Company registration number 09079368 (England and Wales)
SAMA TELECOM LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SAMA TELECOM LTD
CONTENTS
Page
Statement of comprehensive income
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
SAMA TELECOM LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
37,212
17,853
Tangible assets
6
5,460
6,432
42,672
24,285
Current assets
Debtors
8
4,623,224
2,250,469
Cash at bank and in hand
2,663,391
898,847
7,286,615
3,149,316
Creditors: amounts falling due within one year
9
(5,333,215)
(2,009,707)
Net current assets
1,953,400
1,139,609
Net assets
1,996,072
1,163,894
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
1,995,972
1,163,794
Total equity
1,996,072
1,163,894

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Mrs  M  Chaer
Director
Company registration number 09079368 (England and Wales)
SAMA TELECOM LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
475,065
475,165
Year ended 31 December 2022:
Profit and total comprehensive income
-
1,163,794
1,163,794
Dividends
-
(475,065)
(475,065)
Balance at 31 December 2022
100
1,163,794
1,163,894
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,705,022
1,705,022
Dividends
-
(872,846)
(872,846)
Balance at 31 December 2023
100
1,995,972
1,996,072
SAMA TELECOM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Sama Telecom Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 167 Fleet Street, London, EC4A 2EA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable from the invoiced sale of voice and messaging service and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from the sale of voice and messaging services is recognised when the supply of voice and messaging services are used.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
Over the useful life of 5 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SAMA TELECOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments

Interests in subsidiaries, associates, jointly controlled entities and unlisted entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

SAMA TELECOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SAMA TELECOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Employees
2023
2022
Number
Number
Management
5
4

The majority of the staff requirements are provided by Ysms S.A.L. Offshore as disclosed under Note 18 to the Accounts.

4
Directors' remuneration
2023
2022
£
£
Remuneration and fees for qualifying services
535,613
13,750
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration and fees  for qualifying services
307,900
-
5
Intangible fixed assets
Patents & licences
£
Cost
At 1 January 2023
61,718
Additions
33,763
At 31 December 2023
95,481
Amortisation and impairment
At 1 January 2023
43,865
Amortisation charged for the year
14,404
At 31 December 2023
58,269
Carrying amount
At 31 December 2023
37,212
At 31 December 2022
17,853
SAMA TELECOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Tangible fixed assets
Computers
£
Cost
At 1 January 2023
9,600
Additions
3,342
At 31 December 2023
12,942
Depreciation and impairment
At 1 January 2023
3,168
Depreciation charged in the year
4,314
At 31 December 2023
7,482
Carrying amount
At 31 December 2023
5,460
At 31 December 2022
6,432
7
Fixed asset investments
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023 & 31 December 2023
50,000
Impairment
At 1 January 2023 & 31 December 2023
50,000
Carrying amount
At 31 December 2023
-
At 31 December 2022
-
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
780,527
665,356
Other debtors
128,706
33,701
Prepayments and accrued income
3,713,991
1,551,412
4,623,224
2,250,469
SAMA TELECOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,996,932
1,021,841
Corporation tax
519,217
282,533
Other taxation and social security
563
-
0
Other creditors
-
0
110,646
Accruals and deferred income
2,816,503
594,687
5,333,215
2,009,707
10
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Related party transactions
Transactions with related parties

The company carried out the following transactions at arm's length with Sama S.A.L. Offshore and Ysms S.A.L.Offshore both of whom considered related parties as Mr M Yahya (director and shareholder) of the company and/or close family members holds significant interest in these entities.

 

During the year the company entered into the following transactions with related parties:

 

a) Transactions with Sama S.A.L Offshore a company based in Lebanon:

-Included in the company's turnover were sales relating to Voice traffic £2,124,519 (2022:£199,861);

-Included in the company's cost of sales were £2,373,671 (2022: £731,780) for purchases of Voice and SMS traffic;

-Shared cost for transit charge £2,428 (2022:£256), consultancy fees £64,207 (2022 £Nil) and memberships fees of £Nil (2022:£5,155) were received by the Company;

-Included in creditors is an amount of £108,340 due to (2022:£50,226 due from) Sama S.A.L. Offshore.

 

b) Transactions with Ysms S.A.L offshore a company based in Lebanon:

-Included in the company's turnover were SMS traffic £128,675 (2022:£81,656);

-Included in the company's cost of sales were £1,753,977 (2022: £1,060,296) for purchases of SMS traffic and shared margins;

-Outsourcing administrative and operational costs of £470,406 (2022:£358,352) were paid by the Company;

-Included in creditors is an amount due to Ysms S.A.L. Offshore £257,765 (2022:£286,019).

12
Ultimate beneficial owner

The company's ultimate beneficial owner is Mr Mohammad Yahya.

 

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