upgrading the existing hardware platform has paid dividends in the market as it addresses the changes in cellular technology within the commercial world. Future developments The strategic market plan remains focused on existing countries and territories where the Group has gained significant market share and into those territories with similar legal and technological backgrounds to its domestic market. This year has seen the growth in the North American market consolidated as the Group’s product offering gains market share with customers replacing ageing solutions. CellXion predicts further growth into this key strategic market. Research and development remain strong within the Group companies with further development of new core developments allowing for greater speeds and multiple instance 5G solutions underpinning the overall technical strategy to provide market leading solutions. NPI programs are planned for the coming year which will also open different vertical markets which the company is confident will offer this market greater technical capabilities which should result in significant revenue for the business. The senior management team continues to be committed to keeping control of operational costs while building a company structure that can deliver on the pre and post-sale requirements of the ever-increasing customer base. Stock levels within the group have increased again this year but remain under control as the business balances the uncertainty in supply of key components and the demand from the supply chain on pre-payments to secure orders. It is envisaged that while production catches up with the large order book and the company delivers on the demand for its products, the supply chain issues will continue into the next financial year. The management of the supply chain remains of paramount importance as the Group works to optimise the production process and manage its CEM partner companies to deliver quality products in a timely and cost-effective manner.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
This year has seen the R&D strategy develop further on its strong foundation of a multiple technology capability and is ideally positioned to address the 5G markets as mobile operators roll-out their own commercial infrastructures. cellXion’s 5G strategy continues to be well communicated with the field and is extremely well received and, in the opinion of the directors, puts the Group in a very strong position to address changing technical requirements within the marketplace.
The principal risks and uncertainties faced by the Group this year remain the uncertainty around the supply chain and its ability to supply against the worldwide shortage of key components. Although the levels of availability for silicon has improved throughout the year, the availability of these key components used in the technology used in the Group’s solution remain strained. The Group has again raised it’s levels of stock to fulfil the sustained demand for its solutions to accommodate for variance within the supply chain. Any further shortage of key components during FY24 will adversely affect the Group’s ability to realise the revenue from our order book and release new products to address growing demands.
The Group is working hard with its key supplies to mitigate these risks and has forward ordered several key parts to sustain the supply of goods over the foreseeable future. The Group also maintains a good relationship with the customer base to manage expectations for delivery as part of the sales process. The Group is also constantly reviewing the supply chain and will use its financial strength to secure parts for FY24 and beyond. The technology risks on the Group’s solutions remain apparent within the marketplace as the new 5G standards roll-out across the key territories. The markets are showing some increased levels of activity to embrace the new standards and the technical challenges that this will bring. The directors are confident that the Group is in a strong position to mitigate the technical risks as the R&D department work closely with development partners and strategic third-party suppliers to prepare the solutions for the expected requirements. The Group believes it maintains it’s technology lead in this respect. Recruitment continues to be of concern for the Group as the customer base expands and new technologies require support from good, skilled engineers and support staff. The Group continues to work closely with recruitment agents and trusted resource pools to search for appropriate candidates and has again recruited key members of staff to bolster the resource pool.
The Group’s key performance indicators remain the same and are focused on a clear and sustainable turnover, strong operating profit, robust product performance and best-in-class customer support.
In 2023, the Group turnover figure remained consistently high for yet another year which underpins the strength of the Group’s business strategy within the key markets that it operates. Operating profit decrease was within the expected range as the company paid for royalty payments on key technology used in its solutions. Revenue decreased by circa 4% while operating profit decreased by circa 64% as the Group realised those outstanding creditor payments. The decrease in both revenue and profit are along expectations of the directors as the Group consolidated its strong position within the marketplace and the directors continue to be confident in cellXion’s ability to deliver market leading technology solutions and deliver on the consistent demands of the marketplace in FY24.
This report was approved by the board on 30 July 2024 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
The directors present their report and the financial statements for the year ended 31 October 2023. In accordance with S414c(II) of the Companies Act 2006, certain information that is required to be included in the Directors' Report has been otherwise included in the Strategic Report, including information in relation to future developments and financial risk.
The profit for the year, after taxation, amounted to £4,487,198 (2022 - £10,799,394).
Ordinary dividends amounting to £Nil (2022: £6,000,000) were paid during the year.
The directors who served during the year were:
The Group has a programme of continuous investment in its product development activities.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
See note 26.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELLXION LTD
We have audited the financial statements of cellXion Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELLXION LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELLXION LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the responsible individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006 and taxation legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
We identified that fraud risk in relation to revenue recognition is a significant risk in line with ISA 240 and designed and implemented appropriate audit procedures in this area. Audit procedures included but were not limited to performing substantive testing, obtaining purchase orders, packaging slips and sales invoices and performing appropriate year end cut off testing.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELLXION LTD (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
Birchin Court
5th Floor
19-25 Birchin Lane
United Kingdom
EC3V 9DU
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
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CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2023
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CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023
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COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
cellXion Ltd is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. Its registered office is Birchin Court 5th Floor, 19-25 Birchin Lane, London, United Kingdom, EC3V 9DU. Its place of business is Oxted Mill, Spring Lane, Oxted, RH8 9PB. The nature of the Group's operations are set out in the Directors' Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Group has net assets of £29,990,390 at the balance sheet date, which is primarily supported by a strong cash position. The directors have considered the Company forecasts and have concluded that there will be sufficient working capital for at least 12 months from the date of approval of these financial statements. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
Turnover is generated primarily from two main sources:
ii. Sale of hardware, where turnover is recognised when the goods have been dispatched to the customer. Where goods are invoiced to the customer but not dispatched, the turnover is taken to the Balance Sheet and recognised as deferred income. ii. Software license revenue is comprised of software being sold alongside hardware, or separately as an upgrade of software to existing customers. Turnover is recognised on a straight line basis over the period of the license, apart from turnover derived from upgrades, which are recognised upfront upon installation.
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.
The estimated useful lives range as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. In the Company's financial statements, interests in associated undertakings are measured at cost less impairment.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
The parent Company offers a twelve month or three year warranty on its hardware sales. The estimated warranty provision is charged to the Consolidated Statement of Comprehensive Income.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities are addressed below. Depreciation and residual value of tangible fixed assets The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that asset lives and residual values are appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, management consider factors such as technological innovation, product life cycles and maintenance programs. Impairment of investments The directors review fixed asset investments annually for any indication of impairment based on available financial and performance information in relation to the unlisted investments. Management have deemed an impairment necessary on the unlisted investment (see note 14). Provision for warranty sales The directors have reviewed the need for a provision in the accounts against their expectation for future probable economic outflows and concluded that is it appropriate not to include a provision. Social security provision In a prior period, the directors of the parent Company of the Group, cellXion Ltd, have made provision for a liability in relation to employment taxes. This was based on the estimated future outflow of costs and has not changed in the current year (see note 21). Impairment of stock The directors review stock annually for any indication of impairment based on market conditions, and have concluded the carrying values are appropriate.
The whole of the turnover is attributable to the sale of hardware and other products relating to telecommunications. The directors of the Group do not consider the classes of turnover to be materially different.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
9.Taxation (continued)
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
13.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
20.Deferred taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Foreign exchange reserve
Profit and loss account
The directors consider A R Timson and M Brumpton to be the ultimate controlling parties of the Group by virtue of their shareholdings in the parent Company.
There were no adjusting or any other non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.
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