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Registered number: 11124417









CELLNEX UK IN-BUILDING SOLUTIONS LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CELLNEX UK IN-BUILDING SOLUTIONS LIMITED
REGISTERED NUMBER: 11124417

BALANCE SHEET
AS AT 31 DECEMBER 2023

Year ended 31 December 2023
Period ended 31 December 2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
49,372
9,536

Current assets
  

Stocks
  
382,572
180,967

Debtors: amounts falling due within one year
 5 
2,576,453
182,067

Cash at bank and in hand
 6 
-
26,542

Current liabilities
  
2,959,025
389,576

Creditors: amounts falling due within one year
 7 
(4,290,834)
(707,927)

Net current liabilities
  
 
 
(1,331,809)
 
 
(318,351)

Total assets less current liabilities
  
(1,282,437)
(308,815)

Provisions for liabilities
  

Deferred tax
 8 
(9,728)
(1,812)

Net liabilities
  
(1,292,165)
(310,627)


Capital and reserves
  

Called up share capital 
 9 
20
20

Share premium account
 10 
9,990
9,990

Profit and loss account
 10 
(1,302,175)
(320,637)

  
(1,292,165)
(310,627)


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 on 27 July 2024.


................................................
G Landolina
Director

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

 
CELLNEX UK IN-BUILDING SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Cellnex UK In-Building Solutions Limited (Formerly Herbert In Building Wireless Limited) is a private company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is R+ 4th Floor, 2 Blagrave Street, Reading, England, RG1 1AZ. The nature of the Company's operation is that of the supply and service of in building wireless internet solutions.

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 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 financial statements are rounded to the nearest Pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company adopts the Going Concern basis in preparing its financial statements, based on the letter of financial support covering twelve months from the signing of the Annual Report from its ultimate parent undertaking, Cellnex Telecom.
The loss for the year after tax is £981,538 (31 December 2022 - loss of £73,305). The Company has total net liabilities of £1,292,165 (31 December  2022 - £310,627).
Based upon the letter of support from Cellnex Telecom S.A., the ultimate parent Company, and the forecast for the Company for the next twelve months, it leads the Directors of the Company to be confident that they will have adequate resources to continue in operational existence for the foreseeable future. As part of this assessment, we have considered the aftermath of Russia-Ukraine crisis and the consequences of Europe's energy crisis which led to rising inflation conditions. However, based on the nature of the business, we do not believe that these factors will have a materially adverse effect on our financial position or cash flows. The Directors’ are satisfied that the ultimate parent company, Cellnex Telecom S.A. has the ability and intention to provide the support to the Company for the twelve months from signing and authorisation of the accounts. Having regard to the matters described above, the Directors consider that the Company will be able maintain its portfolio as well as meet its obligations as and when they fall due for the foreseeable future.  Accordingly, the financial statements have been prepared on a going concern basis.

Page 2

 
CELLNEX UK IN-BUILDING SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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 that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Turnover

Turnover 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. Turnover 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 goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover 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 of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
CELLNEX UK IN-BUILDING SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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

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.

 
2.7

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 corporation 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.
Page 4

 
CELLNEX UK IN-BUILDING SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Plant and machinery
-
3-5 Years
Computer equipment
-
3 years

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 5

 
CELLNEX UK IN-BUILDING SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022 - 8).


4.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost


At 1 January 2023
31,091
-
31,091


Additions
-
51,244
51,244



At 31 December 2023

31,091
51,244
82,335



Depreciation


At 1 January 2023
21,555
-
21,555


Charge for the year on owned assets
5,700
5,708
11,408



At 31 December 2023

27,255
5,708
32,963



Net book value



At 31 December 2023
3,836
45,536
49,372



At 31 December 2022
9,536
-
9,536

Page 6

 
CELLNEX UK IN-BUILDING SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

Year ended 31 December 2023
Period ended 31 December 2022
£
£


Trade debtors
223,248
139,861

Amounts owed by group undertakings
1,897,535
-

Other debtors
345,449
21,821

Prepayments and accrued income
110,221
20,385

2,576,453
182,067



6.


Cash and cash equivalents

Year ended 31 December 2023
Period ended 31 December 2022
£
£

Cash at bank
-
26,542



7.


Creditors: Amounts falling due within one year

Year ended 31 December 2023
Period ended 31 December 2022
£
£

Trade creditors
218,380
27,142

Amounts owed to group undertakings
3,489,077
-

Other taxation and social security
29,322
10,304

Other creditors
7,739
-

Accruals and deferred income
546,316
670,481

4,290,834
707,927


During the financial year the bank facility was secured by a floating fixed charge and debenture issued by the company, other group undertakings and its parent company under an unlimited multilateral cross guarantee. This was secured over all assets of the company including present and future property and book and other debtors. 

Page 7

 
CELLNEX UK IN-BUILDING SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




31 December 2023


£






At beginning of year
(1,812)


Charged to profit or loss
(7,916)



At end of period
(9,728)

The provision for deferred taxation is made up as follows:

Year ended 31 December 2023
Period ended 31 December 2022
£
£


Accelerated capital allowances
(11,356)
(1,812)

Other short term timing differences
1,628
-

(9,728)
(1,812)


9.


Share capital

Year ended 31 December 2023
Period ended 31 December 2022
£
£
Allotted, called up and fully paid



20 (2022 - 20) Ordinary shares of £1.00 each
20
20



10.


Reserves

Share premium account

The share premium represents amounts paid to the Company for shares in excess of the par value.

Profit and loss account

The profit and loss accounts represents accumulated comprehensive income for the year and prior periods less any dividends paid.

Page 8

 
CELLNEX UK IN-BUILDING SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Total contributions for the year amounted to £129,398 (31 December 2022 - £10,541). Contributions totalling £7,740 (31 December 2022 - £Nil) were outstanding as at the balance sheet date.


12.


Related party transactions

The Company has taken advantage of the exemption to disclose transactions with wholly owned group companies.


13.


Controlling party

At the balance sheet date, the ultimate parent undertaking of this Company is Cellnex UK Limited, who is the immediate parent company. 
The ultimate parent Company is Cellnex Telecom S.A. who is considered the controlling party from this date by virtue of the 100% shareholding.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 30 July 2024 by Paul Cullen FCCA (Senior Statutory Auditor) (Senior Statutory Auditor) on behalf of Price Bailey LLP.


Page 9