Gibraltar Telecom (UK) Ltd
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 12732949 (England and Wales)
Gibraltar Telecom (UK) Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Gibraltar Telecom (UK) Ltd
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1,009
2
Current assets
Debtors
4
362,916
264,964
Creditors: amounts falling due within one year
5
(355,480)
(258,832)
Net current assets
7,436
6,132
Net assets
8,445
6,134
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
8,444
6,133
Total equity
8,445
6,134

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

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 17 September 2024 and are signed on its behalf by:
N  Burrows
Director
Company Registration No. 12732949
Gibraltar Telecom (UK) Ltd
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

Gibraltar Telecom (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

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 as applicable to companies subject to the small companies regime.

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 £.

1.2
Going concern

The company is a cost centre for the parent company which provides financial support, and processes all payments and receipts on behalf of the company as the UK company does not have its own bank account. The group have confirmed that it is the intention to continue to support and finance this company. The Directors have a reasonable expectation that the Company and parent company have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the financial statements and shall meet the liabilities as they fall due. Hence, the Directors consider that the going concern basis of accounting continues to be an appropriate basis of preparation of the financial statements.true

 

The Management, together with the Directors of the Company, have taken into account the nature of the Group, its business model and related risk in order to reforecast its trading performance, its liquidity and its net debt. In addition to liquidity forecasts, the Company and Group has considered the availability of credit facilities and funding. The Directors have also considered sensitivities of forecasts to potential downside scenarios. To date the Group has experienced no material disruption to the network and operations despite the increased bandwidth used by customers who are increasingly relying on online facilities for business and personal matters alike. Accordingly, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements.

1.3
Turnover

Turnover represents a recharge of costs incurred by the parent company plus a 3% management fee. Revenue is recognised in the period the cost is incurred.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled 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.

Gibraltar Telecom (UK) Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3

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

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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.

Gibraltar Telecom (UK) Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

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

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
2

None of the Directors are remunerated by this company and are paid by the Parent company.

3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,009
2
Gibraltar Telecom (UK) Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
3
Fixed asset investments
(Continued)
Page 5
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
2
Additions
1,007
At 31 December 2023
1,009
Carrying amount
At 31 December 2023
1,009
At 31 December 2022
2

The above addition in the year was in fact the investment made in a newly incorporated subsidiary in 2022 called Rockolo (Malta) Limited. The investment was omitted from the 2022 financial statements in error but as it is small it is shown as an addition in the 2023 accounts.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
362,916
264,964
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
340,766
246,151
Corporation tax
546
740
Accruals and deferred income
14,168
11,941
355,480
258,832
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
Gibraltar Telecom (UK) Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jonathan Sutcliffe
Statutory Auditor:
Moore Kingston Smith LLP
Gibraltar Telecom (UK) Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
8
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 'related party disclosures' not to disclose transactions with other Companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

9
Parent company

The ultimate parent company is Gibtelecom Limited, a company with its registered office at 15/21 John Mackintosh Square, GX11 1AA, Gibraltar.

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