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REGISTERED NUMBER: 12859450 (England and Wales)















Financial Statements for the Year Ended 30 September 2023

for

Connect Infraco Limited

Connect Infraco Limited (Registered number: 12859450)

Contents of the Financial Statements
for the year ended 30 September 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Connect Infraco Limited

Company Information
for the year ended 30 September 2023







DIRECTORS: Dr F Alamgir
K Y Yeung



SECRETARY: OHS Secretaries Limited



REGISTERED OFFICE: 9th Floor
107 Cheapside
London
EC2V 6DN



REGISTERED NUMBER: 12859450 (England and Wales)



SENIOR STATUTORY AUDITOR: Peter Adams FCA



AUDITOR: RSM UK Audit LLP, Statutory Auditor
Chartered Accountants
Two Humber Quays
Wellington Street
Hull
HU1 2BN

Connect Infraco Limited (Registered number: 12859450)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 572,204 653,948
Tangible assets 5 39,203,930 16,285,394
39,776,134 16,939,342

CURRENT ASSETS
Debtors 6 1,286,317 1,706,009
Cash at bank 11,937,628 14,382,415
13,223,945 16,088,424
CREDITORS
Amounts falling due within one year 7 3,414,940 8,092,381
NET CURRENT ASSETS 9,809,005 7,996,043
TOTAL ASSETS LESS CURRENT
LIABILITIES

49,585,139

24,935,385

CREDITORS
Amounts falling due after more than one year 8 63,028,082 29,590,816
NET LIABILITIES (13,442,943 ) (4,655,431 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (13,443,043 ) (4,655,531 )
(13,442,943 ) (4,655,431 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:





Dr F Alamgir - Director


Connect Infraco Limited (Registered number: 12859450)

Notes to the Financial Statements
for the year ended 30 September 2023


1. STATUTORY INFORMATION

Connect Infraco Limited 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.

The Directors have continued to adopt the going concern basis of preparation in these financial statements.

The Directors have prepared forecasts which demonstrate that the Company has sufficient cash reserves to enable it to settle its liabilities as they fall due for a period of at least 12 months from the date of signing these financial statements. The company's business model allows the Directors to operate in a dynamic fashion where, due to the ability of the Directors to quickly scale down the operating costs of the business if required, new lines of business can be explored without risking longer term viability of the business.

On this basis the Directors have adopted the going concern basis of preparation.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% on cost

Fixed assets held at the balance sheet date which were under construction have not been depreciated.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Connect Infraco Limited (Registered number: 12859450)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


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.

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 (2022 - NIL ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 October 2022
and 30 September 2023 817,435
AMORTISATION
At 1 October 2022 163,487
Amortisation for year 81,744
At 30 September 2023 245,231
NET BOOK VALUE
At 30 September 2023 572,204
At 30 September 2022 653,948

Connect Infraco Limited (Registered number: 12859450)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2022 16,737,006
Additions 25,440,494
At 30 September 2023 42,177,500
DEPRECIATION
At 1 October 2022 451,612
Charge for year 2,521,958
At 30 September 2023 2,973,570
NET BOOK VALUE
At 30 September 2023 39,203,930
At 30 September 2022 16,285,394

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 400,486 87,313
Other debtors 885,831 1,618,696
1,286,317 1,706,009

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,612,528 5,886,276
Amounts owed to group undertakings 220,160 220,160
Taxation and social security - 3,977
Other creditors 1,582,252 1,981,968
3,414,940 8,092,381

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 63,028,082 29,590,816

This loan accrues a daily interest charge at 10% per 360 days payable each quarter.

Connect Infraco Limited (Registered number: 12859450)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

Peter Adams FCA (Senior Statutory Auditor)
for and on behalf of RSM UK Audit LLP, Statutory Auditor

10. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 11,569,014

11. RELATED PARTY DISCLOSURES

During the year the company borrowed £33.43m from its parent.

It also made sales to a related party of £1,120,719 and purchases of £14,843,353.

12. POST BALANCE SHEET EVENTS

In November 2023 Connexin Limited (a minority shareholder at the year end) acquired all the remaining shares in the company from Connect IoT Bidco Limited, and became the 100% parent of the company.

13. ULTIMATE CONTROLLING PARTY

The controlling party is Connect IoT Bidco Limited.

In the opinion of the directors, there is no single controlling party.