Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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SB TELECOM EUROPE LTD.
COMPANY INFORMATION
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SB TELECOM EUROPE LTD.
CONTENTS
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SB TELECOM EUROPE LTD.
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Director presents his report and the financial statements for the year ended 31 December 2023.
Director's responsibilities statement
The Director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Director is responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Director's Reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £399,291 (2022 - £272,299).
The Directors who served during the year were:
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SB TELECOM EUROPE LTD.
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The director is not aware, at the date of the "Director's report and financial statements", of any likely changes in the Company's activities in the next year. The Company continues to provide IT and digital marketing services and these activities are the main sources of income and expenditure for the Company.
Credit Risk
The Company defines credit risk as the risk that a customer will not meet its obligations under a sale of services contract leading to a financial loss. The company has a policy in place regarding to trade debtors collection as well as due diligence on 3rd party customers. The director considers that the Company has successfully reduced its credit risk as much as economically viable, and it continues to monitor its credit risk position very closely. Liquidity risk Liquidity risk is the risk that cash may not be available, or the assets cannot be liquidated at a reasonable cost, to pay obligations when they fall due. To guard against this risk, assets are managed with liquidity in mind maintaining a healthy balance of cash and cash equivalents. The maturity profile is monitored to ensure adequate liquidity is maintained. Therefore the liquidity risk is low. Exchange rate risk The company is exposed to foreign exchange risk from most of its trading balances due to its parent company (amounts owed to group companies and receivable from group companies). The principal transaction exposures are JPY. There are fluctuations because of converting year end balances at the closing rate. In the current year, there were large exchange losses incurred from the exchange rate fluctuation between the JPY and GBP. The company manages foreign currency exchange risk by mainly issuing invoices in its functional currency (GBP) and by receiving supplier invoices in various foreign currencies, including Japanese Yen. Overall, this mitigates against the exchange risk.
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SB TELECOM EUROPE LTD.
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditors, Greenback Alan LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Strategic Report
The company is a member of an ineligible group so is not permitted to prepare accounts under the small companies regime but has taken advantage of the exemption available under section 414B of the Companies Act 2006 from the requirement to prepare a strategic report or business review within the director's report. This director's report has been preprared in accordance with the provisions applicable to companies entitled to the small companies exemption under Section 415A of the Companies Act 2006.
This report was approved by the board on
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SB TELECOM EUROPE LTD.
INDEPENDENT AUDITORS' REPORT TO THE DIRECTOR OF SB TELECOM EUROPE LTD.
We have audited the financial statements of SB Telecom Europe Ltd. (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the 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 Company 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 Director's 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 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 Director with respect to going concern are described in the relevant sections of this report.
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SB TELECOM EUROPE LTD.
INDEPENDENT AUDITORS' REPORT TO THE DIRECTOR OF SB TELECOM EUROPE LTD. (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Director is 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Director's Report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.
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SB TELECOM EUROPE LTD.
INDEPENDENT AUDITORS' REPORT TO THE DIRECTOR OF SB TELECOM EUROPE 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 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:
We obtained a general understanding of the company’s legal and regulatory framework through enquiry of
management concerning: their understanding of relevant laws and regulations; the entity’s policies and procedures regarding compliance; and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the company’s industry and regulation.
We understand that the company complies with the framework through having in place robust procedures and
policies that are develop with and monitored by the parent company and the wider group, and by outsourcing and taking external professional legal, tax and accounting advice on relevant specialist functions and areas including the preparation of financial statements and corporate tax compliance.
In the context of the audit, we considered those laws and regulations: which determine the form and content of
the financial statements; which are central to the company’s ability to conduct its business; and where failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the company:
∙The Companies Act 2006, FRS 102, UK Corporate tax laws.
The senior statutory auditor led a discussion with all members of the engagement team regarding the
susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The
areas identified in this discussion were:
∙Manipulation or error in revenue recognition leading to overstatement of revenue to inflate the results, and reversing these following the year-end close;
∙Manipulation or error in business or personal expenses leading to overstatement of expenses to inflate revenue of service fees;
∙Manipulation or error in raising accruals and provisions for costs incurred but not invoiced before the balance sheet date that often entail a significant degree of judgment;
∙Manipulation or error in valuation of investments leading to overvaluation of investments in subsidiaries;
∙Unidentified or undisclosed related party transactions that are outside the normal course of business
The procedures we carried out to gain sufficient appropriate audit evidence in the above areas included:
∙Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud and error;
∙Understanding the potential for override of these controls on the financial reporting process, and how those charged with governance address these override potentials.
∙Performing substantive testing on appropriate samples, and investigating any discrepancies identified;
∙Documenting the assumptions and judgements made by management in their significant accounting estimates and challenging these with management;
∙Identifying and testing journal entries, in particular those around yearend, and involving unusual postings
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SB TELECOM EUROPE LTD.
INDEPENDENT AUDITORS' REPORT TO THE DIRECTOR OF SB TELECOM EUROPE LTD. (CONTINUED)
account combinations, or amounts;
∙Reviewing minutes of board meetings to identify any unusual or significant decisions are made, and enquiring of management for prevention or detection of non-compliance with laws and regulations and fraud.
Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate
competence and capabilities to identify or recognise irregularities. In particular, both the senior statutory auditor
and the audit manager have a number of years’ experience in dealing with similar companies, and prepare
accounts under FRS 102.
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.
Yusuke Takanishi (Senior Statutory Auditor)
for and on behalf of
Chartered Accountants
89 Spa Road
SE16 3SG
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SB TELECOM EUROPE LTD.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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SB TELECOM EUROPE LTD.
REGISTERED NUMBER: 03514174
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 29 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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SB TELECOM EUROPE LTD.
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SB TELECOM EUROPE LTD.
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SB Telecom Europe Ltd. is a private company limited by shares incorporated in England and Wales. Its principal place of business is WeWork 184 Shepherds Bush Road, London, W6 7NL. Its principal activities are the provision of online marketing solutions and digital transformation suppport.
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are qualified to be excluded from consolidation by section 405 of the Companies Act 2006. These financial statements are the company's separate financial statements.
Functional and presentation currency
Transactions and balances
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
Amortisation is included in ‘administrative expenses’ in the profit and loss account.
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
Non-financial assets An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units (CGU) of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis. Where indicators exist for a decrease in impairment loss previously recognised for assets other than goodwill, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets of the CGU, except for goodwill, on a pro-rata basis. Impairment of goodwill is never reversed.
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
The key judgements and estimates made by management in preparing these financial statements relate to depreciation of fixed assets, valuation of investments and deferred taxation, and are explained more fully in the respective accounting policy notes.
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Finance Budget 2021 announced an increase in the rate of corporation tax from 19% to 25% from 1 April 2023 for companies with taxable profits over £250,000. This increased rate was substantively enacted on 9 March 2021 under the Provisional Collection of Taxes Act.
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Other reserves
Profit and loss account
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. The pension cost charge represents contributions payable by the company to the fund and amounted to £51,778 (2022- £46,405). Contributions totalling £NIL (2022 £NIL) were payable to the fund at the balance sheet date and are included in creditors.
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SB TELECOM EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The immediate parent company is
The director regards
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