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REGISTERED NUMBER: 11424385 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Telescope Group Ltd

Telescope Group Ltd (Registered number: 11424385)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Telescope Group Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: C J Garnett





REGISTERED OFFICE: Compass House
76 East Street
Leeds
West Yorkshire
LS9 8EE





REGISTERED NUMBER: 11424385 (England and Wales)





ACCOUNTANTS: Richard Smedley Limited
Chartered Accountants & Registered Auditors
Richmond House
Lawnswood Business Park
Redvers Close
Leeds
West Yorkshire
LS16 6QY

Telescope Group Ltd (Registered number: 11424385)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 146,673 68,721
Investments 5 1,240,700 1,035,816
1,387,373 1,104,537

CURRENT ASSETS
Debtors 6 429,915 284,640
Cash at bank 12,630 24,631
442,545 309,271
CREDITORS
Amounts falling due within one year 7 1,642,123 1,338,403
NET CURRENT LIABILITIES (1,199,578 ) (1,029,132 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

187,795

75,405

CREDITORS
Amounts falling due after more than one year 8 (134,926 ) (54,742 )

PROVISIONS FOR LIABILITIES - (1,549 )
NET ASSETS 52,869 19,114

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings 52,849 19,094
52,869 19,114

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Telescope Group Ltd (Registered number: 11424385)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 August 2024 and were signed by:





C J Garnett - Director


Telescope Group Ltd (Registered number: 11424385)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Telescope Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is represented by management charges net of VAT. This is recognised when the company has provided the management services and therefore receives the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Financial instruments
Basic financial instruments are recognised at amortised costs. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Telescope Group Ltd (Registered number: 11424385)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - NIL ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 3,657 74,936 678 79,271
Additions - 127,070 - 127,070
At 31 March 2024 3,657 202,006 678 206,341
DEPRECIATION
At 1 April 2023 731 9,367 452 10,550
Charge for year 732 48,160 226 49,118
At 31 March 2024 1,463 57,527 678 59,668
NET BOOK VALUE
At 31 March 2024 2,194 144,479 - 146,673
At 31 March 2023 2,926 65,569 226 68,721

Telescope Group Ltd (Registered number: 11424385)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 73,999
Additions 127,070
At 31 March 2024 201,069
DEPRECIATION
At 1 April 2023 9,250
Charge for year 47,955
At 31 March 2024 57,205
NET BOOK VALUE
At 31 March 2024 143,864
At 31 March 2023 64,749

5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 April 2023 1,035,816
Additions 204,884
At 31 March 2024 1,240,700
NET BOOK VALUE
At 31 March 2024 1,240,700
At 31 March 2023 1,035,816

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Absolute Direct Marketing Limited
Registered office: Compass House, 76 East Street, Leeds, West Yorkshire, LS9 8EE
Nature of business: Marketing
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 356,864 298,738
Profit for the year 148,817 149,141

Telescope Group Ltd (Registered number: 11424385)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. FIXED ASSET INVESTMENTS - continued

Telescope Studios Limited
Registered office: Compass House, 76 East Street, Leeds, West Yorkshire, LS9 8EE
Nature of business: Marketing
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves (87,121 ) 98,235
(Loss)/profit for the year (184,692 ) 25,745

Telescope Motorsport Limited
Registered office: Fair View, Old Byland, York, North Yorkshire, England, YO62 5LG
Nature of business: car racing and advertising
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves (98,301 ) (13,858 )
(Loss)/profit for the year/period (85,802 ) 107,847

Telescope Doordrop Media Limited
Registered office: Compass House, 76 East Street, Leeds, West Yorkshire, LS9 8EE
Nature of business: administration & delivery services
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 231 2,133
Profit for the year/period 98 3,684

Clearsilver Brand Marketing Limited
Registered office: Compass House, 76 East Street, Leeds, West Yorkshire, LS9 8EE
Nature of business: advertising
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.1.23
£    £   
Aggregate capital and reserves 39,834 1,802
Profit for the period 46,532 116,027

Telescope Group Ltd (Registered number: 11424385)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 429,915 284,640

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 9) 28,783 11,721
Trade creditors 18,062 10,693
Taxation and social security 1,031 -
Other creditors 1,594,247 1,315,989
1,642,123 1,338,403

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 9) 134,926 54,742

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 28,783 11,721
Between one and five years 134,926 54,742
163,709 66,463

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 49,511 49,510
Between one and five years 42,269 96,009
91,780 145,519

10. SECURED DEBTS

HSBC holds a fixed and floating charge over the assets of the company and it contains a negative pledge.
I Leach and LE Leach have a fixed and floating charge over the freehold, leasehold or commonhold property.

Telescope Group Ltd (Registered number: 11424385)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
C J Garnett
Balance outstanding at start of year 63,475 101,896
Amounts advanced 113,961 111,604
Amounts repaid (93,000 ) (150,025 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 84,436 63,475

Interest has been charged at the official rate.
This is repayable on demand.