Caseware UK (AP4) 2023.0.135 2023.0.135 23false242023-01-01falsetelecomstruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03576847 2023-01-01 2023-12-31 03576847 2022-01-01 2022-12-31 03576847 2023-12-31 03576847 2022-12-31 03576847 c:Director3 2023-01-01 2023-12-31 03576847 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 03576847 d:Buildings d:ShortLeaseholdAssets 2023-12-31 03576847 d:Buildings d:ShortLeaseholdAssets 2022-12-31 03576847 d:MotorVehicles 2023-01-01 2023-12-31 03576847 d:MotorVehicles 2023-12-31 03576847 d:MotorVehicles 2022-12-31 03576847 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03576847 d:FurnitureFittings 2023-01-01 2023-12-31 03576847 d:FurnitureFittings 2023-12-31 03576847 d:FurnitureFittings 2022-12-31 03576847 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03576847 d:OfficeEquipment 2023-01-01 2023-12-31 03576847 d:OfficeEquipment 2023-12-31 03576847 d:OfficeEquipment 2022-12-31 03576847 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03576847 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03576847 d:CurrentFinancialInstruments 2023-12-31 03576847 d:CurrentFinancialInstruments 2022-12-31 03576847 d:Non-currentFinancialInstruments 2023-12-31 03576847 d:Non-currentFinancialInstruments 2022-12-31 03576847 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03576847 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03576847 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03576847 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03576847 d:ShareCapital 2023-12-31 03576847 d:ShareCapital 2022-12-31 03576847 d:RetainedEarningsAccumulatedLosses 2023-12-31 03576847 d:RetainedEarningsAccumulatedLosses 2022-12-31 03576847 c:FRS102 2023-01-01 2023-12-31 03576847 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03576847 c:FullAccounts 2023-01-01 2023-12-31 03576847 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03576847 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 03576847 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 03576847 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 03576847 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 03576847 2 2023-01-01 2023-12-31 03576847 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 03576847











Telecoms World Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 December 2023

















Coveney Nicholls Limited
Chartered Accountants & Statutory Auditor
The Old Wheel House
31/37 Church Street
Reigate
Surrey
UK
RH2 0AD

 
Telecoms World Limited
Registered number:03576847

Statement of Financial Position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
48,008
42,433

  
48,008
42,433

Current assets
  

Debtors: amounts falling due within one year
 6 
4,700,618
4,930,108

Cash at bank and in hand
  
325,273
845,075

  
5,025,891
5,775,183

Creditors: amounts falling due within one year
 7 
(2,757,871)
(4,292,190)

Net current assets
  
2,268,020
1,482,993

Total assets less current liabilities
  
2,316,028
1,525,426

Creditors: amounts falling due after more than one year
 8 
(78,903)
(148,475)

Provisions for liabilities
  

Deferred tax
  
(12,002)
(6,201)

  
(12,002)
(6,201)

Net assets
  
2,225,123
1,370,750


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Profit and loss account
  
2,175,123
1,320,750

  
2,225,123
1,370,750


Page 1

 
Telecoms World Limited
Registered number:03576847
    
Statement of Financial Position (continued)
As at 31 December 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 comprehensive income 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 6 September 2024.




David William Noble
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
Telecoms World Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 December 2023

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Kingfisher House, Crayfields Business Park, New Mill Road, Orpington, Kent, BR5 3QG, England.
On 21 December 2020, the company re-registered as a private limited company from a public limited company.

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 following principal accounting policies have been applied:

 
2.2

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 resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

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

Page 3

 
Telecoms World Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue 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. Revenue 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:

Rendering of services

Revenue 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.

Contract and usage revenue is billed monthly in arrears. It is recognised in the month it accrues and presented in accrued income at the balance sheet date.
Income and associated customer rebates in relation to premium rate phone line services are recognised in the month they accrue. The revenue is recognised net of the customer rebates within turnover. Any clawbacks associated with premium rate phone line services are recognised in turnover in the month they arise.

 
2.4

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
Telecoms World Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.8

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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 reporting date.

 
2.10

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.

Page 5

 
Telecoms World Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (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:

Short-term leasehold property
-
Over the course of the property lease
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
20%
reducing balance
Office equipment
-
25%
reducing balance

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Page 6

 
Telecoms World Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 December 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.


4.


Employees

The average monthly number of employees, including directors, during the year was 24 (2022 - 23).


5.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
250,320
13,166
228,960
307,898
800,344


Additions
15,163
-
4,865
4,200
24,228



At 31 December 2023

265,483
13,166
233,825
312,098
824,572



Depreciation


At 1 January 2023
250,320
13,166
227,426
266,999
757,911


Charge for the year on owned assets
198
-
1,923
16,532
18,653



At 31 December 2023

250,518
13,166
229,349
283,531
776,564



Net book value



At 31 December 2023
14,965
-
4,476
28,567
48,008



At 31 December 2022
-
-
1,534
40,899
42,433

Page 7

 
Telecoms World Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 December 2023

6.


Debtors

2023
2022
£
£


Trade debtors
118,462
769,239

Amounts owed by group undertakings
3,731,057
2,295,897

Other debtors
276,736
656,844

Prepayments and accrued income
574,363
1,208,128

4,700,618
4,930,108



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
65,013
59,497

Trade creditors
158,819
810,538

Amounts owed to group undertakings
44,842
44,842

Corporation tax
121,417
198,163

Other taxation and social security
305,760
481,158

Obligations under finance lease and hire purchase contracts
5,759
9,396

Other creditors
1,870,397
1,867,897

Accruals and deferred income
185,864
820,699

2,757,871
4,292,190



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
71,042
136,055

Net obligations under finance leases and hire purchase contracts
7,861
12,420

78,903
148,475


Page 8

 
Telecoms World Limited
 
 
Notes to the Financial Statements

For the Year Ended 31 December 2023

9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
5,759
9,396

Between 1-5 years
7,861
12,420

13,620
21,816


10.


Related party transactions

The company has taken advantage of the exemption offered by FRS102 from disclosing transactions and balances with other wholly owned subsidiaries of Telecoms World Group Ltd.
During the year the company entered into the following transactions with related parties:


2023
2022
2023
2022
£
£
£
£

Cloud Telecom Ltd - Purchases
(27,792)
(19,577)
-
-
Cloud Telecom Ltd - Loans advanced
16,107
(51,239)
244,162
228,055
Cloud Information Technology FZE
(561,789)
(600,000)
-
-
(573,474)
(670,816)
244,162
228,055

Cloud Telecom Limited and Cloud Information Techology FZE are all companies in which Mr D Noble, the ultimate controlling party, has a direct shareholding.


11.


Controlling party

The immediate and ultimate parent company is Telecoms World (Group) Limited, a company incorporated in England and Wales.
The ultimate controlling party is D W Noble by vitue of his majority shareholding in Telecoms World (Group) Limited.

 
Page 9